In the last update on the PWE long trade, about a week ago, I stated that the stock was at a minor resistance level where a pullback was likely (previous post). The stock did pullback about 7% from there, allowing more active traders to book the 10% gain and buy the stock back at a lower price.
The reason for this update is to point out that the stock has now taken out that resistance level which opens the door to the first target (12.00) being hit. Keep in mind, of course, that further selling pressure in the broad market is likely to take the wind of of the sails on this or most other long trades. Therefore, the timing & chances of T1 being hit are largely dependent on what the broad market does over the next couple of months. As such, do not become complacent with your stops on this or any trade. A very tight stop could be placed on a solid move or close back below that horizontal former resistance (now support) level while my preferred stop would be on a daily close or solid break below this dotted uptrend line on this updated chart (large chart to the left, previous chart up top).