Ctrip.com International (CTRP) is a stock which appealed to us this week after appearing on our scanner which looks for bullish momentum stocks and follow-through day candidates. When the indices and stock markets are bullish these candidates have a higher probability of continuing along the current path.
Summary
Reference the Thursday morning post here for a complete list of stocks fitting these bullish criteria.
This Chinese company specializes in coordinating hotel and air accommodations for businesses
Ctrip.com International (CTRP) 5 Minute ABCD Pattern
The breakout confirmation came late in the Thursday evening session, after price action consolidated in an ABCD pattern. We added to our position on this move to the high of the day.
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Ctrip.com (CTRP) Daily Chart
The yellow zone above VBP resistance (left side of chart) indicates fewer sellers exit until price action moves to the 45.30 (+/-) level.
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NSC Follow-Through Day
Norfolk Southern (NSC) was on the Thursday morning scan results as well. This stock never looked back. We anticipate this continuation pattern will achieve fresh 52-week highs in the days ahead.
Volume, RSI and MACD suggest higher prices for NSC.
Futures are pointing to a bullish opening range, as the 10year yield retakes the 3-month in early trading.
Wait for confirmation before adding to these positions or starting new candidates. Fry-days are not the best days for initiation, as many traders will exit the markets for the weekend.
Join us today in the trading room for our LIVESTREAM broadcast during market hours, as we trade CTRP, NSC and other new positions. Watch, listen and trade from 9:20 AM to 4:15 PM Monday through Friday.
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Live broadcasts are educational in their content. Proper risk management is considered on every trade or asset mentioned.
*** Stocks highlighted are for information purposes only and should not be considered as advice to purchase or to sell mentioned securities.
As always, the use of technical and fundamental analysis is encouraged in order to fine tune entry and exit points to average seasonal trends.
These mentions are stocks that we may or may not decide to trade as outlined in the watchlist. Always use a stop.
Happy Trading,
Vinny
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