Been following TXRH for quite some time now and looking for our entry point. This is not just because I love their food - even the fried chicken - but the P&F chart began its new uptrend and has pulled back three boxes - always love the three Os.
Establishing the position on Monday April 2nd, looking at a specific entry point of $14.20, we will see if we get it. Price Objective is $23 and we need to cut our losses if a triple bottom sell is given at $12.
Our Up/Down Ratio for the trade is a 3.91 - high quality risk reward.
Bigger picture chart characteristics: Lots of support and congestion in the $12 1/2 -$14 range. $16 is obviously a big hurdle but we can afford to be patient.
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