This $BURL chart will keep you warm – January 24, 2024
This is Scott at Scott Trades on Twitter with StockMarketMentor.com and your Chart of the Day. I want to take a look at Burlington Stores ( NYSE: BURL ) today.
I know there are some cold places around the country, but I think this chart will keep you warm because this is a beauty. We have a stock in an uptrend, above all the major moving averages, and has been basing for months.
Burlington Stores ( NYSE: BURL ) has been going sideways here for nearly 3 months so we have a nice long base of consolidation. This is how the stock trades. If we go back to 2023-2024 and that transition into the new year, we have a very similar pattern, sideways consolidation this time for over 70 days.
What followed after was a break above that base, and then a move above coming on good volume. So this has a history of basing before breakout. Here we are now into 2025, we have a base that started last year and carries into into this year.
What I want to see from this stock is a move above that base, coming on volume. I would have an alert on this at around 297.00, and look for a move above 297.00 coming on volume, leading into its earnings report right around the end of February.
That’s my setup here on Burlington Stores ( NYSE: BURL ). I think it makes sense. It’s played out in the past, let’s see if it happens again. Set an alert on BURL ( NYSE: BURL ) at around 297.00. Look for a breakout coming on volume and I think you have a nice entry here.
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