CRSP price has been consolidating in a clean symmetrical triangle since late February, and it's finally broke out of the pattern.Earlier today, the stock ripped over 11% in just a few minutes, but the broader market weakness pulled it back, creating what I think is a pretty solid dip-buying opportunity.
For me, the key level is $59.13. As long as the price can hold above that area, I'd consider the breakout confirmed.
The RSI adds even more confidence to the setup. It's also breaking out of its own symmetrical triangle (highlighted by the green circle), which reinforces the idea that this breakout is not a fakeout.
Key levels to watch:
Breakout validation: $59.13
Stop loss: $55.7
Targets:
I'm using the classic symmetrical triangle measuring method for the targets:
Target 1: $73.82 (+24.2% from the breakout) - R/R: 3.92
Target 2: $81.48 (+37.2% from the breakout) - R/R: 6.0
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