MOO was covered in part 1 of the trade ideas video posted on sunday as a possible IHS pattern. today it has broken above what i had discussed as a possible alternative neckline. if you want to here the notes on the trade, click here to view the video. MOO is discussed towards the end, i believe about 80% into the video. here’s the static chart. i will now mark this as both an active trade, as a breakout is a breakout, as well as a trade set-up. just keep in mind that MOO is very extended, the IHS pattern was not confirmed as per the usual volume criteria, and MOO has a key downtrend line not too far overhead. with all that being said, this continues to be a momentum driven market, largely moving up on individual stock breakouts of technical patterns so quick in-and-out trades have been working well lately for nimble traders.
