AR - Continuation to $8 possible
- We took this trade from the break of the 200 day MA and closed half at the $4 event area for a 1:2 risk reward
- Despite a few red days for most stocks last week AR held its ground well and found support above the $4 price level
- Last week an inside bar was formed and this was broken on Friday by a huge Bullish engulfing candle
- This supports our Bullish Bias and we have re entered the trade looking for a continuation higher towards the $8 or $10 levels
- If you look at this stock on the weekly chart it has a huge amount of upside potential with previous highs of $68 while not a realistic target it gives us a huge amount of previous price action to go by which helps when looking at support and resistance levels.
- Despite a few red days for most stocks last week AR held its ground well and found support above the $4 price level
- Last week an inside bar was formed and this was broken on Friday by a huge Bullish engulfing candle
- This supports our Bullish Bias and we have re entered the trade looking for a continuation higher towards the $8 or $10 levels
- If you look at this stock on the weekly chart it has a huge amount of upside potential with previous highs of $68 while not a realistic target it gives us a huge amount of previous price action to go by which helps when looking at support and resistance levels.
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