The Setup (Bias): I am taking a LONG bias on Arista Networks, Inc. (ANET) on the weekly timeframe.
The "Why" (Technical Reasons): 1. Major Breakout: The price has powerfully surged past the previous strong resistance level at $160.91.
2. Bullish Momentum: After a period of consolidation and a recent pullback, the buyers have stepped in with massive strength, printing a huge bullish weekly candle that shows they are in complete control of the trend.
Trade Plan (Entry & Exits): * Entry: An entry can be taken near the current market price of $176.91 to capture the momentum. A more conservative approach would be waiting for a potential retest of the $160.91 level (to see if old resistance turns into new support).
Take Profit (Target): With this kind of momentum and clear skies ahead, the next major psychological target is $200.00.
Stop Loss: Placed safely below the breakout level, around $150.00, to protect capital in case this turns out to be a false breakout and falls back into the old range.
Duration: Based on this 1-Week chart, this is a swing trade setup intended to play out over the next few weeks to months.
The "Why" (Technical Reasons): 1. Major Breakout: The price has powerfully surged past the previous strong resistance level at $160.91.
2. Bullish Momentum: After a period of consolidation and a recent pullback, the buyers have stepped in with massive strength, printing a huge bullish weekly candle that shows they are in complete control of the trend.
Trade Plan (Entry & Exits): * Entry: An entry can be taken near the current market price of $176.91 to capture the momentum. A more conservative approach would be waiting for a potential retest of the $160.91 level (to see if old resistance turns into new support).
Take Profit (Target): With this kind of momentum and clear skies ahead, the next major psychological target is $200.00.
Stop Loss: Placed safely below the breakout level, around $150.00, to protect capital in case this turns out to be a false breakout and falls back into the old range.
Duration: Based on this 1-Week chart, this is a swing trade setup intended to play out over the next few weeks to months.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.