August 17th, 2017 Watch-list
Evening traders! Another small green day for the market today as the DJIA closed in the green by 25.88 points. That's 4 small green days straight for the market. We're beginning to revert right back towards that all time high set on the 8th of August. With that said, we're still going to remain largely neutral for now. The DJIA daily 6 month chart is below for review with key support and resistance labeled.
Current Plays on Watch:
TRQ: Solid move on the daily chart with this one with the daily buy signal now locked in. The main issue here was the tightness of the buy range. The 15 minute pullback was not crystal clear and we did not pullback enough into our labeled buy range for many of you to secure entries. What I'll be watching to see is if first thing tomorrow we can get a pullback from this level, and a higher low to form that is higher then $3.10. At that point, that could be an ideal range to target an entry in my opinion if the 15 minute indicators give a buy and the daily buy is still intact.
New Above $20 Play Added to Watch:
PLCE: Another potential support reversal trade to add to watch here. As you can see by looking at the annotated chart below, this is one that is settling right down into a previous reversal point/support level. This chart actually has a few levels of support below the current price which gives us a solid amount of potential reversal points should we fall further then our current target area. Longer term this is a chart that has had a nice uptrend for the most part as well, which is something I like to see. I prefer to see the longer trend in our favor. Really straight forward strategy here. Full buy criteria, profit targets, and stop loss strategy are below along with key levels of support and resistance.