LinkedIn (LNKD) just triggered a “Turbo Breakout” Impulse Buy set-up and we’re seeing additional upside action propel price higher.
Let’s see the intraday breakout and power-surge, along with the Reversal Arc we’re seeing on the Daily Chart.
Here’s the Intraday Arc Reversal – and Turbo Breakout – in LinkedIn (LNKD):
First, LinkedIn just topped the idea list from a custom scan – “Turbo Breaks to the Upside” from Trade-Ideas, a service of which I’m a proud affiliate and recommend, for active intraday traders.
While other names are firing off buy signals today under the same scan, I wanted to call your attention to this neat pattern and opportunity for LinkedIn.
We see a “Rounded Reversal” pattern off the $192.00 support level as a positive divergence formed under price.
For additional information, check out my prior post “A Quick Lesson in Trading Divergences off Support.”
We’re now seeing the Breakout – a “Turbo Breakout” according to Trade-ideas – in shares on a crest above $198’s high and the important $200 per share “Round Number” Reference Level.
With shares powering higher, let’s turn our attention to the Daily Chart for targets and trades:
We can see the “Rounded Reversal” or Arc Trendline pattern forming off the $190 level.
The power-rally up off support has been strong , triggering a breakout above both $200 (reference) and the falling 20 day EMA ($205.00).
This suggests that – if buyers continue their dominance over sellers – price can trade up through the “Open Air” pocket toward the $220.00 per share overhead target of the falling 50 day EMA.
Note the Red Sell Zone if instead – the alternate thesis triggers – price fails and returns back under $205.00 and then $200 for a Bull Trap sell-outcome.
For now, while we see buyers working their magic, price may offer additional bullish retracement or breakout trading opportunities for swing and especially intraday traders.
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Corey Rosenbloom, CMT
Afraid to Trade.com
Follow Corey on Twitter: http://twitter.com/afraidtotrade
Source: Afraid To Trade Linked In LNKD Triggers Turbo Breakout Reversal