$GO (Grocery Outlet Holdings) is an interesting IPO of the last summer that currently has shown a constructive price action. We are trading inside a short-term channel and the last push that made a new recent high is having a pullback. We are expecting the 50 moving average along with the fibs to hold the price near 32 area so we can have a trade. Make sure you have a reaction in the mentioned zone otherwise; we can watch it for another opportunity around 31-31.50.
Earnings estimated on 10th of February – (Nasdaq.com).
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Remember: These are not trade recommendation to buy or sell securities. Always do your own due diligence and trade at your own risk.
Never chase a trade once it is too extended from the entry zone.
Never risk more than 1% of equity per trade.