$YOU – Wedging with Confluence of MA’s & AVWAP

YOU is a name I have “thought” could move higher. It is the Clear System at select airports. They continue to expand to other busy airports, and it is an IPO from 2021, so it has had time to squeeze out pure speculation.

To be sure this type of wedging pattern can resolve either way. It is more of a consolidation type pattern. I like the fact that it is above the shorter-term Moving Averages but is stuck just below the All Time High AVWAP and the 50 DMA which also coincides with the upper downtrend line (DTL) of the wedging pattern.

For me to take a trade it either needs to move up through the AVWAP, the 50 DMA and the DTL, in which case I will go long with a stop under the most recent higher low. If it breaks down, I will consider a short trade.

If you like this idea, make it your own and make sure it fits with your trading plan.