Big Lots (BIG) is your Trade of the Week
Once again Trade Ideas technology is pointing to a solid base building setup from the “Trend Change Lubricant” Top List scan. Just like last week in (PM) we are focusing our attention to a solid technical base that also happens to have a high number of short sellers that may not be comfortable sticking around in a stock that is breaking out of a strong base. Additionally, this week we are looking for the perfect entry, so that will require the patience of a pullback to trigger this idea.
The Trade of the Week in Big Lots (BIG) is not to be considered live until the price pulls back to 44.51. The price action just broke thru through this level last week and should act as a pivot point for a decent entry. After two good days of up movement, BIG seems ready for a minor consolidation before any attempt to move higher.
The suggested stop will be at 40.11 roughly where the “swing exit” line on the chart is resting. The suggested upside target for this idea will be the gap-fill at 53.50. This is a perfect opportunity for using the “Price Alert” charting tool to let us know when the pullback to 44.51 occurs so we do not miss the real-time opportunity for this idea.
*A second idea on the short list this week is to buy CLF if it breaks out of the bull flag it seems to be forming on the daily chart. The entry and stop are at your discretion on this one.