Thursday, June 17, 2010
PLCE moved up nicely after breaking out of a handle in late February near the start of the previous uptrend (first white line). After carving out a nice cup during the correction it is now working on a low volume handle with a pivot buy point of $50.00 (white line right of screen). I believe that this stock will make for a high probability low risk trade on break past the pivot point with a stop loss at $48.00 on account of its outstanding fundamentals, strong group action, nice signs of accumulation in its base and the fact that we are in the early stages of a potential new uptrend.
Good luck and good trading!