SIG trading in bullish channel with a short-term bull-flag in place
Stock: Signet Jewelers Limited (SIG)
Long or Short: Long
Entry Range: $54.00-54.50
Stop-Loss: 53.25
Chart: Signet Jewelers Limited (SIG) Daily
Reason for Trade: I love it when there are multiple bullish patterns on the chart that align themselves with each other. First you have a long-term bullish channel that is well established. Price is near that lower channel as well, which means that should this stock breakout, there is plenty of room to run before hitting any substantial resistance.
Secondly you have a bullish flag that has formed, or depending on how you draw it – a continuation triangle.
Finally, by getting in at $54.01, I’m able to trade with very low risk on this particular trade with at stop-loss at $53.25.
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