MARK (VCP - 19W 26/5 3T)I bought my positions today
September 26, 2024
Key factors:
1. Low-risk entry point.
2. Confirmed stage 2 uptrend.
3. Has gone through its majority line of supply.
4. Moving on its own drummer, the stock went up +130% while the index only up 10%.
5. High relative strength.
6. Volume dries up as less supply coming to the market.
8. Many traction based on my stock continuum.
9. Early stage of bull market campaign.
10. The market is currently in an easy-dollar environment, where many stocks are setting up constructively and performing well. This is evident as 51% of all stocks are trading above their 200-day moving average.
Considerations: While the stock exhibits a solid technical foundation, the breakout is not as robust as typically expected for a stronger move.
This is a quintessential VCP with clear contractions and a defined entry point. The stock closed weak and squatted to right at the buy point, which is still within a normal range. I’d like to see if it can hold up and follow through from here.
