PETS recently broke out of a Cup and Handle pattern while holding the 50MA. There was good volume on the breakout yesterday however today PETS pulled back and hammered off the breakout point. I took the opportunity to go long PETS within this pullback. This is a clean Cup & Handle setup with a clean line of resistance. I also like the fact PETS already announced earnings this quarter therefore there is a lot of time for natural price movement to occur.
Entry - 28.61
Stop Loss - 27.48
Target - 33
Entry - 28.61
Stop Loss - 27.48
Target - 33
Trade closed: stop reached:
Closed this trade early at 27.88. PETS looks like it's not ready to run yet. Giving it a little more time to develop. Will revisit later.