November 24th, 2015 Watch-list
Hey all! So today we saw the overall market come back a bit. The DJIA closed the day down roughly 31 points. Gold and Silver saw a small move higher as Oil also saw a small topside move. With regards to the overall market, specifically the DJIA, we are right up near that nearest resistance level. If we fail to break that level and come back and set a lower low, we will now be in a short term downtrend. If we can go up and break that level and set a higher high, we'll be in a short term uptrend. If we essentially pullback at this level, yet still set a higher low, we'll be forming an ascending triangle on the daily chart, short term. Lot's of questions should be answered in the next week of trading!
As for our current plays:
Under $20 Plays:
BTG: Up about 2% for the day. Still holding right in our initial buy range. Hoping to see this one see another break up towards the $1.15 level for additional profit taking. Make sure to absolutely have your stop set on this trade. For an entry of $1.03 and a profit target of $1.15, a good stop would be $0.97.
GG: Nothing new with this trade. Doji candle for the day. Stop set at $11.20. This one needs to make it's move soon or exiting in the current level may be on the table.
FTR: Went up and broke both of our profit targets today, $5 and the 50ma. Great job for those who were able to make the trade and lock in profit. For those still holding looking for a continued push higher, move your stops up to at-least your entry level.
NTG: This one has settled completely down to the bottom end of our buy range, right at the descending support level. Was a tough entry on the last pop since it did run right at the upper end of our range. Hoping we can see it settle in this level and re-give a buy signal with it solidly in our buy range. Keep on watch!
FCEL: As mentioned in the market update, this one appears to be running without us and above our buy range. We are not going to chase with how much resistance is near. Be patient, keep it on watch, and wait for it to re-settle.
LSG: Working its way down nicely for us! Right near entering our buy range. Indicators are starting to curve down as well which shows it may (key word may) fall even deeper into our buy range. We absolutely must wait for the indicators to settle as well and begin to curve up with a 3/4 buy signal before we enter. Remember, we don't merely enter the trade because it is in our buy range. Annotated chart below for you to review!
BBEP: Another one of our potential plays that has not yet given a buy signal, but has moved one step closer. Is now within our buy range, however the indicators do show that it could fall further. Remember, we do not simply buy just because the price is in our buy range. We must wait for that 3/4 buy signal to be given first. Keep on watch!
Above $20 Plays:
CHD: Has already broke both of our profit targets, however for those holding for a continued ride higher, make sure to have a trailing stop in place. As we've discussed, utilizing either the 20ma or 50ma as a stop could be good.
HCP: Broke our initial target, the 20ma. Also broke that key $35 resistance. For those who exited, great job! For those still in, it's time to kick in a trailing stop. 3%, for example, could work well.
KHC: Broke our initial target, the 20ma. For a continued push higher we'd want to see this one re-break and close above $75.
Good to see that we've started to close out some of our plays (FTR, CHD, KHC, HCP). Little by little we'll be adding new plays to the list along with BBEP, LSG, and FCEL. Looking to add another below $20 and one or two above $20 plays in the next week. Market will most likely slow down a bit the remainder of this week since we do have Thanksgiving on Thursday. Any questions, let me know!