Notes/Thoughts: * Broke out of $29.87 once again this time with tonnes of volume and a printed a pocket pivot! * With increased hedge fund activity it makes sense to get in now * Has the relative strength and the UD Volume indicating that it's ready to move higher
Technicals: * Sector: Industrials - Marine Shipping * Relative Strength vs. Sector: 11.25 * Relative Strength vs. SP500: 10.98 * U/D Ratio: 1.24 * Base Depth: 21.77% * Distance from breakout buy point: 1.98% * Volume 106.73% above its 15 day avg.
Trade Idea * The idea here is to play the pocket pivot. * The pocket pivot seems to be valid as it's emerging from the 10/20 EMAs * This seems like a good entry as it broke out from $29.87 with tonnes of volume and we can expect it to continue higher * Managing risk tightly as I don't want to lose more than 4% on this trade * If you're looking for a better entry you can look for an opportunity around the $29.87 area and manage risk accordingly