Spring training is underway and we are just a few weeks from opening day. You could not imagine it if you saw all the snow on the ground here, but still.
Obviously, baseball is on my mind and that inevitably leads me to applying it to charts. One that is of interest is OpenTable. OpenTable, (OPEN), has been working through a series of stair steps higher since bottoming in 2012. The last three are shown in the chart below.
The pullback to the Simple Moving Averages (SMA) has been a good entry point. That first strike (assuming you missed it) was February 11th. That is understandable as it was prior to pitchers and catchers reporting to camp.
But an equally good one has been the break of the channel higher. This happened February 25th, about a week into full training camp and was confirmed on a retest. No excuse for that one if you had been practicing all winter. Now it has moved up to prior resistance. This is your 3rd chance to enter. A move over the blue resistance line triggers an entry and a continuation towards the Measured Move to 92. This has support from the RSI rising and bullish and the MACD also rising. 3 swings of the bat. But 3 strikes and you are out.
Disclosure: The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.
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