To review Soda’s stock, please take a look at the 1-year chart of SODA (SodaStream International, Ltd.) below with my added notations:
SODA has been trading sideways for the last 2 months. Over that period of time the stock had formed a clear resistance level at $45 (blue). In addition, the stock had also created a strong level of support at $37.50 (green). At some point the stock would’ve had to break one of the two levels the rectangle pattern had created, and yesterday the stock broke through the $45.
The Tale of the Tape: Yesterday SODA broke through resistance at $45. A possible long position could be made on a pullback to $45 with a stop placed below that level. A break back below $45 could negate the forecast for a higher move.
Don’t forget to join our new Linkedin group by clicking the link below to get free, live updates and commentary:
Please share this article
No comments:
Post a Comment