Long-time market leader consistently outperforming broad market, sector and peers. Check. Positive earnings surprise. Check. Several days of tight consolidation at highs. Check. This is an excellent technical setup to enter a long position on a breakout of the small consolidation. Of course, no technical setup works all the time, and being caught on the wrong side of a trade here could be painful. Be careful of a false breakout and, in general, carefully consider your position size. (For reference, I’d probably size this against an initial stop somewhere around 62.50, even though I would not hold a long to that level. The large stop is more a reflection of the potential volatility than anything else.)
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Nice coverage Adam ——– lets see how we close on Friday.
This is shaping up to be a potentially powerful “Short Stroke pattern”.
Is your Book available on Amazon? [email protected]
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