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Bitauto Holding's (BITA) Climax Run Ready for Final Spike Higher

Posted by Gennady Kupershteyn on Sep 8, 2014 3:14:00 PM

Bitauto (BITA) has advanced over 1,800% since breaking out of a first stage cup and handle base the week of November 2nd, 2012 and over 100% since breaking out of the most recent, later stage, cup and handle base the week of June 20th, 2014. By all measures, the stock is in the midst of a climax run and has pulled back on lower volume to the ten day moving average and formed an inside week setting up one more spike higher on a breakout above $98.28. 


Traders can start entering the stock between current levels and $95 with a protective stop no lower then $89, aggressively, or $91 - 92, conservatively. Consider taking profits between $100 - 120 as it starts to stall or has its biggest daily gain in the last year (approx 10%+). This position should be taken as a trade only and not as an investment. It will most likely last no more then a few days as the the Ali Baba (BABA) IPO hype builds.

Subscribe: US Stock Trade Ideas

Full Disclosure: Hold Position


Topics: BABA, BITA, US Stocks

 

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