Trimble Inc. (TRMB) is a software, hardware and services company. While it may be attractive in terms of its size and industry position, we are more interested in its price structure when it comes to a swing trade idea.
The price appears to be poised to break above a triple top resistance level that has been in place since April. A break AND close above 85 can generate enough momentum to test the low to mid 90s over the coming weeks IF the market cooperates.
That is a BIG IF. The S&P and Nasdaq have been pushing all time highs persistently but are highly vulnerable to a significant correction. IF this plays out, stocks like TRMB will be the first to feel it.
One reason why this stock is worth a try is because risk can be defined from the recent minor higher low around the 80 area. IF price breaks 80, the trade idea is no longer attractive and a loss should be taken if you are in from 85.
Trade signals for cryptocurrencies, stocks, options, forex, CFDs. 7 day Free Trial HERE.
Be Nimble With Trimble.
Here’s the trade idea:
Buy Stop: 85
Stop Loss: 80
Target 1: 90
Target 2: 95
Target 3: 100
Keep in mind this is a highly correlated market stock. If the S&P experiences a significant correction, this stock will be dramatically affected.
*This is for educational purposes only. Please read our full disclaimer HERE.
This is a Free Member article. To receive email notifications when new articles are available, click here.