Jul 14, 2015: 12:59 PM CST
Google (GOOGL) now joins a list of “Strong Getting Stronger” stocks in breakout mode.
Yesterday I highlighted tech leader Amazon and today we study Google.
Let’s jump straight in!
Like Amazon (AMZN), Google shares formed a sideways trading range (rectangle) through most of 2015.
However, the recent – expected – bullish rally “up away from” the $540.00 level resulted in a stronger than expected bullish surge toward the target near $580 which was the prior high.
Today, shares jumped above the $580.00 prior price high (rectangle) pattern target to create a breakout opportunity.
Volume over the last three days has been strong, confirming the bullish action.
Here’s the target and structure – bullish uptrend – on the Weekly Chart: Continue Reading…
Jul 13, 2015: 11:07 AM CST
While scanning the 41 stocks in the S&P 500 that are making fresh new 52-week highs right now, I wanted to highlight one stock in particular today.
Our good friend Amazon (AMZN) broke free above another sideways rectangle pattern in an ongoing uptrend.
Let’s pinpoint the breakout – on “Amazon Prime Day” – and see the current opportunity:
A quick glance at the Daily Chart shows us three recent “Sideways Rectangle” Price Patterns in an ongoing bullish trend.
Share prices broke – on a gap – two times in 2015 with strength as buyers dominated sellers.
After both breakouts, shares traded sideways into a Rectangle Pattern consolidation.
Price tends to impulse and then stall into a sideways range… but price eventually breaks free of sideways ranges into a future impulse move.
That’s likely what we’re seeing here with another breakout to new chart highs in the stock, and it creates an aggressive pro-trend breakout buying opportunity. Continue Reading…
Jul 11, 2015: 5:49 AM CST
Are you not achieving the trading goals or financial goals you’re hoping to see with your trading performance?
During the weekend after such a volatile trading week, take a moment to sit back and watch a webinar I presented live that seeks to help you overcome some of the problem areas that may be holding you back from complete success in your trading.
The image above will take you straight to YouTube where you can view the complete webinar.
Click here as well for the text link to the “Filling Five Gaps in your Trading Webinar”
In the presentation, I cover five specific areas that can trip traders up and cause problems for traders of all levels.
We talk about balance in these areas as well as keeping a focus on the bigger picture.
We touch on psychology, indicators, and strategies along with a few other areas you might not think are “gaps.”
Also, for those who are interested in learning more, the special offer is extended throughout the holiday weekend.
I’ve bundled TWO Months of
Click here to learn more and take advantage of the special webinar-only discount.
Each day we improve as traders, and small changes add up greatly over time.
Have a wonderful holiday weekend!
Jul 9, 2015: 12:36 PM CST
Despite the broader market bounce today, Apple (AAPL) shares broke one key support level and may yet break another important level at which shares are trading now.
Let’s see these levels, starting with the Weekly Chart, and update our trade plans accordingly.
First, the weekly trend remains up/bullish yet this trend is under threat both from negative divergences at the highs (of an extended trend) and the breakdown under the rising 20 week EMA.
Keep in mind that Apple (AAPL) shares have remained trending above this level – bouncing up off of it twice – since mid-2014.
If sellers continue to pressure this stock lower, liquidating or distributing it, then it could open a downside sell pathway toward the rising 50 week EMA and price cluster near $115.00 per share.
While price recently broke under the 20 week EMA ($125.00), we’re focusing our attention on two specific levels:
The lower weekly Bollinger Band ($121.75) and this key level seen on the Daily Chart: Continue Reading…
Jul 8, 2015: 12:38 PM CST
During yesterday’s reversal rally, 17 stocks in the S&P 500 made fresh new 52-week highs in ongoing uptrends.
While I’ve highlighted some of these names in prior posts, I wanted to focus on three stocks that not only cruised to a new 52-week high, but also powered to an all-time high.
Let’s jump straight into today’s special stock scan and pull our perspective all the way back to 1980 on the monthly chart.
Our first super trending candidate is our familiar friend Disney (DIS):
These charts and the stock scan are not meant to be trading recommendations – only to highlight selected stocks in the S&P 500 index which are strongly trending higher and just achieved a new all-time high.
Disney rose steadily until the late 1990’s at which point a decade of range-style behavior bound the price between $15 and $40.
The 2012 breakout set the stage for the stronger uptrend and near-vertical ascent of price that we see today.
We typically want to trade retracements in strongly trending stocks under the logic “stocks that are strong tend to get stronger.”
Disney has appeared in may similar stock scans along the way. Continue Reading…