Stratasys (SSYS) has made some key upside targets from a setup in the past, but now is providing what is starting to look like a symmetrical correction within a healthy uptrend.
I identified two key support decisions that come in above the Aug. 7 low. As long as price holds above that low, I still see some upside potential. The first zone comes in at the $92.49-94.14 area. The second zone comes in at $90.71-91.82. As long as price holds above either of these areas, I'm willing to place another bet on the buy side if one of my entry triggers fires off. My risk can be defined either below the price cluster of support or the low that is made prior to a buy trigger firing off. I cannot calculate the exact target until a low is identified, but I would be looking for something around the $107 handle for a target on this trade setup.
I would consider myself wrong on the trade if both of these cluster zones are violated.
Now, let's take another look at one of my favorites: Monsanto (MON). I did a webinar recently on Fibonacci timing work and at that time we came up with two time windows for a possible reversal in this one as MON was retesting a major support decision on the daily chart. The second time window was where the actual low was made on Aug. 12. Notice the grouping of time cycles illustrated on the chart between Aug. 12-13. I actually plan on adding more timing work to my setups when possible. This is essentially where Fibonacci time and price parameters came together followed with a buy trigger. Now, if we continue to hold above here, I would at least look for a rally towards $100.89, and then $102.36-104.31. Beyond that, if we can clear that hurdle on the way up, it then has potential to the $113.35 area.
Remember, we don't always get our targets, so I like to use a trailing stop just in case we don't. I will consider myself wrong on this trade now if the Aug. 12 low is taken out on the downside.