Pocket Pivot Review - Focus List stocks - ACIA, TWLO, MOMO updates 10-4-16
We mentioned ACIA in yesterday's report as one to watch as it was nearing its 50-day moving average. Today, it opened at its 50-day then continued to trade higher from there.
TWLO, another price leader, has pulled back to its 20-day on below avg volume.
Keep in mind both stocks being price leaders are highly volatile so any temporary market weakness can cause both stocks to have sharp pullbacks. Also, both stocks are now visible to everyone so it is even more imperative to buy on constructive weakness which gives you a low risk entry point, while then selling into strength which has been the ebb and flow of these markets.
Note, MOMO was mentioned in prior reports as one to watch for constructive pullbacks. It had an initial entry point yesterday when it undercut prior minor lows, then closed midbar on below average volume, then another buy point today when it was trading around its 10-day moving average, up around 4%. Even though it had not yet achieved pocket pivot volume, unusually strong volumes early in the day are a good clue the required volume would be reached. It is now up around 9%, thus too extended to be bought at this level.
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