Today’s setup up comes curtesy of a company which engages in the manufacturing of composite wind blades for the wind energy market. It operates through the following…
segments: United States, Asia, Mexico, Europe, the Middle East & Africa, and India.
Take a look at the 1-year chart of TPI (NASDAQ: TPIC) below with the added notations:
Chart of TPIC provided by TradingView
TPIC had formed an important level of resistance at the $16 (blue) mark. The stock tested that level multiple times this year and finally broke above it last month. The stock pushed higher, as traders might expect, but has now pulled back to the level of $16. A rally should start from there, but if not, trouble could follow for TPIC.
The Tale of the Tape: TPIC broke a key a level of resistance at $16. A long trade could be entered now, or on a pullback down to the $16 area, with a protective stop set below the level of entry.
Before making any trading decision, decide…
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