Stock Trade Idea: BIG (Big Lots) – ST Support In Play, But Watch For A Break | Jan 14

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Stock Trade Idea: BIG (Big Lots) Holding ST Support, But Weakening Bounces (5min and 1hr charts)

Price Action Context

As we’ve been talking about in our twitter account, Big Lots ($BIG) has held the bottom of the corrective structure support and completed a breakout setup to clear the recent resistance around 29.50.

Since the stock has broken out, its pulled back 2x’s today offering some great day trading setups.

But I’m also noticing the bounces off that prior resistance (now support) are weakening and the stock couldn’t make it to the prior bounce highs.

big lots 5 min chart trade idea

This may lend to a potential breakdown back into the corrective structure and challenge the support at the bottom of this structure.

big lots 1hour chart trade idea

Trending Analysis

ST bullish while above this corrective structure. A break and hold points to a potential leg higher. A break down of the corrective structure support likely targets the bottom of the structure where it should test the next leg of longs.

Key Support & Resistance Levels

R: 30.42, 35.47

S: 29.51, 26.83

Stay tuned to the members market commentary for updates.

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