We first sent out a Pocket Pivot Report on Ebix, Inc. (EBIX) way back on September 20th as it was breaking out of its initial base back at the beginning of this current market rally phase. We did not put out any reports on EBIX over the past few days as it has appeared to break out because in fact the stock was wedging before it broke out. The stock has now failed on the breakout and pulled back sharply, basically doing what we call "correcting the wedge" by pulling in sharply after trying to breakout from the wedge. Today's shakeout below the 10-day moving average followed by a close back above the 10-day moving average on volume that was higher than any down-volume day over the prior 10 trading days constitutes a reversal type of pocket pivot buy point right here.
PPR - EBIX Follow-up and New Pocket PIvot Buy Point
|Published:||2 Nov 2010 23:49 ET|
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