|LIVE is another uptrending stock that looks like it is starting to move up.
On this stock, I am looking for a short term play. If you notice, the stock has been in a strong uptrend and has not yet had a major correction back down to the 50 day Moving Average. Each time a stock continues up without pulling back to the 50 period MA, it gets a bit weaker.
You will notice below that LIVE has had a very significant run up without a major pullback.
If you look at the weekly, you will also see that the stock is continuing up without a correction. This is an indication that a "major" move is not in the near future. The next major upswing will only come after LIVE drops significantly.
Here is the chart:
What am I looking for in this trade?
I am looking for a 2-3 day up move only. I am hoping LIVE will move up to the prior high of $12, but I am going to get out quickly and try to make a quick in-and-out profit.
I am a little bit worried about my trade as I was expecting the gap up day to finish closer to the high of the day than the low. I purchased LIVE at $8.94 so I am a bit down on this trade.
I will see how it goes tomorrow to determine whether I stay in the trade or dump it quickly. I will know based on where the stock opens (you can tell a lot about what a stock will do for the day in the first 15 minutes of trading)
Let's see what happens....Fingers Crossed! :-)