Bought Modine Manufacturing Company because its stock price roughly meets the conditions of Strategy 1. After moving sideways for a period, the price broke out and started to rise.
Positives
- MACD has turned positive
- Price is above the 10, 20, 50, and 200 moving averages
- There is no overhead resistance, and the stock price is at an all-time high.
Negatives
- The stock price has broken out, but there has been no corresponding increase in trading volume.
- The broader market opened higher but gradually sold off and moved lower throughout the session.
Trade Plan
- Stop loss: Intraday low
- Target: $292.98
