Strong Stock DISH Breaks Higher into Bull Zone

Jun 1, 2015: 2:24 PM CST

Dish Network (DISH) topped our “Bullish Intraday Trending” Stock Scan this morning.

Let’s take a look at the bullish breakout – a reversal play – and what levels are most important for traders.

Here’s Your Daily DISH:

First, let’s start with the March to May downswing from $80.00 to $65.00 per share.

This sell-swing ended mid-May with a lengthy Positive Momentum Divergence and reversal candle off $65.

The result was a powerful snap-back reversal rally that broke all EMA resistance which was clustered between $68.00 and $69.50.

We see a recent breakout above $70.00 – on higher relative buy-volume – that extended with a powerful Trend Day gap and run today.

Price is pushing through bullish Open Air between $70.00 and the $80.00 level and likely will extend higher.

Here’s a Fibonacci Retracement Grid for precise targeting:

Today’s bullish gap took price above the 38.2% Retracement into $71.00 all the way to the 50% level at $73.00.

Should buyers extend their dominance, shares will see the $75.00 level (61.8%) achieved.

For planning and trading purposes, a further breakout above the $71.00 level extends the target toward the $79.00 and $80.00 per share level for a bullish continuation swing.

Otherwise, watch $73.00 for the current pivot today and look to be cautious/bearish if shares fall back under $70.00.

Be safe and have fun with this candidate!

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Corey Rosenbloom, CMT
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1 Comment

One Response to “Strong Stock DISH Breaks Higher into Bull Zone”

  1. Raquib Says:

    At the moment everything is so confused that we are not really sure about the trend, I mean it can go really up into bullish zone or it can be bearish. I am doing long term trading to avoid any type of risk and due to OctaFX broker, I am in very healthy shape with their swap free account, it helps me work with comfort without having to pay any extra fees or charges on overnight trades no matter how long they have been opened for.