Gymboree (GYMB) Stock Break Out
Posted by Blain Reinkensmeyer
May 8, 2008 at 2:23 pm
Today Gymboree (GYMB) has officially broken out of its base that was featured on StockTradingToGo.com last weekend. The stock is currently up 6% on the day as of 2:15 PM EST and is trading with higher volume.
Keep a close eye on GYMB stock today though and look for the following after the close:
- A close above $45.30 which was the buy point
- Volume for the day of over 1 million
- A close near the highs of the day
This will set Gymboree up for a good confirmation day tomorrow which the stock needs to affirm its direction. GYMB stock has officially hit its buy mark. A chart of GYMB is below.
For previous chart analysis, view last Saturday’s post on Gymboree stock.
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Speaking of breakout, should the close price or the high price be counted?
Yes and no. What this action tells me atleast is that GYMB has potential but the stock may still be volatile price wise. There is no firm direction.
If I was bought in today my stop would definitely be just below the low of the day, say $43.04. And, if I was looking to buy in then I would be patient as I think there is a good shot the stock may trade at $44 or lower again.
Just IMO though.