Sun Run (RUN) looks to be setting up for it’s next “run” toward its highs based on the chart structure and recent price action. As part of the renewable energy sector, stocks in this group have been very active and have had some stellar runs in recent months.
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Off To The Races With Sun Run?
Sun Run (RUN) is a solar energy provider and part of the renewable energy sector. The stock recently experienced a significant correction within a broader bullish trend.
This type of situation makes Sun Run and ideal swing trade candidate. Our strategy begins with an attractive TECHNICAL location, and has little or nothing to do with company fundamentals.
Sun Run has retraced into the low 50’s from 80. It then developed price action that demonstrated price stability (the failed low in the low 50 area). The third step is to wait for some from of bullish confirmation and a break of 59.50 will accomplish that.
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Here’s The Trade Idea:
Buy Stop: 59.50
Stop Loss: 51.50
Target 1: 69.50
Target 2: 78.50
Target 3: 89.50
The recent price structure is showing a failed low, followed by a minor higher low. This could be the resumption of the broader trend.
Since the broader trend is clearly bullish, a break of the 80 area high is within reason, along with the possibility of a new high in the coming weeks. So the third target was predetermined within the context of this scenario.
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