Carrizo Oil & Gas (CRZO) breaking out of long-term base
Stock: Carrizo Oil & Gas (CRZO)
Long or Short: Long
Entry: 23.18
Stop-Loss: 22.32
Chart: Carrizo Oil & Gas (CRZO) Daily Swing Trade Setup
Reason for Trade: This stock has played out perfectly so far, but I do believe that there is some cause for concern with new long positions at this point with the SPX now trading outside the upper bollinger bands. There’s some heavy resistance at $24.60-75, but at that point, if it can be reached, I’d be glad to book those gains.
These breakout plays that come out of a long-term base are some of the finest trade setups out there, because of the heavy resistance that is being broken, it triggers a slew of stop-losses, and has more of a sustained move higher then your typical day-trades out of an intraday bull-flat.
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