~ (HAWK) Stock Trade Log + Analysis ~ October 13th, 2016 (HAWK long swing trade on Q3 earnings)
Blackhawk Network Holdings Inc. (HAWK)
Yesterday (Oct. 12th), HAWK gaped bullishly on the report of "good" Q3 earnings.
Based on this good news, I decided to go long HAWK and purchased some stock at $34.26 / share.
Below is the first post in this series covering HAWK if you haven't read it already:
~ (KMX) and (HAWK) Stock / Option Trade Log + Analysis ~ October 13th, 2016 (Exited KMX puts with a +55.56% profit!)
Today (Oct. 13), HAWK traded lower and closed at $33.68 / share or -1.2%.
Another 'highwave' or 'doji' candle stick was formed on the daily chart.
On the daily chart the stochastic oscillator's currently is trending down, but, it is above the neutral level of '50' and the slow line (slowest indicator on stochastic) is above the fast line (fastest indicator on stochastic). I interpret this bullish divergence as a signal that HAWK's price is pulling down into support and the bullish trend may resume.
See the chart below to get a visual representation (The blue lines are support/resistance levels).
I am definitely not ecstatic about HAWK's current price action but I am not overly negative either.
The indecision candlesticks formed yesterday (Oct. 12th) and today were formed between 2 support / resistance zones. I interpret this type of indecisive price action as a signal that HAWK eventually will:
- Break out and resume the short term bullish trend
- Roll over and resume the longer term bearish trend
- Trade side ways/neutral
We shall see Steemers....
Stay tuned for updates regarding this trade on HAWK and future trades!
Until next time,
- Ford Mogul
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