This Is What Persistence Looks Like
Relative strength can be very
persistent. When a stock is showing strong volume and wide-range price bars
on the daily, coupled with other technically significant events, such as 52-Week
Highs, well let’s just say once again, “I’m always an ‘avid’ fan.”
Early in the day, sometimes the best thing to do
is monitor those stocks that have already exhibited relative strength and good
technical action in the prior session, and take note of how they’re acting in the
“here and now” vs. the broader indices. Naturally, the first thing we do is
check our personal list of nightly favorites from TradingMarkets.
09:38:53
Intraday
Relative Strength
From the Nightly Daytraders
Report, j2 Global (JCOM) and
Avid Technology (AVID)
are both demonstrating early relative strength in today’s session, breaking
out above daily chart resistance points.
When the strength continues to persist, it
ultimately attracts the attention of other “avid fans” as classic patterns are
notched intraday. The second post was courtesy of Uncle Bricey.
10:44:15
Intraday
Setup Alert
Avid Technology (AVID)
is trading in a triangle near its highs. AVID is trading at 32.61, up 1.42.
…and then yours truly spotted another solid
trend continuation entry about an hour later.
11:40:40
Intraday Update
j2 Global (JCOM) and
Avid Technology (AVID)
were both listed as early relative strength leaders, and have kept the
momentum as the broader markets reversed early losses on the session. AVID has
carved out a Cup with a high–level handle intraday, with triggers above pattern
resistance set at 33.11, with current trade at 33.04, up 1.85.
I guess it
just goes to show that two sets of eyes are better than one, even if he did
steal my “triangle.”