In the above weekly chart of Snowman Logistics 
SNOWMAN, we can see H&S (Head and Shoulders) pattern formation over a period of nearly 7 years and now it has broken out from the pattern. Re-test of the neckline also seem to have been done in last few weeks and neckline provided good support.
If we measure the height of pattern, it points to 112 levels which also happen to be very near to next major resistance of 114. It’s currently trading around 80 so this breakout might offer a potential upside of 60% in next few months.
On the flip side, if the stock goes back below neckline and sustains there for couple of days then this view is invalidated.
SNOWMAN, we can see H&S (Head and Shoulders) pattern formation over a period of nearly 7 years and now it has broken out from the pattern. Re-test of the neckline also seem to have been done in last few weeks and neckline provided good support.If we measure the height of pattern, it points to 112 levels which also happen to be very near to next major resistance of 114. It’s currently trading around 80 so this breakout might offer a potential upside of 60% in next few months.
On the flip side, if the stock goes back below neckline and sustains there for couple of days then this view is invalidated.
True Wave Scanner - scanner.elliottwavestrading.com
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True Wave Scanner - scanner.elliottwavestrading.com
Похожие публикации
Отказ от ответственности
Информация и публикации не предназначены для предоставления и не являются финансовыми, инвестиционными, торговыми или другими видами советов или рекомендаций, предоставленных или одобренных TradingView. Подробнее читайте в Условиях использования.