The indexes held their ground last week to begin digesting the massive rally off the early February lows. We’re up against some key areas on the daily charts, which should make the week ahead another important one. There are going to be opportunities on both sides of the tape, so stay alert out there!
I reserve my daily trading plan for members of the site, but I wanted to share 5 setups of interest with you as we head into a new week of trading.
Put them on your radar and keep assessing them daily. As setups are negated or fail, seek out some replacements. As setups confirm their patterns, observe their price and volume behavior closely to gauge whether or not they still have some gas in the tank.
By the way, I do not have any positions in the stocks listed and am only interested in entries beyond the highlighted levels. Should price fail to push beyond the levels listed, I’ll take no action. Here we go:
GT has been building a bull flag for a week and belongs on the radar. An upside breakout through $27.30 puts it back on the move.
WAG is still consolidating after a huge rally but it’s hard to keep momentum at bay for long and we could easily see this one making new highs again shortly.
TGT lifted for a couple of weeks from its lows but gained no sustainable strength. Now, price looks set for another breakdown to continue the overall downtrend.
HLF is a very fickle stock but here it’s respecting rising support after numerous touches in recent weeks. A downside break would be bearish.
X has held support on multiple occasions but keeps knocking on the door and may soon get through. A breakdown at $24.35 would allow price to head south in search of buyers at lower levels.
Through the nightly service, I share swing trade setups with members here including my planned entry, stop, and target levels. I also produce Charts on Demand for a special Thursday educational video. Check out the trial if you’d like to kick the tires.
Trade Like a Bandit!
Jeff White
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