Buy ALDR on bullish close
ALDR was recently upgraded by zacks to a rank of 2 (buy). ALDR is in the healthcare sector which has been doing well over the past 6 months. It is currently making a nice move up with higher highs and higher lows ( Ascending triangle). There may be a couple more days of consolidation so I will wait for a bullish confirmation with some strong volume to support the move. There is some overhead resistance to look out for ( I have highlighted this are in red ). The risk reward ratio on this trade is gorgeous. Almost 1 to 4 . I will take some profits at 1 to 2 and let it ride the rest of the way while continuously tightening my stop loss.
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