Bust A Move
One of the goals of the analysts providing commentary in the Insights
From The War Room, in addition to providing you with information
that you can trade off of and profit from, is to eventually teach you to spot
the patterns yourself and see patterns you would otherwise overlook.
Today, right before the open, AstroPower
(
APWR |
Quote |
Chart |
News |
PowerRating) was alerted based
on a pattern I was taught by Jeff Cooper, which he gives extensive insight into
in his new video
course. If you are not a regular reader of his morning commentary, I suggest
taking a look at today’s column,
as he gives another example of this pattern and walks you through it.
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APWR, despite being a high relative strength performer, with a 3-month
relative strength rating of 94 along with an uptrending ADX of 32, appears to
be trading in a choppy manner. The key which alerted me to take a closer look at
the stock was yesterday’s action. The stock has traced out a Rule of Four
Breakout, which is a breakout over a triple top, as well as doing so on an
expansion of range, both signals of continuation. Stocks in motion often tend to
stay in motion, at least for the short term.
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We are rewarded for our diligent study of the charts in today’s
trading, as the stock is up more than 4 points intraday, and currently still
trading near its intraday high. Both day and swing traders have made out like
bandits in positions in APWR.
Until tomorrow,
Duke
P.S. Jason, I still think you will be paying up to me early next
week, despite your Blues victory last night. Go Avs!