Sunday, June 23, 2013

Watchlist

Here are a few stocks that I will be keeping an eye on Monday. No matter what the market conditions, there is always an opportunity with momentum stocks. But respecting the overall market conditions, I will be looking only for day trades with tight stops.








Take care and good luck!

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Take care and good luck!

Monday, June 10, 2013

Two stocks to watch out for

Here are a couple of stocks I will be keeping an eye on today. Dont have time for a detailed analysis but the important levels are marked on the charts itself.



Take care and good luck!

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Take care and good luck!

The battle lines have been drawn

The battle lines have been drawn. Its the bulls vs the bears. Earlier last week, it looked as if the bears were going to wipe the floor with the bulls. Until Thursday that is. That is when the bulls fought back, defended 1597 and also, MA(50). Friday must have been the big gain day for the bulls, but make no mistake, Friday was just about enjoying the spoils of war but it was Thursday which was the important day. And on Friday, the bulls stopped tantalizingly short of the MA(20) mark at 1645, thus setting us up beautifully for this week. This week, they shall fight again. The targets will be the same as last week - MA(20) for the bulls, MA(50) for the bears.


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Take care and good luck!

Wednesday, June 5, 2013

Market thoughts

The much awaited and anticipated move back to MA(50) happened today. Nothing wrong with that. A pullback towards MA(50) is healthy in bull markets. No long term damage done to the S&P chart. On top of it, the move has occurred when the market is very much in oversold conditions, increasing the odds of an up move.



But a word of caution here. If you are long, you dont want the market to consolidate at MA(50). You want the MA(50) to act as a springboard and the markets to bounce from here. The more it tests the MA(50), the weaker the support becomes. On the upside, MA(20) and the descending trendline still remain strong resistance as pointed out earlier in the week.


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Take care and good luck!

Tuesday, June 4, 2013

Resistance ahead

Keep an eye out for the following resistance levels today.

MA(20)  1647
Trendline 1650


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Take care and good luck!

Sunday, June 2, 2013

The week ahead

Last week was a fight between the MA(20) and the descending trendline marked in the chart below. Well, after providing support for a week, the MA(20) finally gave in on Friday. You know the drill ....the support becomes resistance, so the immediate resistance is now at 1620.


The next immediate support is at 1620. But the next major support is at 1599 levels which is reinforced by MA(50). So, these are the levels to watch out for next week.

To make things more interesting, here is the chart of NYSE McClellan Oscillator.


The indicator is already at its most oversold levels of 2013!

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Take care and good luck!