PCLN Again

Priceline 1/4/11

I was ready to go long on Priceline at the open this morning but have decided to hold off based on this chart.  PCLN has been in the range shown above since it gapped up in early November.  Currently it's in the middle of the range, which is not a terrible entry point, but I'd like to wait and see if it goes closer to the range bottom.  Of course a few things could happen:

• It could trade up to the top of the range, at which point I will likely wait and see if it breaks out on strong volume, which would be a good entry point
• It could just mark time where it is, and then I'll likely just go long around this level
• It could drop to the bottom of the range, which is my ideal entry point - yes, I know it could then break below, but I'll have a tight stop so if I'm wrong I can cut my loss quickly