There is an opportunity to buy here after we've seen a double bottom form indicating a reversal. I like this double bottom because it is in like with historic support AND resistance levels (This historical support and resistance area is shown in the area is shown in the blue rectangle.)
Theres 2 possible ways to enter this stock, you can wait for a retest of the left leg of the double bottom (as shown in small blue rectangle) and buy if it bounces off the rectangle. Or if stock goes down you can wait for a test of the double bottom and look to buy when it bounces off that area (the black line)
Profit targets in correspondance of fibonacci levels
I hope this graph is clear for viewers.
Theres 2 possible ways to enter this stock, you can wait for a retest of the left leg of the double bottom (as shown in small blue rectangle) and buy if it bounces off the rectangle. Or if stock goes down you can wait for a test of the double bottom and look to buy when it bounces off that area (the black line)
Profit targets in correspondance of fibonacci levels
I hope this graph is clear for viewers.
