August 29th, 2016 Watch-list
Evening traders! We saw a bearish reaction to close out last week to the statement coming from the Fed that there isn't much reason to delay rate hikes going forward. This has allowed that DJIA daily chart to come back a bit for us and those DJIA daily indicators have let off a little steam. We could still fall a little further in this level and test that 50sma on the daily going forward. DJIA weekly chart finally starting to see those indicators turn south. Chart below for review.
Current Gold Plays on Watch:
GDX/EGO/RIC: Gold overall was very strong early Friday before it ultimately fell into the red for the day. We still have yet to see a daily buy and 15 minute buy in unison on these ones so let's keep them on watch. It is key to remember that we do not enter on daily black candles, so though we may have the daily indicators curving up and the 15 minute buy there, we need the price to be above the open for the day. All 3 charts are below with key support and resistance labeled along with buy ranges/profit targets.
Current Below $20 Plays on Watch:
TRQ: Two decent days in a row for TRQ. Early Friday the bulls were in strong control and able to drive the price all the way up to a high of $3.14. We've been able to somewhat consolidate above the $3 range, and holding roughly $3 going forward is key. Have stops set at $2.98. For those who have not gotten an entry, could be some potential to enter in this level if the daily buy continues tomorrow and you can get a nice 15 minute buy as well.
Current Above $20 Plays on Watch:
DWTI: Mixed overall day for DWTI. Was in the red for much of the day, but was able to rally and close in basically a doji candle for the day. When we look at USO, we see that it is finding some support at that 200sma and 50sma. Those are the key breaks for this one to really break out. If USO falls below the 200sma and 50sma, DWTI will run.
LLNW: Potential Ascending Triangle breakout play here. Recently tried to break above the key horizontal resistance level, however failed to really follow through. New key break price would be $2.04 in my opinion. If we break that, there is a chance this one could run towards the $2.22 resistance level. We break that, may see the $2.50's. As with any breakout play, it's vital to keep a very tight stop in case it gives a false breakout (which happens). If we break $2.04 and show it on the bid and you enter, a good stop in my opinion would be $1.99. Very tight stop. Chart below with a basic view of what I'm seeing. To the individual that sent this one in, we're essentially seeing the same thing. Great job!