In my work I always capitalize CLOSING as I think it is essential. Below is the chart of PLNT, a leader in the leisure space, and how it appeared in our 2/1 Consumer Report. The flag shown here looked like a continuation of the strong uptrend that began since going public back in the summer of '15 (take not the stock CLOSED 3 of the last 5 weeks right at lows for the weekly range).
Fast forward to the present and one can see that it traded above the suggested pivot FIVE times since 2/1, but recorded zero CLOSES above 59.25. The 2/5 session was stopped cold at the round 60 number and last Friday recorded a big reversal of 5.7% from intraday highs following an upgrade that morning (we prefer to see breakouts on boring, non news related sessions). This name may well end up taking out those highs, but to me this is a no touch now as it is spending to much mental capital of any interested traders. There are much better opportunities right now to focus on in a huge universe of stocks.
If you liked what you read why not visit www.chartsmarter.com.
In my work I always capitalize CLOSING as I think it is essential. Below is the chart of PLNT, a leader in the leisure space, and how it appeared in our 2/1 Consumer Report. The flag shown here looked like a continuation of the strong uptrend that began since going public back in the summer of '15 (take not the stock CLOSED 3 of the last 5 weeks right at lows for the weekly range).
Fast forward to the present and one can see that it traded above the suggested pivot FIVE times since 2/1, but recorded zero CLOSES above 59.25. The 2/5 session was stopped cold at the round 60 number and last Friday recorded a big reversal of 5.7% from intraday highs following an upgrade that morning (we prefer to see breakouts on boring, non news related sessions). This name may well end up taking out those highs, but to me this is a no touch now as it is spending to much mental capital of any interested traders. There are much better opportunities right now to focus on in a huge universe of stocks.
If you liked what you read why not visit www.chartsmarter.com.