You can put that bearish target at 25.13 on the back burner for now, since the current rally is bullishly impulsive on the intraday charts. As you can see, the stock needs to push above the 26.73 midpoint resistance to get something going. A further push to its D sibling at 27.07 would not take it much further, but note that it would refresh the bullish energy of the chart by exceeding the 26.94 ‘external’ peak recorded on July 29. Traders please note: The last six price bars shown in the chart could produce an excellent camouflage entry set-up. ______ UPDATE (3:25 p.m. EDT): The stock swooned to a new point ‘C’ low without having reached 26.73, but the rebound has exceeded the new p midpoint resistance, implying more upside to the 26.83 target shown. It’ll take a smidgen more, however, to refresh the bullish energy of the chart with a push past late July’s tops. ______ UPDATE (August 11, 12:01 a.m.): The rally continues to show signs of robust health, since each new thrust has been exceeding a prior high on the intraday charts (see inset, a new chart). The pullback from Friday’s high may take a day or two to play out, since the high itself, fleeting as it was, would have trapped more than a few bulls. If you’re interested in the stock, nudge me in the chat room if and when it trips another buy signal on the hourly chart, since I may be able to provide a camouflage entry strategy that would pare risk down to a bare minimum.
