Why You Should Pay Attention To The First Pullback
In spite of gloomy moods
in the markets, QUALCOMM (QCOM) gapped higher with heavy volume.
09:37:25
Alert
QUALCOMM (QCOM) is trying to move out of a
pullback from the recent high. It is trading near Friday’s high at 70.31, up
1.10.
As you can see on the 5-minute chart below, QCOM took out Friday’s high
immediately after the open and gained nearly 1.6 points in 30 minutes. Look at
the bullish wide range bar and heavy volume.
I want you to pay attention to the first pullback. So often strong stocks pull
back to the 8-period EMA and resume the upward move.
Remember, the first pullback is the lowest risk pullback play!