Channel breakout on RKFORGE

RKFORGE broke out of channel pattern on daily chart. Multiple support and resistance were tested prior to breakout. Also the breakout candle is a bullish engulfing breakout candle that engulfed prior three trading session candles. Moreover the volume on breakout day was huge. This indicates bulls are out here in force. Stop loss can be held just below the resistance line with target the width of the channel. Entry can be had just above todays high. Risk reward on this trade is not great. You could aim for 1:1.5 or 1:2 depending on how the trade goes.

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