Long
$SRCL ideal buy point for 3 year breakout
Top (daily): SRCL since the March low, the stock has been consolidating in a wedge and has currently found support in an area that is the trifecta of the uptrend from March/$68 support level/lower wedge line.
Specifically:
-the uptrend remains in tact from March low
-the $66-68 level has was twice tested as resistance and is now acting as support
-tightening wedge with declining volume into the apex
Bottom (weekly): context of $68-$66 level, it was a major breakout level in 2010 where the stock had formed a similar base for 3 years before breaking out to the upside. The weekly chart really gives you the idea of how big this consolidation/backtest of $68 is, the stock has been stuck below the level for 3 years.
Conclusion: the current situation for SRCL is most like the 2010 breakout, the daily chart is at the ideal buy point
Specifically:
-the uptrend remains in tact from March low
-the $66-68 level has was twice tested as resistance and is now acting as support
-tightening wedge with declining volume into the apex
Bottom (weekly): context of $68-$66 level, it was a major breakout level in 2010 where the stock had formed a similar base for 3 years before breaking out to the upside. The weekly chart really gives you the idea of how big this consolidation/backtest of $68 is, the stock has been stuck below the level for 3 years.
Conclusion: the current situation for SRCL is most like the 2010 breakout, the daily chart is at the ideal buy point
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Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.