I posted a bullish setup on Chegg last week and said I was waiting for a confirmation signal to get
long. The long signal was triggered on Friday's close but unfortunately there is no viable option strategy to place. The risk/reward is far from desirable so I will not trade it. However, I do anticipate a move towards $5.50 which closes a gap and also hits the 61% Fibonacci retracement level. This move should occur within a month which would be about a 15% gain rather quickly. This trade would be invalidated if the stock makes a new low, which is real far away and so also doesn't make a desirable straight up stock play either.
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PLEASE NOTE: THIS IS JUST AN ELLIOTT WAVE ANALYSIS BLOG AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. THE DATA HERE IS MERELY AN EXPRESSED OPINION. TRADE AT YOUR OWN RISK.