By Jeff Pierce
11.20 Update - I like to post follow ups on these trade ideas so they don’t just go out into the ether uncontested. Not a bad bounce at all.
Original post shows weekly chart view while this is daily to show bounce.
10.08 - Last year IPO winner FLTX has given back a significant amount of this years rally from $21-52, pulling back nearly 40%, however when you look at where it’s come from the pullback doesn’t seem so bad. Don’t tell that to those who bought above $40, but trying to chase a stock when it was clearly in pullback mode is very difficult.
The good news is I believe given where the RSI is (above 40) that the bullish momentum remains and that when the markets turn around this will be ready to rebound in a big way. These IPO’s can bounce in a big way as you can see from this XONE trade analysis.
tradewithZEN trading results since I started keeping track in June.