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| TCK Weekly Chart |
A quick check of the weekly chart shows the stock has been gathering strength since September. This is evidenced in the stochastic. Since early October the price has steadily moved up and for the past three weeks price has been climbing on increasing volume. There is still room for a 25% move to the upside with only one level of serious resistance. I'm interested.
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| Gator's Chart of the Day: TCK |
Moving to the daily chart I am looking for an entry. Friday had big volume and a red candle suggesting the stock is not quite ready to make the breakout move. I'll be looking for a pullback and bounce from 34.40 or maybe even 33.60. The other possibility is taking a small bite on a move above 35.60 with good volume.
If the entry is on the bounce I will look to take a 1/3 position and add twice with the last buy coming on the break above 36 and a short term target of 38. The stop would be back in congestion around 33.25.
If the entry is on the breakout (pullback is complete with Friday's red candle) then I look to take only a 1/4 position and the stop would be about 34.20 which is just under Friday's low. Filling the position will require attention.
