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Spike

FCX at Support w/ Momentum DivergenceVolume Spike on Friday at support brought a pin bar like candle on extremely noticeable momentum divergence. I would look to get long at the closing price of Friday; however, the more conservative trade would be to wait for a break of Friday's high or even a close above that price. I would look for a retest of the first major resistance level around $37 - profit target put just in front of that level. There should be some resistance seen at $36 as well which would be a good level to raise stops to break even.
NYSE:FCXLong
by JoeHayes
Buy Stop Opportunity on VRXTuesday brought news concerning VRX's plan to takeover AGN which saw a noteworthy spike in volume and price today. Prices faded into Monday's trading range creating an Inverted Hammer near major support. With the price action movement, we saw the mac-d histogram make its first higher low over this last leg down along with a bullish cross coming from the stochastic. Wait for price to move through Tuesday's high price of 121.67 to get long VRX with stop losses just below Monday's lows. VRX shouldn't see any real resistance until 129s.
VLong
by JoeHayes
Pin Bar Reversal at Support with HUGE volume SPIKEFriday saw a huge institutional volume spike on a shortened trading day. This came at great support for YOKU and we have very clear bullish momentum divergences on the stochastic and mac-d histogram indicators. Of course, the bullish pin bar that developed due to this strong support bounce is confirmation that this stock is poised to go higher from here. I would look to get in close as possible to Friday's closing price with my stop loss just below the lows of Friday's session. No real resistance for the stock until about $24.
YLong
by JoeHayes
2
CBS Long - Pin bar bounce on support with VolumeFriday brought a huge bounce on very high volume at a great support level for CBS. There is also very strong bullish momentum divergence seen on the mac-d histogram and the stochastic oscillator makes it seem price is making plans to pop off hard. I would play a limit order for the closing price at 56.74 with my stop loss 5 cents below the low of Friday. Sticking with a straight 1:2 risk reward ratio would have one selling around the first resistance level. Entry: 56.74 Limit Stop Loss: 54.96 Profit Target: 60.30 R/R: 1:2
CLong
by JoeHayes
2