1 hour ago
3
Traders,
I hope you all had a wonderful long weekend!
As always, I look forward to sharing some of my top big-picture ideas with you as we head into the new week.
So, let’s get right into it:
Consolidation Breakout OUST: As I went over in my recent IA meeting, OUST has done a terrific job of digesting its prior momentum, shaking the tree, and rebuilding a base to go off of. This goes back to what I have said many times. There’s no need to rush in. Zoom out and let the chart re-form. Allow the key SMAs to catch up to price, to coil, and to align with the base and price action.
Now, after several weeks, a potentially new bull base is being built. If I am going to initiate a swing long, I would like to see OUST comfortably hold above Thursday’s high. That would be enough to get me to enter with a starter. To add size, I’d of course want relative strength and volume in the name, but I’d also want to see OUST clear the 49 level with conviction. If that occurs, I will be full-size for this setup, with a stop at LOD initially.
English (US)