rossgivens

Breakout trade in RBNC

Long
NASDAQ:RBNC   None
Reliant Bancorp has excellent fundamentals. Sales and earnings have grown at 57% or more for each of the last four quarters. Additionally, the trend higher is clearly defined. 50, 100, and 200-day moving averages are stacked properly, and the stock is trading above its short, medium, and long-term trend. After a strong run up, RBNC has been consolidating since the beginning of April. Volatility is decreasing and volume is falling - a sign that supply is shrinking as shares move from weak hands to strong ones. I'm looking for a move above $30.50 to trigger a breakout long. I'll be using a tight stop at $28.50 which should be all I need to risk to see if the breakout has strength and begins another wave higher.

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