The breakout traders aren’t saying, “Booooo!”
They’re saying, “Coooooop!”
And it’s because Mr. Cooper Group (COOP) has been on a hot streak for months and now is nearing a breakout level.
Here’s the chart:
The mortgage services stock has been rising due to hopes of interest rate cuts and now it’s sprinting toward a breakout level on “good” inflation news that’s just come out.
A break above $84.50 could lead to a big move.
We’ll keep an eye on it.
Happy trading,
— Scott Welsh
P.S. As a reminder, these plays are based on my longer-term Weinstein Stage Analysis method. The chart above uses weekly candles and a 30 week simple moving average. For details on this method, see my explanation on this Ask The Pros episode starting at timestamp 20:45.
