EGHT exploded higher 4 days ago after the street, or some entity with size, liked what they heard. As is customary, it then drifted down for the next 4 days.
Here's where having quality candidates in your "bullpen" makes all the difference.
Although EGHT has been in our bullpen(Watchlist) for some time, it jumped off the page after it's earnings pop.
Today, we noticed the bullish candle forming right off the open but of even greater importance, it more or less held it's level for most of the day.
As everyone knows, we don't usually enter new positions until 10:45 at the earliest in order to allow formations and volume patterns to form.
Anyway, we liked what we saw, especially in contrast to the recent trend of stocks giving up early gains by mid morning..this one didn't..at least not today.
So, tomorrow presents a new day to see whether or not this one is going to make it's move to take out it's recent high of $8.83.
Additionally, it should be noted that the "Days to Cover" is around 8 days..so, this one could get going in a hurry..especially if the market likes what what they heard from the FOMC meeting today.
Also, so far it appears that this 4 day pullback held right at the key 50 Day MA..just something else to note.
Let's see what tomorrow has in store...