Renewable Energy Group (ticker: REGI) has been pushing highs. The chart has established a very clear bullish structure and is now breaking higher. As a swing trade (which has up to a two week time horizon or more), it is possible to see the high 50’s or low 60s IF price momentum stays intact. Keep in mind, we are not going to chase this break out and will use a limit order to capitalize on any price noise that may follow.
Break Out Pattern In Play.
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Renewable Energy Group (REGI)
The entire renewable energy sector has been very strong from a technical standpoint. With bullish structures intact across the board, these stocks are poised to run further. How much further? Only the market can answer that.
Based on the current proportions of this chart, it is within reason for REGI to test the mid to high 50’s or even the 60’s over the next few weeks.
Here is the trade idea:
Buy LIMIT: 48.25
Stop Loss: 44.25
Target 1: 53.35
Target 2: 55.35
Target 3: 58.35
Some strategic notes:
REGI is around 50 now. We are using a BUY LIMIT order below the current market in order to capitalize on price noise and achieve a more attractive reward/risk. If the order is never filled, then we have no risk.
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