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PETM gaps up on earnings

PETM gaps up on earnings

Petsmart Inc NASDAQ:PETM

PETM has undergone a deep and prolonged pullback lasting over a year. Yesterday price gapped up on higher volume and broke through previous resistance. The bar was very bullish, which gives a good indication that price could well continue it's upward momentum over the next few days. However, with price only just breaking such a strong pivot point the potential bull move could be short-lived. If you trade gaps keep your stop tight. If you're looking for a longer-term opportunity this chart needs more time to develop so stand aside.