May 3rd, 2017 Watch-list
Hey Traders! Small green day for the market today as the DJIA gained 36.43 points. Still remaining neutral on the overall market for now and not targeting any specific direct index related ETF's at this point. Daily chart below with key support and resistance labeled for review.
Current Stocks/ETF's on Watch:
NUGT: This one ended up pulling back a bit yesterday before seeing a decent move today. For those who may have secured entries, it is very important you honor your stop on this trade. There may be a time when you get stopped out, then enter for a re-play and see the move you want. Honoring your stop will protect your downside and allow you to set yourself up for profit. I'll be targeting this one for a second time after getting stopped out from a $32.80 entry. Adjustments made to the chart and profit targets due to the split. Full chart breakdown below with support/resistance labeled, buy criteria, profit targets, and stop loss strategy.
New Stocks/ETF's Added to Watch:
UWT/USO: We've seen oil see a big drop the past 2 weeks and as a result it's settled right down into some key levels of support. When looking to trade oil and take advantage of a potential bounce following a pullback, there are two specific trades I will be considering...USO or UWT. Charts for both with the entire buy criteria, profit targets, stop loss strategy, and support/resistance are below for your review. Very straight forward trades. Do not enter both at the same time as they will do essentially the same thing. For higher risk traders, target UWT. Lower risk, target USO.