Bull Here!

Went long CRSP yesterday based on the bull flag chart pattern that has formed and the risk/reward of the trade. On top of this, CRSP has a high short float of over 20%, this high short-float could help the stock rally further.

The Trade Set Up:

CRSP ran up big from 55 to 70 on volume only to consolidate between 67.50 and 72.50. This has formed a nice bullish flag/pennant pattern. What this means a consolidation of buying pressure that can be release should the pattern break to the upside.

Risk: Here we see we can risk about 4% before we confirm the pattern is broken and the trade, which is a stop below 67.50.

Reward: The Bull Flag creates a measured move of its flag pole, which would be a 20 point move or over 20%. This can happen but our reward right now is 10%-11% which puts CRSP right at its weekly 200 MA and a weekly resistance level.

To sum it up: Risking 5% to get 10% this works here.


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