By Jeff Pierce
Aug 13th Update – High today was .02 below my $20 call on August 5th. Earnings was the catalyst. I wouldn’t buy it now as today looks more like an exhaustion move rather than a start of a next leg up.
Aug 5th Update
July 26th – NQ has been coming up on my screener night after night and every day I decide against adding it to this category. However, today it reached a point where I can’t ignore it any more. It has shown enough strength that it warrants a good look once this has had a pullback. At such time it should rocket to previous highs and beyond.
It reports earnings on August 12th, so if we consolidate from here and have a swift pullback, that could be enough of a correction before this continues higher. China stocks have been extremely hot and so has mobile so this is a no brainer to keep on your watchlist.
Using this strategy from Chart Reading For Professional Traders, one can watch the daily pullback and consider buying it around $10.50 -11.00.
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