Note how the pattern was very bearish at the end of Oct and we can assume the participants were too, meaning they were caught on the wrong side when it gapped higher to start november. People leaning the wrong way results in future demand for the stock. For 1.5 months the stock bullishly digested the gap higher and with 3 pullbacks, each showing diminishing volatility it approached and broke the 17.5 resistance level and closed near the hod (bigh of the day). This was a continuation trigger for a previous uptrend showing layered and rising 10, 20 & 50 ema’s. In addition price was above the rising 10 day at the time of the entry signal.
UPDATE: 1-8-14 NEWP is retesting the breakout and so far holding the breakout LOD. The breakout LOD is my stop.
I (wanted) to sell this many times. its not easy to buy a name, see 3 up days and then sit through a 2 week pullback and breakout re-test but thats exactly what we need to do. patience paid big today as the retest held and blasted off on a lost 6x avg volume. stop now at todays LOD.