Technically, this would not qualify for a 3wk tight pattern. IBD sets the buy point at 123.47. However, IBD also has an advanced buying strategy buy point based on the break of the downward trend line of the left side of the base. The last 3 weeks have had tight closes after they have broken this trend line as they are less than 1% apart. Now seems to be a...
It seems selling has subsided on BITA. Observe the MACD nice and gradulally turning positive, and the volume has subsided on the selling days, and People are slowly acquiring the stock and now it has closed at the highs in the range for the last flat base of 25 trading days - 5 weeks or horizontal moves. It is approaching the 50MA, and this is the 4th leg of the 5...
Starting to form the right side of a long cup base.
Looks like it might be closing higher than the bottom range of the cup.
This type of development seems to be a good indicator a stock has changed direction.
I am experimenting with this as an early entry option on IBD stocks.
High vol +44% and close high in range
Listed in Stocks on the Move today #5
breaking out of long term high at $97
confirming move into 100 prices for first time.
I don't know where the official buy point is...
