Panjang
$DRNA follow-up, aVWAP cluster support
***Please refer to my prior DRNA idea linked at the bottom so you can see my macro perspective on the stock***
DRNA is continuing to consolidate within the larger wedge and is indeed showing greater respect for the aVWAP cluster.
The first test on 1/6/21 was a wick through the aVWAPs, but these past 2 days, on the 2nd/3rd test, the stock made very strong reversals right at the aVWAP cluster, recovering >4% intraday to create 2 bullish hammer candles, which is exactly what I want to see before buying.
So, if I were to buy the stock here, I would choose either just below the lows of the last 2 days, say $21.5 or just below the lowest red aVWAP band, say $21.2 as a stop. Either way, I'd be risking 6-7% to the downside, for a potential year long wedge breakout to the upside, which is my overall thesis for DRNA.
***I may initiate a position within the next 24 hrs, I will update below if I do***
DRNA is continuing to consolidate within the larger wedge and is indeed showing greater respect for the aVWAP cluster.
The first test on 1/6/21 was a wick through the aVWAPs, but these past 2 days, on the 2nd/3rd test, the stock made very strong reversals right at the aVWAP cluster, recovering >4% intraday to create 2 bullish hammer candles, which is exactly what I want to see before buying.
So, if I were to buy the stock here, I would choose either just below the lows of the last 2 days, say $21.5 or just below the lowest red aVWAP band, say $21.2 as a stop. Either way, I'd be risking 6-7% to the downside, for a potential year long wedge breakout to the upside, which is my overall thesis for DRNA.
***I may initiate a position within the next 24 hrs, I will update below if I do***
Nota
breakout and pullback, you can try entry here with stop below 25.4, sub 3% risk trade
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Penafian
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Penerbitan berkaitan
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.