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Don't Fret Over Pennies During The Breakout.(INVESTOR EDUCATION)(INVESTOR'S CORNER)
Byline: CHRISTINA WISE
So you've done your homework and found a good investment prospect.
It has a strong earnings and sales track record, hails from a good industry group and is building a base. You calculate the ideal buy point, then sit back and watch. But on the day the stock breaks out, life intervenes -- an errand to run or any little thing that can pull your attention away from your computer.
When you check back on the stock, you find that it's already moved past its buy point. Is it too late to buy? No.
Quibbling over pennies during a breakout can cause you to pass up stocks that go on to yield big gains.
As long as a stock hasn't climbed more than 5% past its buy point, it's a viable buy target. The buy point is determined by adding 10 cents to the point of resistance in the stock's base. Calculate the buy point and a 5% limit ahead of time so you'll be ready when a stock breaks out.
Where that resistance level occurs depends on the chart pattern. In a cup with handle, it's the top of the handle. In a double-bottom base, it's above the middle of the W shape. In a flat base, it's ...
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