From the perspective of an Ichimoko trader, the upper resistance line served as a huge resistance to this stock. This pattern is looking increasingly like a descending triangle of sorts although this pattern looks a bit neither here nor there on second thoughts. Nonetheless, we cannot get away from the fact that this stock looks like it is stuck it a trading range.
I would go short from here and place a trade somewhere near the $58.50 - $59 level with a tight stop loss at the blue spot indicated in the chart below. The entry at this level would be a low risk entry as one stands to lose at least $0.50 but could net the trader a $4 to $6 profit if it turns out right. First target price would be $55 and should this price level fails to hold (looking at the thin Ichimoko Cloud support), we could even see $53!
I would go short from here and place a trade somewhere near the $58.50 - $59 level with a tight stop loss at the blue spot indicated in the chart below. The entry at this level would be a low risk entry as one stands to lose at least $0.50 but could net the trader a $4 to $6 profit if it turns out right. First target price would be $55 and should this price level fails to hold (looking at the thin Ichimoko Cloud support), we could even see $53!
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