Last night, I placed an automatic buy order because I believed the stock was likely to break out. As expected, it rallied strongly throughout the morning session. However, sentiment changed around midday, and buyers stepped back in to lift the stock into the close.
Positives
- Price is above the 10, 20, 50, and 200 moving averages
- MACD strength increased
- Break resistance with volume
Negatives
- Resistance ahead
- Not able close near today’s high
- RSI over 70
Trade Plan
- Stop loss: Intraday low
- Target: $120.98
