Today’s Chart of the Week is a recent big name IPO that’s ready to break out of a beautiful base.
Lemonade (LMND) went public on July 2nd and shot up 139%.
The stock came back to earth a bit and has been in a consolidation ever since, creating a beautiful base that is ready to break out.
We are long only if it’s above $97.
However, unless it’s above $97, LMND is still considered to be inside the base.
So, if it breaks out of the base and goes past that $97 level we are long with a price target of $120.
That’s more than 20% return with clearly defined exposure.
Limited risk, great reward.
That’s what these trades are all about.
Til next week, good trading,
P.S. If you haven’t gotten to watch, watch the replay from last week’s live Charting Room training for more actionable trades.
New IPO targeted by the billionaire behind Google and Amazon
I’d like to ask your permission to share a story with you today. It involves a secret billionaire virtually unknown among regular Americans. Quietly, he was the first backer of Amazon, putting in $8 million at just $0.20 a share in 1996. And now he’s putting hundreds of millions into a new IPO that deserves your attention. He calls it “the largest economic opportunity of the 21st century.”