Climactic Buy Setup on Major Support
Climactic Buy Setup (CBS) on Major Support (MS).
JILL made a new high for the year last week
before its dramatic sell off. It is down five
trading days in a row and is far from its 20MA.
Previous day it gapped down, closing at the low
of a bearish wide range bar. The climactic
volume, however, suggest that the last of the
bears are getting shaken out. It is testing MS
where it broke out in May.
chart courtesy of
Tip: A CBS on climactic
volume in an area of MS often provide a tradable
Buy over the high made in the first 30-min of
trading, with a stop under the 30-min low.
$1.00 to $2.25 move.
JILL did not meet the entry