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Use Stock's Pivot Point To Time Your Buys.(A)(INVESTOR'S CORNER)
Byline: Monika Tjia
You think you've found the perfect stock. It has strong fundamentals and is rounding out a nice base. But before you pounce, have you checked its pivot point?
Buying a stock too high or too low won't cut it. The key is to buy at the right price: a stock's pivot.
As a stock forms a sound base, wait for it to reach a level near its old peak. Ideally, you want the stock to come within 10% to 15% of its high before priming for a breakout.
Many stocks will stall temporarily near their old high. This resistance area determines the pivot, which is 0.13 of a point above this key level.
Why focus on a pivot? After pushing above its resistance level, a stock has a greater chance of moving substantially higher.
Don't cheat by nabbing a stock below its pivot. Wait until it has proven itself. Before a stock breaks out on strong trade, there's no guarantee it will soar to new highs.
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