US stocks tumble after Trump threatens 25% tariffs on Japan, S. Korea
Oracle Corporation, (ORCL) climbed steadily between the 2009 low and May of 2011. Since then it had been consolidating in an ascending triangle which it broke out of 3 weeks ago. I missed the initial break out but you can see from the chart below that it carries a target of 48 still $10 higher than the current price. The problem then is how do you enter the stock. You could always just
buy and use a trailing stop. But I prefer to look for a good technical entry. This happened today. If you switch focus to the daily chart below you will see that after the initial break higher the stock pulled back, in a bull flag. It broke the flag on Tuesday and today, Wednesday, it poked its head above the previous high. This was my trigger. You can look at it as a double trigger. Over the flag and over resistance. This also gives you a natural stop loss level under the bottom of the flag. So don’t just give up on a stock if you missed the initial signal. It may give you another opportunity if you are patient.
Disclosure: The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.
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