just a quick update on some of the recently posted trades ideas. i will update some of the charts later this evening but you can enter any symbol below into the search bar towards the upper right-side of the page to view the most recent post with charts/notes on the trade or set-up listed below:
SRZ long- continues to move up since the breakout on friday although volume is still not very impressive. plenty of room before first target. consider setting stop just below the 6.55 ish breakout level if you took it.
NGPC long- another low-volume breakout from friday which fell back to the downtrend line yesterday and today has fallen back below the trendline. i will remove this one from the active trades as most stops should have been hit today but i will try to keep it on my radar as it looks to be in the final stages of an inverse head and shoulders bottoming pattern.
OFC- also posted as a breakout on friday and continues to move higher, albeit on less than stellar volume (which seems to be the prevailing theme on breakouts lately). targets TBD, set your stops according to your own trading style and objectives. note: the 20ema is making a golden cross over the 50ema today. although these are shorter-term ema‘s and not as bullish as say, a 50/200 golden cross, it is something that may get picked up on some scans tonight and bring in some new buyers.
OSK short- still trading just below resistance/short entry level. still active.
EXC long- broke-out of 60 min falling wedge yesterday and has fallen back to just below that level today. actually, from a daily chart perspective, i somewhat favor this since i’ll feel better if we get an actual tag of that key support line vs. bouncing just shy of it as the 60 min wedge breakout level was. still active, stops on a solid close below the daily support line.
CAT short- so far, CAT tried to break above the resistance line yesterday but was rejected and close back below it. prices are again finding resistance there today and i’m noticing the daily macd is starting to turn down, which could set up some nice negative divergence on the daily frame. still an active short with stops on a solid close above the resistance line on chart.
JJC short – continues to stop at the resistance line. still active.
PRU short- tried to break above resistance yesterday and only managed to close slightly above it, not enough to a stop-out IMO. currently struggling with that area today. still active.
MAS short- still active. 60 min targets remain as posted, daily target(s) TBD.
EGLE long- T1 hit yesterday and prices closed a hair above today. depending on one’s time frame, quick profits could have been taken or one could hold out for the next target (downtrend line).
DRYS- rejected off downtrend line, still not triggered as an active trade.
EXM long- still unable to clear 1st resistance area.
DSX long- 1st target was hit on friday, shortly after posting it. prices have pullback back somewhat from that level. next long entry would be on a break above that T1 level.
AMZN short- turned down off the resistance level as expected, about 1/2 to first target. still active.
BIDU short- continues to move lower after the short-entry/tag of upper downtrend channel. still active.
XOM short- yesterday, XOM put in a nice potential spinning top candlestick right at that converging trendline and horizontal resistance i noted on the daily chart on friday. today the stock followed up with some additional downside. still active.
CTFO short- still hovering between T1 and T2.
XLU short- prices found support on the lower trendline both yesterday, friday, and thurday…which was my first target. today prices broke below that trendline which put the odds of the next target being hit as pretty good. i still have the SDP for a swing trade and will keep this trade listed as active, since there are additional longer-term targets below, as well as completed, since the initial entry made for a quick, profitable trade on a relatively low-risk sector etf (utility stocks).
NVO short- printed a close below the rising wedge both yesterday and today (unlike the first breakdown, which managed to close back up inside the bearish rising wedge. active.
UPS short- broke down from and closed below the rising wedge today. active.
KLAC short- stopped at the resistance line/previous highs and has pulled back some but still within the wedge. negative divergences on most oscillators/indicators that i follow. targets remain as marked.
HGSI long #2 (daily frame)- peaked it’s head above the downtrend line but close back below it. therefore, this is not a triggered trade and remains a set-up.
if you have any questions on these or any other recently posted trades, please use the contact form located under the “Resources” tab on the top menu of the site. i am considering opening these posts up to comments in the future but for the time being, the contact form is the best way to contact me, share charts/links to articles/market commentary, etc..