September 7th, 2016 Watch-list
Evening traders! Another small green day for the market with the DJIA closing up 46.16 points. We were able to break back above the 20sma and close above it. There is potential for this small daily rally to continue up towards the recent all time high. With that said, we are still looking bearish on the longer term weekly chart. Chart below with key support and resistance labeled. Also, back to video watch-lists tomorrow!
Current Gold Plays on Watch:
GDX/EGO/RIC: We saw all 3 of our Gold plays continue to push higher today with GDX breaking both of our profit targets, EGO also breaking both of our targets, and RIC (for those who may have entered on the daily buy alone) also hitting both of our profit targets! For those who played 1 of these three and locked in profit, great job! For anyone still in, it's time to take some additional protective measures to reduce risk. If still in GDX, look to kick in a 3% trailing stop. If still in EGO, look to kick in a 3%-5% trailing stop. If still in RIC, look to kick in a 3%-5% trailing stop as well in my opinion. Overall pretty solid trades, despite them taking longer than expected to provide reversals!
Current Below $20 Plays On Watch:
TRQ: We're seeing TRQ still hold above that 20sma, which is good, but it did produce a red day today with it closing down 1.27%. The goal is to see this one continue to hold above that 20sma and begin to see the momentum shift back topside. For all in, chart below with key support and resistance labeled!
Student Request Reviews:
DGAZ: We saw DGAZ continue to trend topside today with it closing up 7.34%. We were also able to break the initial recommended profit target we had discussed of roughly $6.90-$6.95. Next key break for those that are in is the 20sma. Look to take profit on the way up if still in! Kicking in a trailing stop of 5%-7% at this point would be smart as well in my opinion!
XCO: Not much new from what we discussed yesterday. Daily indicators still giving a buy signal. We were able to go up and set that higher high on the 15 minute chart at $1.08. Let's see if we can settle in this $1.03 level and set a 15 minute higher low as well! We've already set one higher low on the shorter time frame. 15 minute and daily chart below for review.
New Student Request Play:
CBB: Potential support reversal play setting up on this one. We've seen it bounce off this level before (back in June). Its been consolidating in a tight range between $4.10 and $4.30 for the past week roughly. A topside break could send this one up towards the $4.50-$4.60 range. We've seen the daily indicators a little choppy lately, so if I was looking to enter this reversal play, I'd look for the price to be within the labeled buy range, a 3/4 daily buy signal to be given, and also a 15 minute buy signal as well (see 15 Minute Technique video if unfamiliar with this). A good initial target, in my opinion, is $4.55. If we can break the 20sma and 50sma, there isn't much resistance until the $4.85 level. Chart below.