Following the Action

The other day, I tossed up a chart of Express (EXPR), a name I had been bullish on until I saw that chart. There were several divergences evident, so I became very cautious. The next day and the following day, EXPR saw a ton of volume on the buy side for the January $15 calls, some of which caused the stock to pop a bit. It certainly had me rethinking my analysis. The chart has held though. In fact, the resistance at $15.50 was precise, but EXPR is now trading below the channel, which to me signals a gap fill is imminent and $13 should be seen by March.

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