Long NGL as today it has finally broken to the upside of its recent daily channel downtrend. Price target of 20. Stop at 17.50. If you follow my 10000 USD base account recommendations I advise taking a 100 share position.
Simple long of DB on recent daily support around ~12.50. I look for a stop at ~11.50 and a price target north of ~15.00. If you follow my 10000 USD base account recommendations I advise a 200 share long position.
Long LITB on recent channel support. Price action has moved back down toward the '16 channel on the daily chart and successfully bounced higher. I look for a pop on earnings next week with big upside toward the ~3.50 region. With a shallow stop at $2.70 the risk/reward on this trade is fantastic (3:1). If you follow my 10000 USD base account recommendations I...
Long AUDCAD on daily support in the ~.98 region. The .98 support also coincides with key fib retracement support as shown. I look for a test of 1.00 with a stop just under .98. Recent price action has attempted to move below the .98 region without any success even on repeated attempts. If you follow my 10000 USD base account recommendations I advise going long...
Long SSO overnight on both a doji at the close and longer term lateral support in the ~67-68 range. I look for a quick turn around on this trade tomorrow and will stop it out in the morning if the S&P shows significant downside price action. Enter at 68.30 with a profit target of 69.30. If you follow my 10000 USD base account recommendations I advise a 200...
Long FCX on strong daily support at $10. Long term FCX has enormous upside with its goldmine and copper mine interests. The value of its gold reserves alone tops $25 Billion (it has a large share in the worlds largest gold mine in Indonesia). As long as the company can continue to restructure and pay down some of its debt its long term prospects are 3x current...
Short HBP at 5.95 after a break of its 50 day moving average to the downside (was previous bull trend support). After a strong bull run for the first half of '16 HBP met heavy resistance on big volumes in the ~6.50 region. After a triple top formed at the end of August it finally showed downside promise closing below its 50-day moving average without a follow...
Yesterday heavy volume and a break below support in the ~23 area signaled a further bear move in EVH. The doji that formed at the close near heavy support levels signaled the possibility of a reversal however. As markets open today EVH is moving down below support yet again and I look for a continued move toward the 18 area. I will set a stop at 25, but will...
Long EURGBP at .8465 after a strong bull move today post this morning's ECB rate announcement. Price responded positively to the unchanged outlook on rates and has confirmed the strong doji which formed two days ago signaling a bottom. Coincidently the doji lines up well with support on the daily. I look for a conservative price target of .865 with a stop at...
Long SBLK as price action today is now confirming a breakout. The wedge on the daily chart dating back to July was broken yesterday and seems to be confirmed today. Volume as of 1:50 EST is above recent daily levels as well. Going into the close heavier volume will confirm this breakout even further. I look for an entry at 4.55, but if my limit order does not...
Long CEMEX at 8.55 with a price target of 9.90 and a stop at 7.85. After posting surprisingly strong earnings in July price moved steadily above resistance at the ~8 level. Recently it seems to have confirmed a bounce off of this same ~8 level. I look for support in the same region with little resistance to the upside until ~10. R/R of 1.65/1. If you follow...
Long MGT as price action this morning is now confirming a breakout. The recent wedge on the daily chart dating back to the beginning of the summer signaled a breakout was inevitable. Volume is also higher than recent days which reaffirms my stance. Bid intraday at 3.34 with a stop at 3.00 (which gives wiggle room on the downside...a break below 3.00 would most...
Short USD/MXN at 18.835 with a price target of 18.20 and a stop at 19.10. There is significant daily resistance at the ~19.00 level. Price action on the daily chart is also starting to look toppy (doji on the 31st of August). If you follow my 10000 USD base account recommendations I advise a 10000 USD short position (stop at 19.10 / limit at 18.20). RR on this...
Long FSI as price is now confirming a breakout toward the close today. A close above the 1.80 long term resistance level on heavy volume is foundationally bullish. I am looking for support on the upward trending channel in the case of a retracement and will place a stop at 1.65. The next level of resistance is above 2.60 and I look at this area as a safe place...
Long VZ on two major technical support indications at ~52-52.50. On the daily chart dating back to mid 2013 the ~51.50 region acted as strong resistance. We now look to this region as possible support. This also coincides with an upward trending channel which has formed over the last year. Currently, VZ sits at the bottom of this channel at support in the...
Bob Evans has been hammered over the last 18 months yet its fundamentals are still strong. With earnings on the 31st and strong support in the ~36 region I like a long position going into earnings. Any positive surprise will cause the stock to jump and technical downside should be limited if earnings are lack luster. Price target has been set conservatively at...
Short UNG at 8.45 with a price target of 7.30 and a stop of 9.30. There is long term lateral resistance around ~$9.00 and broadening wedge resistance at this current level. I wouldn't hesitate either to put a shallower stop on this trade. Lately much of the bull move can be attributed to weather concerns in the Gulf. As of this writing the only current TS's...
long USD/JPY at 100.55 with a price target of 117.5 and a stop of 96. Long term lateral support/resistance in the ~99-100 range dating back to '09. In addition the current level coincides with the 50% fib retracement on the daily bull move from the '12 lows to the '15 highs. (I recommend a $10,000 USD buy on margin with a downside risk to the account of...
