Time to check back in on Priceline - to recap last week, I liked it and was ready to buy (Priceline (PCLN)), but held off because of the chart (PCLN Again). I wanted to wait and see where it went short term within its 2+ month trading range (hoping it would drop to the bottom of the range for a better entry point). Here is today's chart:
You will notice that it did finally break out of the range the very day I decided not to go long (and has stayed above since), but the volume (see yellow above) has been lackluster. To me that's not a solid breakout and should be eyed with caution. While I still like the stock, I think it's just as likely to drop back below what I view as weak support around $426 in the short term. Holding off again for now.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment