SupportWe fell back to the top of the trading range from 9th 26th June which may proof to be a good support as this level was the year high since begin of February until the outbreak on 27th June.
This former highs may turn into a good support now and it may be expected that we may try to overcome the all time high reached on the June ultimo.
LSTR trade ideas
$LSTR is showing signs of moving higher from its cup and handle!Notes:
* Strong up trend on all time frames
* Good earnings track record QoQ with a few misses
* Basing for the past ~14 months
* Creating a cup and handle pattern on the weekly chart
* The handle pulled back to its 50 day line and used it as support
* It's now breaking out of the handle with higher than average volume on the weekly chart
* Offering an early entry along with a pocket pivot indicating institutional demand
Technicals:
* Sector: Industrials - Integrated Freight & Logistics
* Relative Strength vs. Sector: 1.75
* Relative Strength vs. SP500: 2.32
* U/D Ratio(50): 1.07
* U/D Ratio(15): 1.27
* Base Depth: 34.1%
* Distance from breakout buy point: -5.51%
* Volume 105.58% above its 15 day avg.
Trade Idea:
* You can enter now as it's just breaking out of its handle with higher than average volume
* If you're looking for a better entry you may find one around the 168.5 area as that could serve as intermediate support
LSTR Bullish descending wedge formation break on large volumeKey points
1) Descending wedge formation is a bullish setup
2) Break of wedge formation occurred on down market day
3) Accompanied with large positive and increasing volume
4) Consider fib retracement levels as potential profit targets for this set up