Below is an update on the last 5 breakout from my –
“Stock WatchList: Morning Update”.
RealPage, Inc. (RP – Nasdaq)
Before each market open, I email out my continually updated watch list of hand-selected, high-ranked stocks – each with specific buying criteria. Below is an update on the last 5 breakouts from that list.
This was a low-volume breakout notably just before the Labor Day holiday weekend.
Shares did get a boost on the follow trading session, being Tuesday, as they shot to new highs with a +30% increase in turnover. This was some solid follow-through action, however, the stock did abruptly sell off the very next day (9/5) with the highest volume in the past month.
This was obviously a technical concern as it should be anytime a fresh breakout falls so hard back into its base.
Shares did hold above support of the round-$60 and well above the 50-day moving average (2nd SUPPORT).
Since, the stock had been inching higher, yet with a lack of real conviction as daily volume totals are unimpressive.
As noted on Wednesday – “Considering the overall positive environment, we will give this holding the bullish benefit of doubt.”
Friday’s gains of +1.8% with a +86% increase in volume are very encouraging with shares closing at a new all-time high.
|SYMBOL||LAST||ADDED TO WATCH LIST||BREAKOUT
Chart courtesy of stockcharts.com
|MAX BUY PRICE||1st SUPPORT||2nd
|CURRENT % GAIN/LOSS|
|$66.15||50 DMA||UPWARD TRENDLINE||$57.08||+2.58%|