Chegg Inc. (CHGG) is an educational technology company that provides digital textbooks and textbook rental solutions, online tutoring and other student services. From a technical perspective, price has been setting up to work its way higher.
The recent broad double bottom followed by the higher higher low formation are signs of underlying stability and strength. A break out from the mini consolidation can spark enough momentum to push price into the lower to mid 100’s in the next couple of weeks.
This strength can be further supported by a overly bullish broader stock market. While this stock may not be highly correlated to the S&P, a strong broader market can only help.
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Here is the swing trade idea:
Buy Stop: 92
Stop loss: 86.50
Target 1: 96
Target 2: 101
Target 3: 106
It is important to respect the buy stop and stop loss orders. This These prices are specifically chosen to help reduce getting caught in price noise and/or keeping risk proportionally within reason.
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