Pier 1 Imports Inc. (PIR), which has been in a steep up-channel since August, gained 0.66, or 7.13%, on Wednesday and closed at $9.92, the highest level since June 2006. A breakout above the key $10.00 psychological barrier could cause acceleration of current momentum.
If that occurs, the stock could move to my target range of $10.70-$11.15. Preferred entry (buy stop) price is at $10.10, with a stop loss at $9.60. See our Trading Rules page for more detail.