Swing Traders, Take Note
It’s not just daytraders who can benefit from alerts on TradersWire…swing
traders can too. Earlier this morning in TradersWire, we posted this:
10:47:01
Swing
Perspective
Is Hot Topic (HOTT)
still sizzling, and part of every institutional investors wish list for
Christmas this year? The stock is off .65 at 23.37, due in part to weakness
in the overall retail sector, but the technical story has been deteriorating
before today’s session. Last week showed two days of clear distribution in the
stock, and while Hot Topic has thus far maintained a trading range near 6-month
highs, the stochastic condition, based on a 14,3,3 setting, has also been
confirming the possible churn of stock from strong to weak hands during the past
month (see chart). Today’s action in the early going has HOTT testing
the lows of its established trading range on the daily chart.
The stock proceeded to fall 80 cents over the next 90 minutes. Daytraders
were able to take a piece off and trail stops, and swing traders got in a stock
in a contra-trend move.
Have a good trading day,