FPIC broke out of a three month triangle formation. Volume and the OBV indicator (a measure of volume at the close) show increased accumulation during the formation of the triangle, suggesting this breakout is for real and any pullback will be met with more buying. I will enter on a low volume pullback to $46.
I’ve had a few questions about the wide range of some of my buypoints. For example, OEH has a $54-56 range. First, remember that I am swing trading these stocks, not daytrading. I don’t require precise entry points. My target for the stock is $62, so even if I enter at $56, my reward-to-risk will be more than 2:1. I like to allow myself some leeway when dealing with momentum stocks that have fallen more than a few points to support, in order to get a good feel for how the stock is acting in this range.