Pullback buy in LTH
Life Time owns and operates a chain of “athletic country clubs.” They are basically high-end gyms offering everything from free weights and elliptical machines to steam saunas and smoothie bars.
The company went public in late 2021, right before the bear market began.
But the stock is now soaring…
I have circled the signs of accumulation in the volume candles at the bottom of the chart.
Notice the huge influx of buying on the way up and the relatively light volume on retracements. This looks like institutional buying and a sign that buyers are still in control.
Last week’s pullback to the 21-day moving average is buyable in my opinion and should be a good entry point as long as the overall market holds up.
I am taking a position here with a stop below 17.00.
The company went public in late 2021, right before the bear market began.
But the stock is now soaring…
I have circled the signs of accumulation in the volume candles at the bottom of the chart.
Notice the huge influx of buying on the way up and the relatively light volume on retracements. This looks like institutional buying and a sign that buyers are still in control.
Last week’s pullback to the 21-day moving average is buyable in my opinion and should be a good entry point as long as the overall market holds up.
I am taking a position here with a stop below 17.00.
Penafian
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