Just a short update today. In my last post I ran through a full demo of how to use our filter tool to pick out stocks to watch, that are trading with unusual volume levels.
I added BBY and OSK to a watch list, and since then both stocks have made some positive signs in the charts. Firstly BBY (Best Buy) was picked by our filter after a couple of days of unusual volume. That was at a closing price of $35.23. Since then it’s kept pushing upwards, and now it’s sitting around $2.5 dollars higher at $37.68.
The volume alert, and also the news headlines I noticed in the post (next to the chart in Stock Monitor) meant that I was looking at a possible trade here. Here’s today’s chart below.
The other stock the filter picked, and I noticed some favorable news on was OSK. It gapped up, and since then it hasn’t fallen below the gap. In-fact today it looks as if it might have tested this area as a support, and any breaks higher could be the catalyst for a trade.
Here’s the chart for this one. It’s a stock to watch. However, all bets are off if it breaks down below that gap area in our opinion, and this would be an ideal place for a stop loss.
If you would like to give the filter and volume idea a test drive, make sure you follow the original post and create new watch lists to monitor the stocks you pick each evening.
If you haven’t already, join free below and get started.