Notes:
* Very strong up trend on all time frames
* Great earnings in the recent quarters and in general
* Creating a base on base pattern for the past ~8 months
* Price is mostly keeping above its 50 day line since mid April with a few dips below
* Volatility is contracting with signs of accumulation
Technicals:
Sector: Consumer Defensive - Discount Stores
Relative Strength vs. Sector: 2.58
Relative Strength vs. SP500: 3.05
U/D Ratio: 1.24
Base Depth: 36.34%
Distance from breakout buy point: -3.83%
Volume 17.45% above its 15 day avg.
Trade Idea:
* You can enter now as the price is just above its 50 day line with increasing volume
* If you want a better entry you can look for one around the $163.7 - $162.1 area as that should hold as support
* This stock usually has local tops when the price closes around 15.72% above its 50 EMA
* Consider selling into strength if the price closes 15.52% to 15.92% (or higher) above its 50 EMA
* The last closing price is 2.4% away from its 50 EMA
Caution:
* Earnings are coming up and the stock could move either way. If you want to play it safe, wait till after earnings to jump in.
* Very strong up trend on all time frames
* Great earnings in the recent quarters and in general
* Creating a base on base pattern for the past ~8 months
* Price is mostly keeping above its 50 day line since mid April with a few dips below
* Volatility is contracting with signs of accumulation
Technicals:
Sector: Consumer Defensive - Discount Stores
Relative Strength vs. Sector: 2.58
Relative Strength vs. SP500: 3.05
U/D Ratio: 1.24
Base Depth: 36.34%
Distance from breakout buy point: -3.83%
Volume 17.45% above its 15 day avg.
Trade Idea:
* You can enter now as the price is just above its 50 day line with increasing volume
* If you want a better entry you can look for one around the $163.7 - $162.1 area as that should hold as support
* This stock usually has local tops when the price closes around 15.72% above its 50 EMA
* Consider selling into strength if the price closes 15.52% to 15.92% (or higher) above its 50 EMA
* The last closing price is 2.4% away from its 50 EMA
Caution:
* Earnings are coming up and the stock could move either way. If you want to play it safe, wait till after earnings to jump in.