Look back in the time, February 2011 highs (red arrow)
And now in February 2018 the price is dealing again with a resistance zone in 60.00
But when the price is close to a resistance level: THE RULE SAY DO NOT BUY AT RESISTANCE
Then why I promote this buy long idea, if it will not work
There are something that the reader should know about my method:
There are rule based trading and (Discretionary) trading
I am not a trader, I am an end of day Analyst and stock picker and I pick stocks in a (Discretionary) way
this means that I have qualitative opinions and not quantitative rules
and when I pick stocks I do not use a screener like this
finviz.com/screener.ashx
Continuing to the idea.
The haughty way the price reached the 60.00 level, tells me that the price reached that level to try to go higher
(red circle) looking a daily chart there are a overnight gap in the weekly looks like a big green candle
(red arrow) Long lower shadows, testing the support of the past gap
Gap + Long lower shadows= Bullish and resistance breakout
And now in February 2018 the price is dealing again with a resistance zone in 60.00
But when the price is close to a resistance level: THE RULE SAY DO NOT BUY AT RESISTANCE
Then why I promote this buy long idea, if it will not work
There are something that the reader should know about my method:
There are rule based trading and (Discretionary) trading
I am not a trader, I am an end of day Analyst and stock picker and I pick stocks in a (Discretionary) way
this means that I have qualitative opinions and not quantitative rules
and when I pick stocks I do not use a screener like this
finviz.com/screener.ashx
Continuing to the idea.
The haughty way the price reached the 60.00 level, tells me that the price reached that level to try to go higher
(red circle) looking a daily chart there are a overnight gap in the weekly looks like a big green candle
(red arrow) Long lower shadows, testing the support of the past gap
Gap + Long lower shadows= Bullish and resistance breakout