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CFLT - New trend emergingCFLT broke above a basing neckline on 2nd June and has now pulled back to retest this neckline for since the last few days. So far, this neckline is still proving to be a support and it could be a good time to stake into the new uptrend that is emerging (with initial stop loss below the neckline at $31.50). Other technical factors that have lined up to increase its odds of success are: 1. Basing for the last 12 months (the long the basing period, the more sustainable the new trend) 2. now trading above it's 200 day moving average with a golden cross on 31st May 3. good increase in volume (ie., accumulation) seen in the weeks leading to the breakup on 2nd June The next area of strong resistence (aka supply) could be around $43 - $45 (which is 22-25% upside from here). There is a reasonable chance that it could go beyond this level in the coming months, however, I will manage trade with trailing stop loss along the way up. Sometimes it is ok to be stopped out prematurely (high chance in a volatile market) but we can always re-establish a position once the consolidation is over and momentum returns. Disclaimer: Just my 2 cents and not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Take care and Good Luck!
NASDAQ:CFLTLong
by Juliac
5
PLTR - breaking out from base PLTR had been basing in the past 1 year and is now attempting to break out above the neckline @ 11.62. During this basing, there were some strong volume accumulation in Feb and then again in May (both times earnings inspired). A breakup on strong volume is always desirable and increased the odds of a sustainable rise, with near term target @ 14.50 (and good odds to rise further eventually). Any near term retracement after the breakup should ideally not bring it back below 11.60, as this would affirm that the neckline has then become the new support as it begins to trend. Whether this will happen remains to be seen though, and a "breakup and retest" (if it happens) will offer a lower risk opportunity to Long the stock close to neckline with initial stop loss placed slightly below. Disclaimer: Just my 2 cents and not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Take care and Good Luck!
NYSE:PLTRLong
by Juliac
SAM - Time to bottoms up?After having fallen a whopping nearly 79% from it's peak in April 2021, SAM appears to be finally turning the corner, after forming a rounded base in the past 7-8 months. It hit rock bottom on 16 June, right where it was a former low during Covid crisis (March 2020). A month later, there was a strong spike in volume due to earnings beat (by 1.11%, not too fantastic, but still a beat nevertheless). The stock then pretty much went nowhere until last Friday, after it reported a much stronger earnings beat this time. What is significant this time is that it managed to gap up and close above the base formation neckline @ 396, a 19.7% rise within a day. Weekly RSI is strong and rising. However there is a near term resistance at 407 and we could see some consolidation around there. Buy the dips is probably a good idea. Disclaimer: Just my 2 cents and not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Take care and Good Luck!
NYSE:SAMLong
by Juliac
$BAH is breaking out of a ~21 month long base! Can it go higher?Notes: * Strong up trend on the higher time frames * Great earnings track record * Broke out of a ~21 month long base * Higher than average weekly volume and coming off from its 10 week line * Also breaking out of a smaller consolidation of ~12 weeks * Gaped up a couple of days ago and is now coiling * Broke historical resistance around the $97 area Technicals: Sector: Industrials - Consulting Services Relative Strength vs. Sector: 3.15 Relative Strength vs. SP500: 2.07 U/D Ratio: 1.37 Base Depth: 7.78% Distance from breakout buy point: 0.23% Volume 55.27% above its 15 day avg. Trade Idea: * Now's a great time to buy since the price is just breaking out and is close to the break point * If you're looking for a better entry you may look for one around the ~97.85 area as that should hold as support
NYSE:BAHLong
by HaseebKhan_90
$CAL is breaking out of a ~15 month long base. Can it go higher?Notes: * Strong up trend since March 2020 * Good earnings in the recent quarters * Basing for the past ~15 months * Broke out around the end of May but pulled back to its 200 day line * Currently breaking out of historical resistance of $29.85 with higher than average volume * Next historical resistance comes in around $31.38 Technicals: Sector: Consumer Cyclical - Footwear & Accessories Relative Strength vs. Sector: 1.8 Relative Strength vs. SP500: 5.0 U/D Ratio: 1.44 Base Depth: 67.62% Distance from breakout buy point: 1.31% Volume 11.71% above its 15 day avg . Trade Idea: * You can enter now as the price is just breaking out of its base and historical resistance with higher than average volume * If you're looking for a better entry you can look for one around the $29.85 area as that should hold as support moving forward * This stock usually has local tops when the price closes around 21.29% above its 50 EMA * Consider selling into strength if the price closes 21.09% to 21.49% (or higher) above its 50 EMA * The last closing price is 11.01% away from its 50 EMA
NYSE:CALLong
by HaseebKhan_90
$EQNR is breaking out of its base with a Pocket Pivot!Notes: * Very strong up trend on all time frames * Good earnings in the recent quarters * Created a double bottom base for ~5 months and is now breaking out with higher than average volume * Not much else to say... it's a great looking chart ;) Technicals: Sector: Energy - Oil & Gas Integrated Relative Strength vs. Sector: 6.09 Relative Strength vs. SP500: 1.64 U/D Ratio: 1.17 Base Depth: 22.23% Distance from breakout buy point: 0.44% Volume 31.67% above its 15 day avg. Trade Idea: * You can get in now (at $38.44) as the price is just breaking out * If you want a better entry you can look for one around the 37.7 area if it comes back down * Right now it does seem to be gaping up so I wouldn't chase the price... Lets see how it behaves after the gap up and offers another entry * This stock usually has local tops when the price closes around 15.28% above its 50 EMA * Consider selling into strength if the price closes 15.08% to 15.48% (or higher) above its 50 EMA * The last closing price is 7.64% away from its 50 EMA
NYSE:EQNRLong
by HaseebKhan_90
Is $GIS ready to move higher?Notes: * Very strong up trend on all time frames * Great earnings track record * Breaking out of a base on base pattern of about 4 months * Has been testing broken resistance of 76.57 as support for the past several sessions Technicals: Sector: Consumer Defensive - Packaged Foods Relative Strength vs. Sector: 7.77 Relative Strength vs. SP500: 1.08 U/D Ratio: 1.33 Base Depth: 16.62% Distance from breakout buy point: 1.14% Volume 61.4% above its 15 day avg. Trade Idea: * You can enter now as the price is still close to the broken level * If you want a better entry you can look for one around the 76.57 area as that should continue to serve as support should $GIS continue to range
NYSE:GISLong
by HaseebKhan_90
$VRTX showing multiple signs of continuation!Notes: * Very strong up trend on all time frames * Great earnings track record since 2017 * Breaking out of a ~4 month base with higher than average volume * Printed a pocket pivot * And offering an early entry relative to its 50 day line * Breaking above a historical resistance of $290.48 with volume once again (Third time's the lucky charm? ;)) * Formed a relatively flat handle to the double bottom * Offering a low risk entry Technicals: Sector: Healthcare - Biotechnology Relative Strength vs. Sector: 1.32 Relative Strength vs. SP500: 1.16 U/D Ratio: 1.97 Base Depth: 24.6% Distance from breakout buy point: 0.03% Volume 8.7% above its 15 day avg. Trade Idea: * You can enter now as it's just breaking out of its double bottom base with higher than average volume and it printed a pocket pivot * If you're looking for a better entry you can look for one around the 290.5 area as that should hold as support * One thing to keep in mind is that there are two more historical areas of resistance that will come in the way before we hit the target * Look for confirming price action around those levels before adding to the position * Or, if we see lots of rejection around those levels, consider exiting the position earlier * This stock usually has local tops when the price closes around 11.93% above its 50 EMA * Consider selling into strength if the price closes 11.73% to 12.13% (or higher) above its 50 EMA * The last closing price is 6.9% away from its 50 EMA
NASDAQ:VRTXLong
by HaseebKhan_90
Is $CAL ready to push higher?Notes: * Strong up trend * Great earnings * Breaking out of a ~13 month base with higher than average volume * Forming a bull flag Technicals: Sector: Consumer Cyclical - Footwear & Accessories Relative Strength vs. Sector: 2.2 Relative Strength vs. SP500: 3.32 U/D Ratio: 1.52 Base Depth: 56.68% Distance from breakout buy point: 2.22% Volume 45.81% above its 15 day avg. Trade Idea: * You can enter now as the price is just breaking out of the $27.92 resistance area * Or you can wait for a break above the bull flag * Or if you want a better entry you can look to enter around the 27.8 area * This stock usually has local tops when the price closes around 25.12% above its 50 EMA * Consider selling into strength if the price closes 24.92% to 25.32% (or higher) above its 50 EMA * The last closing price is 11.57% away from its 50 EMA * Historical resistance comes around 29.85 and above that around 33.6 * Be on the lookout around 29.85
NYSE:CALLong
by HaseebKhan_90
$UCO ready to go higher after retesting broken resistance?Notes: * Strong up trend due to macro situations * Printed a Pocket Pivot as it bounced off of broken resistance * Looks good on multiple time frames Technicals: Sector: Exchange Traded Fund Relative Strength vs. Sector: 3.02 Relative Strength vs. SP500: 4.05 U/D Ratio: 1.62 Base Depth: 56.08% Distance from breakout buy point: 4.42% Volume 37.69% above its 15 day avg. Trade Idea: * You can enter now as the price just bounced off of the broken resistance with higher than average volume * If you're looking for a better entry you look to buy around the $52.20 area * Manage risk accordingly
AMEX:UCOLong
by HaseebKhan_90