Trader Mike's Notes
I like that this is now oversold and attempting to bounce off its 50 -day moving average. One could argue that its working on a Cup with Handle(ish) pattern (starting in January), although I think it's pulled back a little too far to officially qualify
I bought some of this yesterday when I noticed the Bollinger Band Squeeze turning into an Upper Bollinger Band Walk -- one of my favorite transitions -- range contraction to range expansion. It's following through nicely as it pushes into new all-time high territory...
There's really not much to like about the technical picture on this right now but I picked some up in my IRA anyway. This recent IPO has been an IBD favorite and is currently "on sale" after doing a secondary offering the other day. So I thought I'd give it a shot with a stop loss under the April lows.
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