We looked at one of my longs, JD, previously on the daily timeframe and spotted a bullish ascending triangle pattern.
Since then, the heavily-shorted China stock has mildly broken out.
But on the 30-minute chart, updated below, the stock has been basing tightly and looks like a Southwest airplane on the runway, with one of its famed cowboy pilots putting the plane into full throttle even before it makes the final turn to takeoff.
I am looking for $31.50, and especially $30.70 to hold below as support for the bull thesis to remain intact.
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Hi, Long time lurker, first time poster.
Do you have a target on this one? Nothing but empty air above. Nice pick.
Thanks, Spud. No prior price resistance. Taking the breakout as it comes.
Stocks with no PR are where I always struggle with when to take profits. Your ambiguity makes me feel better about mine. 🙂
I used to take a 6AM Saturday flight to Boston all the time on Air Tran. The pilots would arrive and typically the younger one would look like he had been up all night doing God knows what. This was quite alarming, but fortunately the other pilot would be an older pro, the sober type with 15,000 hours, etc
Haha classic Air Tran