This past Wednesday, we looked at a Daily Price chart of ProShares UltraPro QQQ Nasdaq, and noted that the stock had been making a series of 52-Week Highs.
Today’s Chart of the Day is for Sun Communities, Inc.(NYSE: SUI).
Sun Communities, Inc. is a REIT (real estate investment trust) that, as of September 30, 2019, owns, operates, or has an interest in a portfolio of 389 communities over 134,000 developed sites in the United States and Canada.
The Daily Price chart below shows that SUI has traded in a clear bullish pattern of higher highs and higher lows since January of this year.
We know from experience that a pattern like this points to a further advance.
You see, typically stocks that make a series of two or more higher highs and higher lows reliably continue on in an upward trend.
But it’s important to note that strong stock rallies have pullbacks along the way.
These pullbacks present a buying opportunity for us.
Purchasing SUI after a 3-5% price pullback has provided a good entry point for the stock this year, and has produced a healthy return.
On July 22nd, for example, SUI had pulled back, opening the door for savvy investors.
If you had purchased SUI shares on this date, you would be up 25.7%.
But… if you had purchased the right option contract, you would now be up 414.7%! That’s the power of options, and the entire purpose of my investment service, Chuck Hughes’ PowerTrend Options. If you missed the webinar back in October, I highly recommend you watch it now.
It’s the only place to get options recommendations from me using the PowerTrend “X-ray” system.
Editor, Chart Of The Day