Trimble announced new RTX technology on Sunday right after a bullish candlestick pattern in the weekly graph. TRMB stock news and technical analysis will surely make traders consider buying TRMB shares over the next days, as the TRMB stock price has rebounded on the 61.8% Fibonacci retracement level. News about the introduction of their new high-accuracy Global Navigation Satellite System correction technology at the start of this week is predicted to boost TRMB share prices. The question is whether buying power will be enough to push prices above the resistance level ($52.20), where technical analysis shows a Double Top candlestick pattern.
TRMB Weekly - Fibonacci Retracement Levels
Having bought 200 TRMB shares during last week at $38.00, I was excited to hear of the latest TRMB stock news regarding the new technology. Although the bullish candlestick pattern in the weekly graph is great, positive stock news always provide more confidence to a trader’s decisions when he is buying stocks. As the US stock market was closed yesterday, I expect the news impact to show up in today’s trading session. I won’t be surprised though if Trimble’s stock price gains 5% to 10% ($45) this week.
My stop loss for this trade is $2 per TRMB share, so if I manage to exit at $44, the reward-risk ratio will eventually be 3-1. Hopefully the climb won’t find resistance at that level and continue unchallenged up to $52 for some great profits. Or maybe we will see new all time highs!
Disclaimer: I’m long TRMB.
