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