One more trade to add to the portfolio with Mercury General (MCY) at 36.50. If this stock can break out of the consolidated trading range that it has been in for the past two months, then we could see some serious upside.
Here’s what I really like about this setup. First it has consolidated at its highs and has managed to work off its overbought conditions without giving up any of its gains. That is pretty impressive! Secondly, if it can breakout of the trading range it would be creating highs that haven’t been seen in almost eight months, or since before the March bottom. As it currently stands the stock is only about 1.5% off of these recent highs.
Finally, the industry (Property & Casulaty) has been on fire of late, and hasn’t shown any signs to-date of weakening. So overall, this stock definitely has that “Edge” that I often talk about, but regardless of how good a stock is, you have to have stop-loss in place. So Click Here and become a member for Free and get the “rest of the story” to this trade.
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