Two more names that have been on our watchlist recently and have done enough this last week to trigger a buy signal for us. We will enter both at Monday’s open.
FleetCor Technologies ($FLT)
This is a good example of the type of setup we look for; a stock in a well-established long-term uptrend that just had a successful test of its trendline/MA’s, and/or is off its highs and showing signs of emerging from its recent consolidation and resuming its long-term uptrend.
Let’s zoom into the last 3 months of price action to take a closer look at where our stop will be.
You can see the most important previous pivot lows of daily and weekly closes give us a support range of $81.30 to $80.34. A convincing break of that level will trigger our exit.
Proto Labs ($PRLB)
$PRLB is one we’ve been watching for a while that hasn’t given us the risk/reward setup we like until now. It may be hard to see when using candlesticks, but $PRLB has spent the last 3 days above a descending trendline from the June highs, and with the 20 and 50-day MA’s coming up to meet the most prominent daily and weekly low closes, we have what should be fairly solid support beneath us. Our initial stop will be a clean break of $59.13.