UPST: How To Spot & Trade A Hot IPO Pullback Setup

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On Monday’s Hit & Run private Twitter feed, I flagged that UPST looked ready to come out of a Hot IPO pullback setup.

UPST telegraphed the move on Monday, January 4 as it rallied out of a flag pattern that had walked off the initial impulse from its debut.

Its relative strength on Monday despite the overall market getting hammered was a tell.

This relative strength is what I call a Torpedo — full steam ahead, damn the torpedoes.

It said there were buyers regardless of the market.

UPST opened flat on Tuesday, and when it triggered an Opening Range Breakout signaled a Trend Day to the topside.

Today, Wednesday, UPST exploded again in the aftermath of Bleedback this morning testing Tuesday’s open.

Buyers on Bleedback into the prior day’s range is one of the surest signs that the Line of Least Resistance is higher.

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