Another trade we entered today was in PRAXAIR (PX). Heres why we like this bullish position for a nice swing trade:
1) OVERALL MARKET STRENGTH - The overall market looks phenomenal after a strong move the last couple of days and looks to move to new highs.
2) SECTOR STRENGTH - The industrials sector itself is looking phenomenal after today's move. You can see the great setup in the Industrial Sector ETF XLI.
3) Breaking out of consolidation - This stock has consolidated for for a little while and now looks ready to move higher. There is a squeeze on the 1 hr chart which is one of my favorite setups to trade.
We will see what this trade bring in the coming days!