Type to search

Todays Big Stock Wealthpop News

ForgeRock, Inc. (FORG) Looks Ready To Make A Move

Share

ForgeRock, Inc. provides an open platform of identity management solutions. Its platform includes common services, access management, user-managed access, identity management, identity gateway, and directory services. The firm serves digital health, financial services, omnichannel retail, communications and media, and government industries. 

Take a look at the 1-year chart of Forge (NYSE: FORG) below with the added notations:

Chart of FORG provided by TradingView

FORG has formed key resistance at $25 over the past two months, while also rising on top of an up-trending support line. These two lines have FORG trading within a common pattern known as an ascending triangle (blue). FORG will break out of the triangle eventually, and that break could dictate the stock’s next major move.

The Tale of the Tape: FORG has formed a triangle pattern. A short trade could be made on a break of support or on a test of resistance. A long trade could be made at support or on a break through the triangle resistance.

Before making any trading decision, decide which side of the trade you believe gives you the highest probability of success. Do you prefer the short side of the market, long side, or do you want to be in the market at all? If you haven’t thought about it, review the overall indices themselves. For example, take a look at the S&P 500. Is it trending higher or lower? Has it recently broken through a key resistance or support level? Making these decisions ahead of time will help you decide which side of the trade you believe gives you the best opportunities.

No matter what your strategy or when you decide to enter, always remember to use protective stops and you’ll be around for the next trade.  Capital preservation is always key!

Good luck!

Christian Tharp, CMT

ATTENTION READERS!

Do not trade options until you watch my urgent message:

Learn how to use this simple, yet extremely powerful options strategy to become a more profitable trader…

Tags:
Christian Tharp

I am an expert stock market coach having helped over 4000 beginner and advanced traders & investors from around the world take control of their financial futures. I also write stock market related articles for the Adam Mesh Trading Group. My Chartered Market Technician (CMT) designation substantiates me as an expert in areas such as the technical analysis of stock trends, market indicators, cycles, price patterns, Elliot Wave principles, Candlestick charting, analyzing financial trends and behaviors, portfolio strategies, and forecasting future price movements. With my straightforward approach to simple, systematic trading, students learn how to strategically assess buy signals and market entry timing, establishment and management of stop losses, and how to employ a simple and disciplined trading approach that creates profits.

  • 1

Leave a Comment

Your email address will not be published. Required fields are marked *