Nice break from multi-year base, but light volume looks suspicious, as does this weekly candle so far. Solid fundamentals but heavy institutional sponsorship (95%+ here) without volume suggests it may be susceptible to rotation. No position, could be short on a break below ~35.
This chart I have setup is more intriguing than your average angle chart. The stock is nearing the end of its current trend (4hr candle interval). I would feel comfortable going long on this stock while being weary of the first candle, I will explain...However I would form a second position (short) with the stop loss in the same zone as the long position to...
LKQ seems forming a Head & shoulder formation, but its yet to break below its neck line. If it can break below $30, it will be a good shorting opportunity.
Date first found- February 9, 2017
Pattern/Why- Possible Head & shoulder formation
Entry Target Criteria- Break of $30
Target & Stoploss - TBA
(Note: Trade update is delayed here.)