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Back on January 31, as well as the month prior, I called your attention to LivePerson’s head and shoulders pattern. The stock did go a little higher, ultimately peaking at around $15, but it starting losing ground again, and this morning it’s completely blowing up, down one-third. A little patience paid off here.
One thing I was looking for this week was follow-through on SPX to confirm the very bullish break over strong trendline resistance last Friday. Obviously we have been watching that follow-through and confirmation, and this means that we are definitely watching another impulsive move up. Last month’s topping process was just consolidation and the next topping process opportunity will begin when SPX breaks rising trendline support from the November low. There is no strong reason to think that will happen soon. (more…)
