Remitly Global, Inc. engages in the provision of digital financial services for immigrants and their families. The company was founded on October 3, 2018 and is headquartered in Seattle, WA. Take a look at…
the 6-month chart of Remitly (RELY) below with the added notations:
RELY has hit the $12 area as resistance (yellow) on multiple occasions since March. After pulling lower after the most recent test of $12, the stock appears to be trying to head back up there. A break above $12 would open the door to higher prices for RELY.
The Tale of the Tape: RELY has an important area of resistance around $12. A long trade could be entered on a break through that zone, with a stop placed below it. However, if you are bearish on the stock, a short trade could be made on any rallies up to the $12 area.
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…
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