Market had an impressive rally yesterday. Will need to see some support levels tests and confirm before thinking about any new longs. 397.95, 397, 395. 80. If we get below and stay below without a reaction prior to 10:30 AM, looking for pullback VWAP tests in tech names to sell.
MMM - Poor earnings, laying off workforce. Down 1.7 ATRs in the PM. Ideal is less...
$IAA This felt like a good example of VCP in a base. Ideally you want to see this sort of action in a stage 2 continuation for it to be most meaningful. Earnings February 10th will likely be the catalyst on any directional move. Posting mainly as a good example of price tightening. Volume profile not ideal.
$IAA is broke out of the lower channel on Friday. It would seem likely that it should stay in the upper highlighted channel. The float is fairly low (133M) but it is not heavily shorted(2%). We have 1 week before its earnings call. Could this be the catalyst to hit the upper regions of the upper channel?
IAA is a competitor to the better known and larger CPRT (Copart). They've expanded into near East markets in Russia and former USSR satellites, they've shown decent YOY growth (0.13 EPS, 165m revenue), and they only missed today's earnings by 0.01 (2%) against analyst estimates. Not a high volume stock, but RSI is oversold at 25, and 36 seems to be acting as...
AA, Inc. Is a company that operates one of the leading international online marketplaces for the sale of used vehicles.
The deal is risky, but we have diverters, we have channel retention, as well as retention of pivot levels.
Confirmation signals
- Key reversal (KR) buy signal
- Volume spike, volume greater than the previous day's volume
- RSI at oversold region (below 30 the previous 2 days)
- Trend line respected
- KR buy at Fib retracement of 0.382
Long Entry @ 50.00
Take profit @ 54.98
Stop Loss @ 48.63
IAA is at the bottom of a channel building momentum for a bullish breakout to the following targets.
In the past this has been a great load zone for the bulls.
IAA, Inc. engages in the provision of auction solutions for total loss, damaged and low-value vehicles. Its solutions focus on a diverse set of global customers, providing buyers with rebuild requirements, replacement part inventory and scrap demand. It operates through the following segments: United States and International. The company was founded in 1982 and is headquartered in Westchester, IL.
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