After formming a pennat pattern above its moving averages, today made the breakout with good volume. The detail is that it didn't close at the high but still, I think its a confirmed breakout. Because the stock its very volatile, I got in with half my position. I'll wait until the price breaks above the $7.26 resistance to buy the rest.
At first my price target would be $8.15 but, according to the rules that can be use to forceast future prices with this type of continuation pattern, I'll just put my stop on breakeven and wait and see if it can get to the $9.80 target.
XRT
is rank 7 among the top 100 ETFs in Barchart (www.barchart.co...ds/top-100-etfs?orderBy=pe...). That means that the retail sector is leading the market, this gives me confidence on this buy. I'm also watching
BURL
. A good buy zone for
BURL
would be above the $350 zone.
At first my price target would be $8.15 but, according to the rules that can be use to forceast future prices with this type of continuation pattern, I'll just put my stop on breakeven and wait and see if it can get to the $9.80 target.
XRT
is rank 7 among the top 100 ETFs in Barchart (www.barchart.co...ds/top-100-etfs?orderBy=pe...). That means that the retail sector is leading the market, this gives me confidence on this buy. I'm also watching
BURL
. A good buy zone for
BURL
would be above the $350 zone.
Trade closed: stop reached:
Got stopped out at $6.10. I don't hold losers, but I will keep an aye on this one.