Hey, Ross here:
The broader market is still trading in a very narrow range.
As I said yesterday, what I would like to see is a shallow pullback – which would set us up for an even bigger rally after.
And today’s chart shows what that pattern would look like in an individual stock.
Chart of the Day
This is Deckers Outdoor (DECK). Look at its price action.
After a huge 30% post-earnings rally, the stock consolidated for three weeks to digest the move.
This is the shallow pullback I’m talking about.
When the stock broke out on Monday morning at the yellow line, it was buyable since supply had already been absorbed.
Insight of the Day
Being able to recognize proven chart patterns will pay out over and over again.
The above rally-pullback-rally pattern is a classic one.
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Embrace the surge,
Editor, Stock Surge Daily