NR7 Trade of the Day - Tetra Tech, Inc. (Public, NASDAQ:TTEK)
TTEK showed up on the
Trade_Ideas NR7 scan as NR7-3 after the 10:30 bar. I loathe to short a stock that has already printed 2 WRBs unless it has had plenty of time to consolidate the initial weakness. A quick look at the daily (below), indicated that TTEK had successfully taken out PP support and that the next level of support was in the $24.00 area.
I liked the fact that TTEC was basing just under S2 and couldn't close above it. I took a dummy short on the break of the base. The BO bar closed on its lows which signals the strong possibility of success. I decided to take a partial at $25.50 to lock in some profit. I moved my stop just above each red bar excluding dojis and covered the balance at $24.10.
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