My only trade so far (nothing closed out either at this point) comes in Pentair (PNR) at $43.85. Initially when i got in it, it rocketed up to $44.40 but has since pulled back again to my entry price. The pullback is actually very necessary as it was getting extremely over-extended on the 5min-intraday chart.
But if you look at it from the daily chart, there’s a lot to get excited about. First you have a huge jump from $36 in July all the way up to $44 about, but since then it has channeled sideways in a bull-flag type of pattern. Once I saw it starting to breakout of the bull-flag pattern this morning, that’s when I took my cue to get long at $43.85.
I speak about volume quite a bit (a lot of traders ignore this these days) as over the past two days there has been a ton of buying interest in this stock, and that’s telling about the direction it wants to go.
Here’s the trade setup in PNR.
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