Multi-Year Breakout: Trade the Break or the Confirmation?
By:TradingView
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### Authors Notes ###
My method of TA relies on Fibonacci retracement and pivot zones, price action, smart money concepts, and wedge pattern. I have used other ancillary tools and indicators as well such as oscillators and MA's.
>Trade Analysis:
This is a tricky trade no doubt, not because of the setup but the sheer timeline needed to see the reversal come to fruition. Nonetheless, this is a big and well known name with promosiong prospects. Thus a long, prolonged hold or a far dated option play is not a far fetched idea.
> Target Analysis:
- lower $4 is an obvious support and possible level to look for in the next retracement. There is very little chance for the price to go under it.
- $5 and $6 are immediate targets and a possible range of consolidation. A break from this range would signal confirmation.
- $8 is the real level to break from. IF and WHEN the break occurs and given the history of this stock, there could be rapid raise in the price, aka, a FOMO / short squeeze event.
> Fundamentals Analysis:
On April 17, 26' news of the company planning to focus on military / defense applications came out stating:
### Authors Notes ###
My method of TA relies on Fibonacci retracement and pivot zones, price action, smart money concepts, and wedge pattern. I have used other ancillary tools and indicators as well such as oscillators and MA's.
>Trade Analysis:
This is a tricky trade no doubt, not because of the setup but the sheer timeline needed to see the reversal come to fruition. Nonetheless, this is a big and well known name with promosiong prospects. Thus a long, prolonged hold or a far dated option play is not a far fetched idea.
> Target Analysis:
- lower $4 is an obvious support and possible level to look for in the next retracement. There is very little chance for the price to go under it.
- $5 and $6 are immediate targets and a possible range of consolidation. A break from this range would signal confirmation.
- $8 is the real level to break from. IF and WHEN the break occurs and given the history of this stock, there could be rapid raise in the price, aka, a FOMO / short squeeze event.
> Fundamentals Analysis:
On April 17, 26' news of the company planning to focus on military / defense applications came out stating:
"The once-famous mobile manufacturer, which has become a crucial software supplier to the automotive and robotics industries, said it will deploy the software solutions developed by its QNX unit across TKMS’ platforms" [end quote].
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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