Here’s a Swing Trade setup from Scott on $HQY – October 20, 2022
HQY UUP TBT
This is Scott with your Chart of the Day. I want to take a look at HQY, HealthEquity Inc.( (NASDAQ: HQY ) I found this stock as I was surfing through the Growth 250 from IBD. It just turned out that one of our members actually talked about this in our active trading forum as well today.
This was posted in our active trading forum but I found it in the Growth 250, it’s a nice-looking chart here. You can see how HQY ( (NASDAQ: HQY ) is above all the major moving averages. It pretty much has been in a strong uptrend since the beginning of the year.
Now, there are not many charts that you can say have been in a strong uptrend since the beginning of the year, other than maybe the US Dollar ( NYSEARCA: UUP ). or TBT ( NYSEARCA: TBT ). It is actually hard to find stocks that have been in strong uptrends. But this one is, and it’s near some recent highs.
So I think it makes sense to set an alert on my trading software right around that 74.20 level. It is pretty important here, you can see that was the level it was at before it broke down for whatever reason. And it bumped up against it a few times, there, almost got there, there, and there.
I think if this stock can break through 74.23, and do it on volume, it could trigger a potential swing trade to maybe the high back here at around $84.00. So that is what I would look for here on HQY ( (NASDAQ: HQY ). I am going to set an alert on my software, you might what to do the same for yourself.
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