* Perfect earnings * Very strong up trend * High 3-month relative strength in the Tech sector * Offering a pocket pivot entry near the resistance of a 16 month base * Looking at the monthly chart, the price used roughly the mid of that range ($279.39) as support before its previous attempt to break out. * Last month it used $279.39 as support again before moving higher. * The price is very close to its 10EMA on both the monthly and weekly charts indicating it's ready to move higher * Price and volume both in sync during the descending triangle consolidation indicated in white
Trade Idea: * You can enter now as the increase in volume shows institutional interest * It's also offering a very attractive risk/reward ratio * If you're looking for a discount, you can look for buying opportunities near the $311.61 area (bottom of the descending triangle * The longer the base, the higher into space :p
Caution: * This is a pocket pivot signal and though there's little to no overhead resistance, the price might not break out. * A daily close below the base of the descending triangle would negate this idea.
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