Hurry, Swift Transportation is About to Move Again
- Posted by Greg Harmon
- on October 27th, 2016
Back in July Swift Transportation started a move higher out of consolidation. I noted it here. Since then the stock has moved up 27% above the break out area at 17.35. So why do I think it is time to re-up your position or initiate a new one in a stock that has moved that far in 3 months? The answer is in the chart.
The chart below shows the consolidation that occurred from February through to July, and then the break out higher. It ran up near $20 before consolidating again for 5 weeks. That changed again in September as the price took another turn to the upside. This time there was a pause at 22 and then a retracement into the end of last week. A warmly received earnings report now has the stock back at 22 and pushing higher.
Both a Positive RSI Reversal and a Measured Move give an upside target to 23.25 as a next leg. The RSI is in the bullish zone and the MACD has crossed up and is bullish. The Bollinger Bands® are opening to the upside to allow a move now too. Are you ready to own a stock that is driving higher?
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The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.blog comments powered by Disqus
Gregory W. Harmon CMT, CFA, has traded since 1986 and held senior positions including Head of Global Trading, Head of Product Development, Head of Strategy and Director of Equity. (More)
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