Some quick notes on long term charts and their usefulness for breakouts and trades, using $BRCD as an example.
1 – long term breakouts/charts like even numbers (especially $10).
2 – long term breakouts usually don’t succeed their first time. But a retest and then real breakout can be a great setup. $9 and $10 were too easy. Retest them once, twice, $8 too, now work on $11 for the second time. If that goes I thinks its a legitimate breakout.
3 – buyable long term breakouts line up on multiple time frames.
Needs some time and patience, but if this one goes it could be a good long term buy.