Learn This Simple Lesson
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When positive news or an analyst upgrade
can’t even help a wayward stock, it’s time to pay attention for short entries. Most
of us know about the power of news reversals, but let’s not forget those stocks
that won’t even show a temporary respite from recent woes.
10:40:05
Intraday
Setup Alert
Amerisourcebergen (ABC)
was initiated as a “buy” this morning as part of a subsector analyst
call. The Low RS issue has failed to trade higher off of this news, and has
resumed its trend lower in the early going. Today’s current technical action has
the stock forming a Low level Slim
Jim, with short entries below 51.95. ABC is down .56 at 52.12.
Our alert gave you the initial heads up on ABC.
It wasn’t until it formed a pattern shake out of bottom fishers that entry was
confirmed. Many consider entries after pattern shake outs to be an even better
entry. When it’s happening in a stock already “spelling it out” for
us, then we know we’re on to something good. The lesson here is that it’s always
worthwhile to remember the simple things, like our ABC’s.Â
Chris Tyler
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