The stock market’s recovery off the February lows has been rather swift, and we’re starting to see a number of stocks break out of long-term downtrend channels. Below we highlight one of those stocks, which after trading in a downtrend since last October, has broken above the top of its downtrend channel. When stocks break out of their downtrends, we follow them closely and look for an attractive entry point. The top of the prior downtrend channel should now act as support, and if the stock tests that support and holds, it’s time to enter a trade on the long side.
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