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Strategies & Market Trends : LPL -- leader in World's TV Industry
LPL 5.010+3.9%Oct 31 9:30 AM EST
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To: chessboard_andy who wrote (7)12/8/2020 2:53:26 PM
From: chessboard_andy3 Recommendations

Recommended By
JimKelly
MickMook
richthedude747

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Holding up pretty well for two days after the breakout now. I just spent a bit of time looking at retracement levels and thought I would share.

There was a reasonable trough from 10/30 through 11/4. The base seems to be right around open on 11/2 with LPL @$6.22. The breakout day closed right near the high @7.72. That gives a very easy math move of $1.50 from trough to short-term peak.

Using those levels, the fibonacci retracements would be:
  • 35.4 cents (23.6%) LPL@~$7.37
  • 57.3 cents (38.2%) LPL@~$7.14 (very close to my previously stated view of support @ $7.16)
  • 92.7 cents (61.8%) LPL@~$6.79

Very good news that we are bouncing right off of that first retracement level. Obviously, other people/algorithms draw their peaks and troughs differently so staying in range of that first number may be sufficient to move back up. If not, then the $7.14-$7.16 level should show very strong support and the ability back up with little resistance ahead. FWIW, I will exit my trading positions if we break below $7.14, but the charts look constructive that we may not test that level.

Others might look at the move starting on 11/12. That day had decent downward volume and closed near the lows. The close there was $6.54 indicating a move of $1.18 (to $7.72). Retracements would be $7.44, $7.27 and $6.99. That 11/12 date was more of a one day dip, whereas 11/2 looks more like a trough, so I went with the former. That alternate view does give one additional support level at $7.27 to watch.

Please note that I'm no technical guru, and I'm not trying to encourage others to act. I take comfort in my numbers for some trading positions and longer term positions of my own.
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