Chart Request: Stamps.com (STMP)

And finally, since Luna’s one of ‘The Few, the Proud“, he gets a third chart today. I actually bought STMP on Friday. Despite the two previous bearish candles I was thinking that it would bolt higher if the market was strong on Friday. I bought it when it broke above Thursday’s high. Once the market started rolling over I tightened up my stop and got taken out.

I’m still bullish on the stock but I don’t see a good entry point right now. I’m going to keep watching for a retest of its trendline before I try buying it again. Basically, I’m looking for a repeat of what it did on Monday and Tuesday of this week. It printed a nice narrow-range bar (NRB) near the trendline on Monday. Then all you had to do was buy above that bar.

I’ll also be watching this for a breakout on any strong Nasdaq days next week.