1/11 SET UP ... PIR ... Swing trade ......................
After testing a multiyear low, PIR has moved off the bottom with conviction as last Friday and this Monday saw price rise on above average volume.
With price now above the 20 day moving average, we have an improving trend which is confirmed by MACD as the fuel cells seem to be building up energy.
PIR is set up in a Bullish 1-2-3 pattern which is a continuation pattern. Since the bars prior to today's candle were showing the trend rising, I'll look for that continuation to continue if price can come up and hit the entry target.
123 Continuation Buy Set-up
These are stocks with the following 2-bar setup on their daily charts. Bar 1 is a very bullish daily up bar which suggests more upside to come. Bar 1 is immediately followed by Bar 2 which is a relatively small narrow range bar that has traded in the top 1/2 of Bar 1, without trading above Bar 1’s high. This 2-bar set-up establishes a mini double top that if traded above could lead to higher prices. However, if the low of Bar 2 is violated, a tradable downside move could materialize.
stockcharts.com[h,a]daclyiay[d20051110,20060110][pb50!b20!f][vc60][iut!Lah12,26,9]&pref=G
Entry target above the last 2 day high, above $9.65. Price target to be the 50 day moving average, looking for 75 cents to $1.00. Initial stop below the low of today's candle, below $9.34.
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