The ATML long trade has now hit & exceeded the second target (T2) for a 13.1% gain (gains are always measured from entry to the target, not beyond it unless prices have gapped above it). Consider booking partial or full profits and/or raising your stops, depending on your own trading plan. Original & updated daily charts below:
My preferred target at this time is T3 (8.20). I’ve been watching ATML fall pennies shy of T2 for the last couple of weeks and after falling shy of that target level (resistance), the stock would fall back to the first target area (former resistance, now support). Essentially that is bullish price action, as the stock was consolidating for the last couple of weeks which helped to alleviate the overbought conditions which formed following the initial breakout (a move over the downtrend line/6.80 level). Therefore, one would now expect the T2 level/7.70-7.50 area to act as support on any pullbacks. Zooming into the intraday charts, my preference is to raise my stops to the 7.25 area.