Ascending Triangle Forms On QuidelOrtho (QDEL)
QuidelOrtho Corp. operates as a vitro diagnostics company. It is focused on developing and manufacturing diagnostic products. The company was founded on May 27, 2022 and is headquartered in San Diego, CA.
Take a look at the 1-year chart of Quidel (NASDAQ: QDEL) below with the added notations…
QDEL has formed key resistance at around $105 over the past several weeks. In addition, the stock is also rising on top of an up-trending support line. These two lines have QDEL trading within a common pattern known as an ascending triangle. Eventually, the stock will break out of it.
The Tale of the Tape: QDEL has formed a triangle pattern. A short trade could be made on a break of support or on a test of resistance. A long trade could be made at support or on a break through the triangle resistance.
Before making any trading decision, decide which side of the trade you believe gives you the highest probability of success. Do you prefer the short side of the market, long side, or do you want to be in the market at all? If you haven’t thought about it, review the overall indices themselves. For example, take a look at the S&P 500. Is it trending higher or lower? Has it recently broken through a key resistance or support level? Making these decisions ahead of time will help you decide which side of the trade you believe gives you the best opportunities.
No matter what your strategy or when you decide to enter, always remember to use protective stops and you’ll be around for the next trade. Capital preservation is always key!
Christian Tharp, CMT
Do not trade options until you watch my urgent message:
Christian Tharp, CMT
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