This stock has fluttered, to say it politely, since the early days of its IPO last September.
It opened at around $86, traded to around $100, then fell to around $83 within its first month of being publicly traded. Then the price exploded, rewarding investors who had bought in at the IPO and held their positions or added to them. Shares hit $120 briefly in early November.
Since then, however, that $120 milestone has become fainter and fainter, as the stock fell into the May low, reaching the high $70s.
There are not only hopes and dreams appearing again, however, after the late May rally made it to the mid-$90s. There is also a new trading setup, which is supported by the Decision Support Engine.
Although further downside can't be ruled out, the pattern recognition component of the DSE warns traders who have made short sales from the May reversal consider taking their 10-point profit, or at least using tight buy stops at $87.
This is because if the stock breaks above $87, it likely will project a move toward the May peak near $95, with more bullish potential thereafter.
Depending upon the pattern and technicals at any near-term test of 95, the DSE could confirm its current intermediate-term (weeks to months) projection of a move toward $102, plus or minus $3. That is a 20% move from current levels around $86.