The US equity markets continue to move sideways within the trading ranges that have formed over the last several months but it is worth noting that the SPY ($SPX) is now sitting precarious close to the bottom of its 3 month trading range which runs from about 198 up to 209. The QQQ ($NDX) although trading lower today, is still slightly above its similar trading range, albeit, by a slightly larger margin the the SPY. Both trading ranges as well as several other technical developments on various time frames where discussed in detail in the U.S. Equity Market Overview video published [...]
PT 60 minute Jan 27th PT (Portugal Telecom) is currently trading about 7% below the 0.95 support/resistance level, at the tail-end of the suggested stop range for those targeting T1 at 1.14. However, a decent support level lies just below at .84-.86 for those targeting one or more of the higher "unofficial" targets or willing to give their position a little more room. PT will be considered stopped out & moved to the Completed Trades category on any move below 0.84.
PT (Portugal Telecom) is currently backtesting the 0.95 former resistance, now support level. PT was a long trade idea on Friday on the breakout above the 0.95 resistance level. That break of horizontal resistance followed a break above a bullish falling wedge pattern as shown on the previous & updated (below) 60 minute & daily time frames. To reiterate, this is an aggressive trade. Although multiple price targets are shown on these charts, my current preferred & the sole official profit target remains 1.14 (about a 20% gain from current levels). Once could either place a very tight [...]
PT daily Jan 22nd close I have decided to set the official price target on yesterday's PT (Portugal Telecom) Long at 1.14 (T1) with additional potential targets, T2 at 1.25 & T3 at 1.52, to be added depending on how PT trades going forward. T1, the current preferred & final target, is set slightly below the top of the Dec 29th gap although an optional, higher probability exit point would be to set your sell limit order slightly below the bottom of that gap which comes in at 1.13. Another option that might help extend gains on this trade [...]
PT (Portugal Telecom) will trigger an AGGRESSIVE long entry on a break above 0.95. I have yet to determine my exact price targets but plan to follow up with some suggested target levels assuming the stock makes a sustained break above the 0.95 resistance level. However, the 60 minute chart below shows some potential near-term targets (actual resistance levels shown, best to set sell limits slightly below) and the two gray horizontal lines on the daily chart also represent some possible targets. As of now, my focus is on the 60 minute chart, currently targeting that gap that runs from about [...]
PT has hit (again) the recently revised final target of 5.65 for a 28.4% gain from entry. As always, longer-term traders or investors might decide to hold out for additional gains and if so, at least consider raising your stops. However, I no longer believe the R/R remains favorable to remaining long PT so this trade will now be moved to the completed trades category. This also applies for the previously active Long-Term Trade (a separate, but not mutually exclusive trade category geared towards longer-term traders and investors).
For those in the PT active long trade, please note that I have revised the targets to remove the previous 3rd and final target and making T2 the new final target. PT was a long setup that triggered an entry at 4.40 back on Aug 16th. Throughout the updates on this trade, I had stated that T2 was my preferred target and in reviewing the charts tonight, I have decided to suggested booking full profits there and will make T2 the final target. The previous charts showed only the horizontal level for the targets as I started adding the numerical (dollar) [...]