Let’s Get Hitched to Blue Nile

• Posted by Greg Harmon
• on December 23rd, 2014

Wednesday night is Christmas Eve. And we all know what that means. No, not the Santa Clause thing and time to share gifts with your friends and family. Christmas Eve is the most popular day of the year to get engaged to be married. That’s right, according to a recent study conducted it even beats out Valentines Day. it must be true because I found it on the internet (Chillisauce)

Well whether that is true or not, there is one stock that you should keep an eye on this season. Blue Nile, $NILE, the company that sells high end engagement rings on line has a stock chart that is ready to break out.

The stock had a horrible 2014 up until the end of October. At that point it started back higher. After a quick 4 day run it has been consolidating between 32.30 to 37.50, roughly a from the 50% to 38.2% retracement of the leg lower. After a Bollinger Band® squeeze, they are opening higher and it also has support for more upside price action from the rising and bullish RSI and a MACD that has crossed up and is rising.

The next target would be a touch at the 61.8% retracement at 39.19. This is also at the gap that opened in February. Perhaps a gap fill to? What a Christmas gift that would be.

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