Echo Global Logistics (ECHO) is your Trade of the Week
Staying with the scan that uses our new Stock Composite Rating system (SCoRe), we have identified the next Trade of the Week. We have been modifying the SCoRe filter to also look for good pullback opportunities of these high scoring stocks. The idea this week is to find one of the high scoring companies that have pulled back to a significant area for an entry. Echo Global Logistics (ECHO) fits that order this week.
ECHO had a SCoRe rating of 94 late last week and has now pulled back to a significant pivot level from which it broke out from last week. So this is a second chance entry to get roughly the same prices as those who bought the original breakout last Monday.
The Trade of the Week is considered live above the Friday high of 35.60 in ECHO. The suggested stop will be at your discretion under the rising 50 day moving average (blue line). The suggested target will be 10% higher since there is no overhead resistance above all-time highs of 36.75. Consider taking a profit or two along the way should this trade move into all-time high territory once again.