Financials are not very popular during last year. But not all financial stocks are hated. Some of them are attracting investors and very quietly going up.
NYB is one example. Notice that this stock is in healthy uptrend . Bullish stock chart pattern is forming on daily chart - bullflag.
And there is bullish stock chart pattern - cup - on this weekly chart.
I noticed that DBA has broken from longer consolidation and is now heading to new highs.
I think that DBA could reach 43 and then 47 as possible targets. I am watching for any pullback for possible entry.
I noticed that NMX has broken important support area few day ago. Now this stock is very slowly going back into area of former support now acting as resistance.
This pullback to 87 - 88 area will present nice shorting opportunity with targets near 75 area with very good risk reward ratio.
I monitor WYNN stock for few weeks already. I noticed on weekly chart that WYNN formed huge Head and Shoulders stock chart pattern. Right shoulder is also presented on daily chart by big pennant stock chart pattern.
During last few days WYNN is trying to break from this pattern. Situation is telling me that new drop to 80 area is very possible. I opened small short position already and will add in case of confirmed breakdown .
Well, I did not expect todays strong rally after yesterdays negative performance. Markets are mixed . What to trade ? Definitely Nasdaq100 is long biased - big technology stocks are leading market.
On the other side there are several laggards. Stocks like CME or DNA look weak and are possible stock pick for short into rally near important resistances.
Based on request from my reader Dave I did stock chart analysis of SSRI.
From my point of view SSRI has broken important support area between 28 - 30 . Now it is correcting back to this level acting as resistance now. So for me it is short trade opportunity with entry in area 28 - 30 and stop above 30.80. Target for short I expect near second important support level near 18 USD. This trade setup is preferably for position trade as it can develop few weeks I think. As you can see this trade setup has very good risk reward ratio.
I noticed this stock after my 52week low scan produced results today. This stock is looking like nobody is interested in buying . It is consolidating near local support level in 63 area. Possible breakdown of this support could lead easily to move to 60 USD area
As I monitor also European stock exchanges I noticed that Vodafone stock in London is forming bearish head and shoulders stock chart pattern. I think that it is good chance to enter short trade right now as it acts very weak and then add into trade after successful breakdown of support line.
Btw. Vodafone is trading also in US stock markets but trader must calculate with GBPUSD exchange rate movements.
I have noticed that Dow Jones Gas Distribution sub-sector index made breakout from mid term consolidation. Chart is really bullish and I will be waiting for pullback to find good stock pick in this sub-sector for long trade
I received this question from my reader :
Hello Richard, I received your news letter today in which you mentioned a bearish flag on a chart
for a gold ETF.I am new to self directed investments and im not sure if you give opinions on investments or just stock trading strategy advice.But I would like to ask you for your opinion on gold and silver investments for the short and long term.Thanks for your time and your news letter.
Here is my reply :
“..from my point of view gold and silver were in hand of hard speculators in last months. There was little bubble created in price as both went up too much too quickly I think. And so I expect further correction of price of gold and silver. But this is short term view for next couple weeks maybe months.
I cannot say anything regarding long term gold investment as it has a lot to do with US dollar weakness and strength. Right now I see much more possibility for further decline in gold price then for new rise. But it is current situation and it can change. Enclosed is weekly chart of Gold futures.
….”
