I jumped in Accretive Health (AH). Had the stock symbol been “AHHH” I would have been much more suspicious of it. Nonetheless, I got in at $12.50 with stop loss at $11.94 and a target which is really as high as it will take me. Because there is a huge air pocket at 12.50 up till $16.50, but honestly I don’t like going into a stock with those knds of lofty expectations. If it goes that high… great, but I don’t plan on it. So I just took the difference of my entry and $16.50 and came up with $14.50 (real scientific, eh?).
The chart pattern is one to fall in love with (just the chart, not the stock). Legal in our chat room spotted it, and I felt it was worth acting on.
I did get in before that darn FOMC statement, because yes, I kept thinking it was at 2:15pm like is has always been until recently and figured I’d have some time to see it play out before the FOMC…instead I was mistaken. Anyways, if you’re thinking of jumping in AH, that’s great, but I’d wait for it to re-break the $12.50 level first.
But at this point, until it bounces back above the 50-day moving average, I’m giving AH a Sinfeld “AHHH” http://youtu.be/Zc9-rYBOS5w?t=53s 🙂
Here’s the AH Trade Setup.
