Remitly Global (RELY) Reaches A Pivotal Level
Remitly Global, Inc. engages in the provision of digital financial services for immigrants and their families. The company was founded on October 3, 2018 and is headquartered in Seattle, WA.
Take a look at the 6-month chart of Remitly (RELY) below with the added notations:
Chart of RELY provided by TradingView
RELY has hit the $12 area as resistance (yellow) on multiple occasions since March. After pulling lower after the most recent test of $12, the stock appears to be trying to head back up there. A break above $12 would open the door to higher prices for RELY.
The Tale of the Tape: RELY has an important area of resistance around $12. A long trade could be entered on a break through that zone, with a stop placed below it. However, if you are bearish on the stock, a short trade could be made on any rallies up to the $12 area.
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…
Christian Tharp, CMT
Leave a Comment