Hi Pat -
Good evening!
Was reviewing the KEY list this evening in preparation for tomorrow, and have a question about SCVL.
I see we had an inside day today, indicating some indecision. It closed in the upper half of the day, which is good, with the open and close identical, and a little below yesterday's close. Technically, it was a down day, but the volume was very low, and lower than the previous day, which is good. It did close just above the 'barely rising' 8 day EMA, also a positive.
When looking for a pivot, I would typically look at a recent swing high, and would probably try to clear the 8/31 bar of $45 by about 10 cents or so on this daily chart. The preceding 4 down days in a row were all on declining volume, except for 09/07. I am thinking overhead supply as my rationale for choosing the 08/31 bar to clear.
I am very interested in your thought process and reasoning for selecting the yesterday's high of $41.27 as the optimal buy point. Is it that the 4 down days just behind cleared out some, or most, of that supply? Should I not be concerned about those previous days? Something else that I am missing, like an opportunity? :-)
Thanks
Mike
Mike