Selling on the pullback looks to have tapered off after filling the gap. Overall uptrend is still intact and price is breaking above the pullback trendline.
Risk reward is decent, assuming the price will move slightly above prior high for the target. Can also use the ATR Stops as a trailing stop loss (wait for daily close below line, then stop loss goes slightly below the low of that day).
Do not like really the high P/E on this stock. Stock is priced very high assuming everything is going to go right and this company can generate big profits going forward. That said, the high P/E hasn't been a concern on the ride up, so it may still be good for more technical upside.
Risk reward is decent, assuming the price will move slightly above prior high for the target. Can also use the ATR Stops as a trailing stop loss (wait for daily close below line, then stop loss goes slightly below the low of that day).
Do not like really the high P/E on this stock. Stock is priced very high assuming everything is going to go right and this company can generate big profits going forward. That said, the high P/E hasn't been a concern on the ride up, so it may still be good for more technical upside.
Cory Mitchell, CMT
Stock and forex trading insights at tradethatswing.com/
Stock and forex trading insights at tradethatswing.com/