Here is your trade on Steve Madden ($SHOO). Buying it now gets you off on the right foot. – April 3, 2023
I want to show you Steve Madden ( NASDAQ: SHOO ). This was the company made famous in the movie “The Wolf of Wall Street”. I guess that crook took the company public so it was probably the only good thing that he did.
Anyway, I like the way this stock is trading right now. It is drifting right up along the 50-day moving average. I’ve drawn this line, you see, just kind of connecting the dots here, 1, 2. Two points do not make a trendline, that’s just the closest distance between 2 points. But when you connect a 3rd one, now that is a trendline. Then when you connect a 4th one, I am approximating here, I am not being super precise because the market is not, and then the 5th one here, now you’ve got a pretty solid trendline.
The stock is now breaking above that, it ran above my 36.50 level, which I was really watching pretty closely from Thursday’s intraday high of 36.56. It closed right on that intraday high here, and the volume is a little bit lower than average. However, if you look at where this volume has been over the last couple of weeks you can see that it is actually an increase in volume.
The little pullback here was on lower than average volume than the rally here has been on volume that is actually steadily increasing. So I look at this, and I have a momentum indicator, that TC2000 built for me a few years ago, and I am showing this has positive upside momentum as well. I like the way this stock is trading right now, we have this as one of our active trades.
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