Chart of the Day: Qurate Retail (QRTEA)

Qurate Retail Inc (QRTEA) is engaged in the video and online commerce industries through its subsidiaries. It sells a wide variety of consumer products using its televised shopping programs and via the internet through…

its segments, QxH – QVC U.S. and HSN.  The company saw an increase in revenue for the second quarter due to a shift in merchandising and marketing.

Take a look at the 1-year chart of Qurate Retail Inc (QRTEA) below with added notations:

(Chart of QRTEA provided by TradingView)

QRTEA had formed an important level of resistance at the $10 level (green) during the past several months. However, the stock broke through that resistance back in July. If QRTEA comes back down to that $10 level, which should now act as support, a bounce could be expected. 

A long trade could be entered on a pull back at $10. However, a break back below $10 could negate the forecast for a higher move and would be an opportunity to short the stock.

Have a good trading day!

Good luck!

Christian Tharp, CMT