Keeping It Simple with Price Action & Technical Analysis
"The Noiseless Way"
I dont own this stock, but this landed in my screener and chart looks interesting. Hence this is not a biased but objective analysis and deductions using Point & Figure on a daily timeframe with a 0.02 box size. However, my analysis may be incorrect, so DYOR.
* The stock was in a downtrend since Aug'20. Tried breaching it once in 2021 and failed.
* After 1065 days since Aug'20, it broke out of that resistance in Jul'23.
* The distance it covered in 1065 days, it then covered in just 202 days after that breakout.
* Now since Jan'2024, the stock is consolidating around that GREEN support zone.
* The last 8-9 columns that you see are very interesting. You see a double bottom sell, immediately followed by a double top buy. That's a classic "bear-trap" pattern in P & F. Now it seems to doing a double bottom sell again, and we need to see a new column of "X" geting formed and crossing that immeste "X" on its left. That will confirm the re-start of the trend, and then we have an objective target till that ORANGE zone above open. That's almost a 40% upmove from current levels.
Good Luck... and dont forget the Stop-Loss.
(20min delay)