After lying low for about almost 4 months, news of Pfizer covid19 vaccine being 90% successful led to a breakaway gap on strong volume. The stock looks on track for a recovery with 3.80 as the "resistence turned support". However, as there are lots of resistences on the way up, I would consider to scale out partially around 4.40-4.50, then trail the stops up for a possible eventual target of 5.00.
I'll place an initial stop loss @ 3.74 as I do not expect this gap to be closed.
Disclaimer: This is just my own analysis and opinion for discussion and is not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance. Thank you.
I'll place an initial stop loss @ 3.74 as I do not expect this gap to be closed.
Disclaimer: This is just my own analysis and opinion for discussion and is not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance. Thank you.