On Tuesday shares of Envestnet, Inc blasted to new all-time highs with a +78% increase in volume. That bullish action triggered a technical buy signal for any current Premium Members who had an interest in this selection. ENV was first added to our watch list on Aug 8th with a trigger price of $27.76. Since then it has been continually noted in my weekly Sunday Stock Reports with positive comments such as – “…little resistance in the way of possible further gains.” and “Continues trading just off of all-time highs, as its ranks remain solid.”
We have now entered into this stock on the breakout and are properly positioned. By doing so we have the highs of the most recent base and then the 50 or 200 day moving averages that will offer support. This is coupled with a discipline to get out of a trade before any losses may get out of hand.
This is how… I have been doing it, and how I’ve have seen it happen personally over-and-over again for more than 10 years. These stocks start off as “set ups” on our watch list. If the market is right, then most break out, triggering their individual buy signals. If there are no breakouts, then we remain in a cash position awaiting a proper buy signal to emerge. By default this helps to keep us more in stocks during the better bull cycles and out during pullbacks when a rally may be under pressure.
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