Initially, red market days were associated with negativity for me as they are typically associated with a declining account liquidity , But , when the red days are healthy , like todays digestion of gains, we have opportunities to observe which names are displaying particular strength.
URBN is one of the names doing well today . Also , Fridays volume certainly tells us that it wants to move up soon. Not to mention, URBN has made some prior moves up and down already while trading in this base to help reduce overhead supply ( the prior reduction in selling volume also tells us this) . I think there is a good possibility we will see a strong run up in the coming days . I took a position today that I intend to trend follow .
That being said , I have noticed lots of failed breakouts in current market so I will also be ready to take profits after/if the trade can pass 2 times risk and I see a potential reversal .