Up front disclaimer: They don’t all go this way. But of course you know that. I am all too human and some of my missteps are legend… in my own mind, at least. Now, on with the promo…
Ref. NFTRH+; An IoT Stock Goes Bullish (now public).
We used a daily chart (click for full, clearer view) and among other things noted…
A reasonable breakout target is around 44. A failure of the moving averages around 34 starts to fail the trade.
Hmm, it’s at target and I haven’t decided what to do, but for NFTRH+ purposes, the trade is concluded.
I like to back up the dailies with bigger picture weekly views. This one had broken a downtrend at the time of the update.
A pullback to buy per the above would be for the best, but it re-took important long-term support and could also keep going since it is not particularly overbought on this view.
It did indeed subsequently pull back toward support and the moving averages on the daily chart above. The rest is now history as UEIC moves on to whatever future lay in wait.
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