Trade of the Day – Cogent Systems (COGT) Breaks Out

Today’s trade features a former high flying IPO that shot up out of gates over 100% after going public in 2004 but has been mired in a long downtrend over the past few years.  That downtrend is over and the automated fingerprinting company appears ready to get back on the growth track.  The stock broke out of a base a couple days ago with good volume and has pulled back to the breakout point offering another chance at an entry.  I think the stock has an excellent chance of running to the next level of resistance around 19 – 20.

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