And this, of course, is something we have been noting for quite some time:
Ellie Mae, Inc. (ELLI) rallied aggressively between mid-2014--when it traded near $25--and the $82.92 August 2015 high. Following the high the price pulled back, finding support just above $58. Between mid-November and January 19 the price has moved in a range between $66.56 and $58.25. Aggressive traders are buying between $59 and $58 with stop loss orders not far below. A more conventional entry point is to buy when the price breaks above the recent range--preferably a closing price above $66.56. Consider taking partial profits near the high of $82.92. Implement a trailing stop loss on the remainder of the position, and/or place an additional target at $86. A cautionary sign on this stock is the high P/E ratio, currently at 90. That doesn't rule another a rally, as the company could increase earnings and/or a stock can continue to move higher in spite of its high P/E, but it is a factor to consider before trading this technical setup.
Read more: Stocks At Buy Points In Healthy Uptrends | Investopedia http://www.investopedia.com/stock-analysis/cotd/012016/stocks-buy-points-healthy-uptrends-elli-calm-lnce.aspx#ixzz3xqMnVyp9
ELLI was our first purchase, almost a month ago and the funny thing is, despite all the market mayham in the new year it is still in the green. So far, the support at just under $60 has been rather impressive.