Simple Stock Update: PCLN

Priceline, which we covered here on February 10 as a stock to watch, reported fourth-quarter earnings of $1.99 per share after the close Wednesday, beating Wall Street’s views for profit of $1.68 per share. The company also raised its first-quarter profit view.

As you see on this chart, Priceline is now within buy range, since it’s hovering just near its previous high of $231.49.  This is pretty classic chart action – forming an area of price consolidation, where the stock digests gains, then climbing out of that pattern.

A caveat: The market still hasn’t confirmed a new uptrend, despite good strength in recent days. So use caution when you make new purchases. But when a stock clears a buy point like this in heavy trading, it’s often your best indicator that the big investors have renewed confidence in the stock, and are ready to send the price higher yet!

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The information in this article is provided for informational purposes only and should not be considered direct investment advice.  No guarantee is made that the strategies or securities discussed herein will be profitable. The information provided reflects the views of the author as of a particular time and are subject to change at any time without notice.