A 4-session trading week last week gave the bulls limited time to act, but they did the best they could with what they had. The result was four straight advances for the broad market, lifting stocks from their recent correction lows. However, it’s not likely to be smooth sailing on the way back up given the lower highs which the averages still have to contend with.
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. Price provides the proof, then I make an entry. Here we go:
GME has pulled back and stabilized over the past 2 1/2 weeks. Now, a trend line break could produce a quick lift.
FSL has pulled back and rested here and now a trend line break at $24.90 could invite attention. Earnings are due out Thursday and I won’t be holding it then.
CHD is facing a breakout from this ascending triangle pattern and a new high at $69.50 frees it up for higher prices.
TRIP has bounced within the downtrend but any rollover from here may invite more selling pressure. Watch Thursday’s low as a tell.
INTU is bouncing within a downtrend but a break of rising support would offer a play on the short side as the next leg lower begins.
Through the nightly service, I share swing trade setups with members here including my planned entry, stop, and target levels. Check out the trial if you’d like to kick the tires.
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