Let's take a look at the daily chart
The idea is the stock may be bottoming. If not we are risking about 4% to get an attempt at the old highs about 12% from here. Ultimately we want to hold this for the larger target displayed in the next chart. RSI suggests we could be at a tradeable low while relative strength says not so fast. Ultimately I stuck with price and if it fails we'll bail.
The key level here is the range upper boundary around 54-55. This is the same level that where the stock stopped late last week and formed the top of the range. Needless to say that is a very important price point!
If this works it can be a great position hold for months to come. If it fails, well at least we took a shot with decent risk/reward and odds in our favor.
Good luck out there. If you like what you see give me a follow or a shout on twitter or stocktwits.
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