Recently, we bought Netsuite ($N) as a swing trade in The Wagner Daily newsletter. Below is a chart that shows the “cup and handle” setup of the stock before our entry point:
On February 23, we sent out an intraday alert to subscribers of The Wagner Daily, notifying them we were establishing a long position in N over resistance of the two-day high. Once it triggered our buy entry price, N followed through to the upside and closed near the highs of the day, on a strong pick up in volume. This indicates institutional support driving the price higher. The very next day, N broke above the high of the “handle,” on higher volume as well, as shown on the chart below:
At present, we remain long N (with a 7% unrealized gain), as we expect the price action to resume its current uptrend after a few days of stalling action around the $48.00 – $49.00 area.
