Trading Strategies
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Bullish Breakout from Consolidation in Stage 2 Uptrend
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Trading Strategy:
Bullish Breakout from consolidation in Stage 2 Uptrend. PWR has made two impressive moves in May, and has been consolidating in a controller manner for most of June. Yesterday, the bulls had a clear victory, closing the stock out of the base with a bullish 10/10 bar, leaving a base of support underneath. Although not shown, the weekly chart was also a Buy Setup with a shallow retracement, suggesting higher prices.
chart courtesy of Mastertrader.com
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Tip:
Breakouts that close outside of the base with a bullish 10/10 bar suggest continued upside.
The Play:
Buy stock over previous day's high, with a protective stop under previous day's low.
Objective:
A $1.00 to $2.00 move.
HIGH RISK
Play Review:
PWR gained a high of $.47 from entry and stopped out at $7.65 for a $.07 gain using trailing stop method (prior bar's low after two full days of trading).
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