Long
$USAP - steel manufacture
Technically, the stock broke out of a flat zone ($5.8-$8.8) in February. On Friday, it bounced off the uptrend line that started in November 20 and the resistance line at $8.93. I expect it to break out of the converging wedge that has been formed since February. Next, a strong level of resistance will be the downtrend line from February 19. The volume profile clearly shows two major zones at $6.8-7.8 and $13.9-15.9, Suggested growth targets:
- The downtrend line at $10.3 (+12.6%) .
- At its breakdown a quick exit to the level of $12.7 (+38.9%) is possible.
- The third target is the level of VWAP at $13.5 (+47.7%).
If bought at the current level I would place the stop below the 200D EMA, i.e. below $8.7 (-4.9%)
It's not trade reccomendation.
- The downtrend line at $10.3 (+12.6%) .
- At its breakdown a quick exit to the level of $12.7 (+38.9%) is possible.
- The third target is the level of VWAP at $13.5 (+47.7%).
If bought at the current level I would place the stop below the 200D EMA, i.e. below $8.7 (-4.9%)
It's not trade reccomendation.
All ideas only for information.
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
All ideas only for information.
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.