August 16th, 2017 Watch-list
Evening traders! Short and sweet watch-list for tonight as we slowly begin to work our way back into things. Overall we've seen the market move topside the past 3 days with the DJIA closing slightly in the green today by 5.28 points. Still remaining neutral on the overall market for now. For review however, chart is below with key areas of support and resistance labeled.
New Play Added to Watch:
TRQ: This is one we've targeted a few times in the past with decent success. We've seen it on a nice topside move the past few months. However the past week it's retraced a bit for us. The technical indicators are now showing some signs that this one may be done pulling back, and ready to reverse topside. On top of that we had a doji candle yesterday followed by a hammer candle today. We are also sitting right near a short term ascending support line. So, we do have a few things in our favor on this trade. We'll treat it as a support reversal trade and look for a quick 1 to 2 day pop ideally. We do have a tight buy range and the potential % gain is not as high as usual for below $20 trades, but this one could turn into a nice 5% or more winner if things work out. Full chart breakdown is below for review.