Satisfied with the way OLLI played out exactly as expected. Bought at 29.45 on 1/10/17 on follow through from the previous day’s bullish kicker signal and sold on 1/17/17 at 31.55 for +7.1%. OLLI may continue to go higher but I chose to sell at this area because it has stalled out at 31.60 several times in the past two months (circled in blue in the image below). The bullish kicker has been working nicely as of late when combined with oversold stochastic and above average volume on a daily candle. Looking to find and trade this chart pattern in other stocks.
Bought OLLI today at 29.45 a few minutes after the open based on continuation thru yesterdays high of 29.35. Below is the updated chart. From here, taking note of a few key levels. Targeting around 31.55 to take profits. Will consider buying more if OLLI dips down to about 28.50. Going to cut my losses if it breaks beneath recent lows around 27.75. But I do like that recent support was found at the same level as resistance from late October. I believe it will find support at that level if it pulls back again and this could be the next move up for the stock.
- 1/17/17- Sold OLLI @ 31.55 for +7.1%
The stock OLLI has an interesting chart. Looks good for a possible long trade tomorrow. Today’s price action formed a bullish kicker signal, also in the oversold stochastic territory and traded up today 5.03% on above average volume (940k shares vs 10 day avg of 513k). OLLI closed today at 29.25 and had a high of 29.35. If OLLI could break and hold above 29.35 tomorrow, I’ll consider opening a partial long position in the range of 29.45-29.50.