|Here is another stock that I am looking at very closely for a CORE position (one that I will hold for a few weeks).
EVC has been in a trading range since last July after an excellent move up of near 400%.
I am expecting this stock to break out to the upside in the next week or so and I will play this in my retirement account for the following month or two.
For my core trades, I like to look at the weekly chart. Here it is:
Please note that the safest entry is over $7.00. I may take a partial position if the stock drops down to the rising line (bottom line of triangle) as long as it does not go below $5.50. Please note that is is "riskier" to take a position while a stock is still inside a technical formation. You should only do this if you manage your position closely and are willing to get out quickly if the stock continues down.
Again, the safest entry is over $7.00.
Remember this is a weekly chart and not a daily chart. It is not so obvious on the daily chart that EVC is forming an ascending triangle on the weekly. Always remember if you enter a trade based on one time frame (weekly in this case), you stay with it until the same time period tells you to get out. Once over $7.00 I will stick with the stock until it reaches my target on the weekly chart.
Trading from the weekly chart is a longer term trade where I am expecting to catch the next large move of the stock.
Keep and eye out for this trade....it should be materializing soon.
Let me know your thoughts. All comments are welcome!