Target Hospitality, TH, looks to be forming a high tight flag pattern. While the market has been correcting over the last few months, we have seen a few pockets of strength starting to develop, including the hotel lodging space. This makes sense being that most people are looking to put COVID-19 behind them and start to travel again. Marriott (MAR) emerged today to a new price high as did Hilton Worldwide (HLT). This bodes well for other stocks in this same group such as Target Hospitality.
While I usually avoid lower priced stocks, it is difficult to ignore TH's impressive price action. After moving from $2.75 to $6.25 in less than one month, TH has been consolidating incredibly well. I particularly like the consistent support near the 23-day ema. This is similar to the action we have seen in LNTH and OXY over the last month or so. I will be looking to purchase TH should it clear recent resistance with conviction.
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