Happy 4th everyone! With a half day of trading yesterday, the market has some time to “marinate” and hopefully make an indication of which direction it is going to take. So let’s begin with some picks:
$UA: I believe this stock is very strong. A close above 60.96 looks to be a great long entry point. However, if you want to be aggressive and believe we are going higher, you can enter on a 15min indication. Indicators are pointing up, but I would ideally like to see volume increase on the bullish move.
$MCD: It looks like we are breaking out of a short term bearish channel. You may want to wait for a close above 100.55 or if you want to be more aggressive, you could take a 15min bullish trade. Target is 102.75.
$XONE: It looks like this bubble is bursting. Notice the speed lines I drew. The most recent line prior to yesterday’s drop is almost vertical. I think this has a ways to drop. My target is $53.45 or the speed line I highlighted. Moreover, yesterday’s candle was a bullish-engulfing candle. My stop will go above the first 15min candle. This is definitely a 15min entry.
$LULU: Bracket trade here: I think the stronger probability is a bearish trade, but the bulls can still win out. Bearish I like an entry of 63.80 with target of 61.60 and 59.65. On the bullish side I like an entry of 66.85 and a target of 70.40.
$AXP: What the heck, I’ll do one more since it’s a holiday. AXP also looks like a bracket set-up. Bearish entry is a close below 72.90 with a target of 70.45. Bullish, I like an entry of 76.30 with a target of 78.20.
A couple of other little bonuses:
$TLT: I still like this short with a target of 107.78. 15min entry.
$GOOG: I still like our entry of 895. with a target of 920.
Enjoy the rest of your holiday and happy trading!