Blackhawk Network Holdings Inc. (HAWK)
Last week Wednesday (October 12th), HAWK bullishly gaped up on the report of "good" Q3 earnings.
Based on this good news, I decided to go long HAWK and purchased some stock at $34.26 / share.
Below are the 1st and 2nd post in this series covering HAWK, if you haven't read them already:
- Â ~ (KMX) and (HAWK) Stock / Option Trade Log + Analysis ~ October 13th, 2016 (Exited KMX puts with a +55.56% profit!)
- ~ (HAWK) Stock Trade Log + Analysis ~ October 13th, 2016 (HAWK long swing trade on Q3 earnings)
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Wednesday's (Oct. 12th) and Thursday's (Oct. 13th) candlesticks were formed as a result of both bullish and bearish traders that were profitable or at a loss deciding to lock in profits or losses by exiting their long or short trades on HAWK.
On Friday (Oct. 14th), HAWK bullishly gaped up and closed at $34.30 / share or a +1.84% gain for the day. HAWK's price did trade up into a resistance / support level but bullishly closed above the high of Thursday's candlestick.Â
The candlestick HAWK formed on Friday using a daily chart completes a 3-day candlestick pattern know as a Morning Star Reversal. This 3-day candlestick pattern is a decent to strong bullish signal that HAWK may bullishly breakout on Monday (which is today if you are reading after 12:00 am ET). I cannot say there is a 100% chance HAWK's bullish trend will continue because the Morning Star Reversal is formed at a resistance / support level.
See the chart below to get a visual representation (The blue lines are support/resistance levels).Â
At this point, I am confident that HAWK will breakout, but, I am not overly confident.Â
The Morning Star Reversal pattern is a signal that, possibly good things are ahead for the long positions of HAWK I've purchased for this swing trade.Â
However, we shall see Steemers....
Stay tuned for updates regarding this trade on HAWK and future trades!
Until next time,
- Ford Mogul
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