Five-rr to one risk/reward!? Potentially. We look to Buy at 38.44 (stop at 33.83)
Broken out of the triangle formation to the upside. A higher correction is expected. Although the anticipated move higher is corrective, it does offer ample risk/reward today. Further upside is expected although we prefer to set longs at our bespoke support levels at 38.44, resulting in improved risk/reward.
Our profit targets will be 61.39 and 80.00
Resistance: 40.60 / 44.36 / 50.72
Support: 38.44 / 30.40 / 29.04
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