YLJ
Swing/Position Trader
NWH recently broke out (on half-year results) to the upside from a 33-week Descending Triangle that implied a measured target of 2.21 on very high volume. It moved quickly to its target and has consolidated in what currently looks like a 16-day Pennant coinciding with a retest of the 5-week
SMA.
Unfortunately, I missed the first break and was not willing to chase it. I will be looking for a long on a break from the Pennant if the volume confirms.
The measured target for the Pennant is circa 2.81, around the level of a trend line that could be extended from the major highs visible on the weekly chart.
It is always a challenge for me to trade a continuation pattern when I missed the first leg, but I have no statistical indication that valid breakouts from such patterns are any less reliable than the first ones and will force myself to take it if it eventuates.
My stop will likely go just under $2.
GLTA
