Below is daily/weekly chart of Comtech Telecommunications Corp. (CMTL), $14.53.
Trade: Providing it is trading over $14.45 into the close, we recommend buying 1,000 shares of stock.
Technical Setup: Bullish 3-day consolidation in top range of Bullish Pro Gap Wide Range Bar (+WRB) breakout on the daily, with +WRB Igniting from base on weekly chart.
Target: $16.00 – 17.00.
Stop Loss: $13.59.
Note that we want to trade light ahead of the FOMC decision on interest rates tomorrow, particularly with mixed market internals; however, this pattern has bullish alignment on multiple time frames and is worth the risk as posted. A lower entry, however, would be tomorrow over today’s high, or even waiting another day after FOMC.
Happy trading! If you have any questions or comments, please e-mail Greg Capra at Greg@mastertrader.com or Dan Gibby at Dan@mastertrader.com
All the best,
Greg Capra
Managing Director and Pristine Founder
Dan Gibby
Chief Options Strategist
Follow Greg on Twitter and StockTwits to get real-time updates:
Twitter: @GregCapra
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