GMCR is the breakout stock of the day, breaking out to new highs off a strong gap and price bar to new highs. How does a swing trader trade this post breakout? We wait and what.
A post breakout trading range at the new highs should setup up another run up. The easy trade is a breakout failure. If price closes below the old high, it will be a clear signal for a swing trade short setup. The first target would be around $132.50, which would be the "gap fill" target or the price level before the gap breakout.
If you would like to learn more about how I trade, receive my nightly focus list with market analysis, setups and trade alerts, sign up for a 7 day free trial at BullsonWallStreet.com.
If you like this article, follow me on twitter