DKS Breakout Long Trade
Dicks Sporting Goods (DKS) is breaking out from a textbook cup with handle pattern.
After nearly doubling in price between May and August, the stock stalled and formed a small pivot at the $115 resistance level.
Relative strength has been climbing for several months - a sign that Dicks has been leading the surge higher and outperforming the rest of the market.
Even in the late August market selloff, DKS held its ground and posted higher RS readings.
I’m looking for a continuation of the breakout that began on Friday.
After nearly doubling in price between May and August, the stock stalled and formed a small pivot at the $115 resistance level.
Relative strength has been climbing for several months - a sign that Dicks has been leading the surge higher and outperforming the rest of the market.
Even in the late August market selloff, DKS held its ground and posted higher RS readings.
I’m looking for a continuation of the breakout that began on Friday.
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