Guardant Health Inc (NASDAQ: GH)
About Guardant Health, Inc.
Guardant Health, Inc. is a precision oncology company, which engages in provision of precision oncology testing and development services. It focuses performing blood tests, vast data sets, and advanced analytics to conquer cancer.
Take a look at the 1-year chart of Guardant (NASDAQ: GH) below with the added notations:
Over the course of the past 7 months, GH has formed an important level to watch at the $80 (blue) mark. That level was resistance back in May, support in June and early September, and now the stock his hitting $80 as resistance again.
The Tale of the Tape: GH has a key level at $80. A trader could enter a long position on a break above that level with a stop placed under it. However, if traders are bearish on the stock, a short trade could be made instead on a any rallies up to the $80 mark.
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
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Christian Tharp, CMT
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