RH - buy set upThis is a continuation of my previous chart. I am providing an update and will do that regularly on this chart as this is a set up stage and we are in a very interesting timezone for this stock.
The important number for us to look for closing price on this chart is 219.39 on support and 229.64 for positive breakout confirmation.
Price opened at 221.83 quickly fell to a low of 218.22, but the bulls pulled the prices higher and the day closed stronger at 223.28
The area we find ourselves is a strong congestion zone where we have seen price finding a lot of small real bodies floating around signaling lack of control on either side. Traders have felt confused with the lack of clear direction and as expected, volume in this zone of trading has been lower than normal.
Lets’ look ahead, I have my eyes on the magic number of 229.64 for a breakout to seek further action for my upside target
Target 1 : 244
Larger 2 : 270-275 levels
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Cheers
