February 2nd, 2017 Watch-list
Evening traders! Mixed day for the market as we saw the DJIA close up 26.85 points. We're still seeing a fairly bearish chart on the weekly and daily setting, however with strong job growth indications and a lot going on in Washington, it's tough to predict exactly where the market will go in the coming days. Daily chart for the DJIA below for review with key support and resistance labeled.
Current Plays on Watch:
CVM: This one looked really strong the past few days, but fell short right before our initial profit target. Each day we're in this trade the risk increases. That's part of the reason we talked about going in with reduced capital. At this point we're basically even. Still holding this position, so if in have your stop loss locked in.
New Plays to Consider:
HA: This one has been in a strong uptrend for some time when you look longer term. Shorter term on the 6 month daily chart we're seeing the price settle back to a key support level in the $50 range. Pretty straight forward support reversal trade here. Chart below with entry criteria, profit targets, support and resistance levels, and stop loss strategy. Depending on the price the buy signal is received, profit targets may be adjusted.