Williams-Sonoma (WSM) Breaking Higher
After a big rally on the back of stellar earnings and outlook on March 15, WSM has been consolidating in what looks like a bull flag. Yesterday it broke out of the the bull flag, giving me reason to believe now might be a good opportunity to enter a long trade. I am considering this […]
Ford Has Staying Power above the 200 Day Moving Average
Last week I added some Ford to the porfolios and now that it has clearly held at the 200 day moving average (red line on chart below), let me disclose my profit targets: target 1: $15.20 target 2: zone between $15.75 and $16 target 3: $16.50
Morning Update, SPX, Metals & More
An early selloff led to a classic intraday double-bottom and ended up with a rally. On the S&P500 daily charts we now have the 50 dma and the critical $1300 right here and looking at the overnight futures (up 0.75% right now) we might open above those two key levels. Whether that ends up being a […]
Inverse Head And Shoulders Pattern In Gold?
Note the potential inverse head and shoulders pattern that setup in the GLD. If this plays out textbook, the final profit target would be near $53 and a stop-loss could be set near $135.
Copper Looking Frisky For Further Upside
Copper is often being looked to as a leading indicator for global economic growth. Whether that's true this time around or not is fairly irrelevant for my note here. Looking at the chart below I note a downward-trending channel that Copper is now looking to break out of to the upside. What else? Yesterday Copper […]
Freeport-McMoRan (FCX) Targeting $57.50
FCX is in a longer-term bull-move and now looks to try ending an almost four month-long consolidation phase. Today FCX also pierced above its 50 day moving average on increasing volume. While a 17% up-move in 7 trading days might call for some near-term consolidation, I am targeting $57.50 to the upside with a stop […]
Medtronic (MDT) Looks Like A Short Candidate
Staying with today's theme of looking at trades that find resistance at both the 61.8% Fibonacci retracement and the 50 day moving average, here's another one to look at: MDT bounced off its 200 day moving average just last week and found resistance at the 50 dma and 61.8% Fibonacci retracement level. I see a defined […]
today’s pre-market video is uploaded and ready to watch
http://steadytrader.wpengine.com/video-2/march/
Silver (SLV) Looking For Further Upside
After a two week 'resting' period silver and gold look ready to party at higher levels. Look at the triangle-shaped consolidation pattern in the chart below. I will be long at the market with stops at $33 and targets at $39. It is of course possible this is some sort of double top, but given […]
Molycorp (MCP) Ready To Move Higher
Looking at the chart below you can see the nice consolidation pattern triangle that MCP has formed since early January. Yesterday the rare earth stocks had a huge run and MCP rallied around 17% on the day and right through the 50 day moving average and out of the consolidation pattern. I am happy to […]