When looking to trade breakouts, the famous traders like to see some momentum already in the stock.
With momentum, what goes up keeps going up — at least for a while.
And Tradeweb (TW) definitely fits that description.
Since July of 2023, TW has been stair-stepping its way upward and has more positive momentum than most stocks at the moment.
And right now it’s paused in a sideways channel, possibly gathering up energy for a breakout.
Here’s the chart:
A break above $108.05 could lead to a nice momentum-continuing 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.
