The chart of STAR has a lot going for it that leads me to believe it will continue moving higher next week, provided the market retains it’s bullish stance. Let’s look at some characteristics of market leaders. I picked up a few shares near the close.
- New weekly breakout with massive volume, new multiyear closing high onweekly chart.
- Breakout of a reverse head/shoulders formation while it’s been basing for 8 weeks.
- Earnings released today were the catalyst for the move and now that they’re out one doesn’t have to worry about being blindsided by news.
- STAR will show up on IBD over the weekend and all the momentum scans over the weekend causing investors to want to get in on Monday morning.