Upside Breakout for Stock Q?

I’m still looking to take a position in the stock Quintiles Transitional Holding (Q). This stock has really contracted at support and I’m looking for a break to the upside – let’s see what happens. Be sure to watch the video for all the details. Have a profitable day and I hope this video helps you in your trading.

Could this be an Upside Breakout for Q?

I am looking at the stock we’ve been looking at the last couple days, Q, and it has really started to contract. Overall we are in an uptrend. The market has pulled down into this grey action zone, can’t seem to break these lows, and we’re really starting to consolidate. The average true  range is about $1.33. In the last couple days we’ve had ranges of half that. We’re not seeing any type of earnings for at least another month, so the reason it’s contracting isn’t because it’s awaiting earnings. So I’m still looking to get long. My magic number on this is the same number I gave you yesterday,waiting for an upside breakout. The trigger on this trade again is when the actual underlying hits 50.58 to 59. Alright, so I’ll be placing that order.  I’ll show you how I do that on my interactive broker account.

[Tweet “Let’s see if this market has an upside breakout like I’m expecting.”]

Let’s also take a real quick look at crude oil. Remember how I’ve been talking about crude oil moving higher for a long time now?  I was pointing this trade out and it was a beautiful trade set up. It broke up through those highs. We made a nice move from literally about 97 and change, 97.5. Today’s high is 102.24. We’ve done exactly what we had anticipated the market doing from this level.