Monthly Chart on the Left - Weekly Chart on the Right

Analyzing the monthly chart to our left, it is evident that the stock has displayed a remarkable performance since the lows experienced in 2020. With a surge from slightly below $1 to recent peaks of $11, the recent pullback has presented an appealing buying opportunity.

The consolidation and subsequent rebound from the $6 level have formed a solid foundation for our trade.

Shifting our attention to the weekly chart on the right, it is observable that the stock is establishing a pattern of ascending peaks and higher troughs, indicative of an upward trend.

It's worth noting that geopolitical uncertainties and conflicts remain a significant factor, and we should exercise caution when considering exposure to stocks in such conditions. Nonetheless, it's a well-established fact that markets tend to thrive even in conflict-ridden scenarios.

With that in mind, here's the proposed technical trade: I am currently considering an entry point up to $7.75, with the stock trading at $7.60 as I compose this statement. I have set my stop loss at $6.60, and I am targeting the previous high of $11.

I would like to emphasize the importance of prudent position sizing. Trading is not only about having an edge but also about effectively managing risk, assessing the risk-to-reward ratio, and practicing sound money management principles.

* Please note this is general advice only

*Please note that the team at TradeProfitably has exposure to the stock