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Stratasys, Ltd. (NASDAQ:SSYS) Could Be Headed For The Stratosphere

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Yesterday while I was looking at the chart of Stratasys, Ltd. (NASDAQ: SSYS) I noticed a potential for an inverse head and shoulder pattern. The set up was there, the only thing needed was a close above the neckline on the daily chart. At the close of markets, Stratasys, Ltd. (NASDAQ: SSYS) had indeed closed above the line and the inverse head and shoulders had triggered. The one thing that I love about this trade set up is the fact that Stratasys stock actually tagged the neckline this morning and bounced off it, giving validation to the line. At this point this is an easy trade because traders and investors can go long the stock here and look for a huge upside target of around $170. That would be a potentially massive gain of 31%! The only risk is if the stock closes below the neckline, then you simply stop out for a tiny percentage hit. The risk reward here is very compelling as you are only risking a few points of downside for potentially $44 of upside. Its trades like this that separate the pro profitable traders from the amateurs. 
 
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Parm Mann
Elite Round Table
Follow me on twitter: @ParmMannTrader

The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

 

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