FIT - Start of a New Trend
One of the things that we love most are chart patterns that exhibit 200MA breaches. One of the following is of course, $FIT, which has picked up a lot of chatter today.
$FIT has breached the 200MA early in September. Breaches like this usually (but not always) signal a reversal and the start of a new trend higher. Without a doubt, $FIT is a long in our books. With proper stop loss placement just below the 200MA at 5.71, we will be looking to ride this stock until it closes below the 200MA. As always, should you get long, size your position according to your personal risk tolerance.
Disclaimer: our investment team is currently long $FIT as of time of writing.