RKUS , a recent hot IPO stock has a nice daily chart as it bounced 20 Ma recently , creating a decent flag pattern. Stock gapped up today above the flag and made quick morning run and consolidated for whole day. Since it is a small float IPO stock,we were paying attention all day as it could easily make a run for IPO high of 23.80 and IPO break out tends be strong as no supply exists on top.IPO break out is also a Bulls On Wall Street’s favorite setup.
Now lets see a 15 minute intraday chart to see how we traded it.
1.Big volume run up and low volume consolidation.
2.Long 23.09 on this intraday range break above 23.
3.Breaks intraday high 23.24, throwing light on fire.
4. Breaks ipo high 23.80 causing more explosions. We sold some shares around 23.70’s, locking in some quick gains and holding rest.
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