Momentum Tip-Off
Expansion of a stock’s daily range is a big tip off to potential momentum for
breakout traders, both to the upside and downside. Friday in the TradersWire
we gave a heads up on Astoria Financial
(
ASFC |
Quote |
Chart |
News |
PowerRating), a
former high relative strength stock showing weakness.
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15:14:51
 Astoria Financial (ASFC)
is having an expansion breakdown. The stock is down 3.62 to 57.78 and is
carrying a 3-month
relative strength ranking of 73 from TradingMarkets.com.
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Stocks in motion tend to stay in motion, at least for the short
term. ASFC is still appearing vulnerable, as it is down more than 2 points in
today’s session.
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If you like to play breakouts, look for an expansion of the
average daily range to be the greatest of the last 9 to 10 sessions. For
short-term players these will often carry over long enough to make them
profitable for you.
Until tomorrow,
Duke