I wouldn’t be surprised to see a dead cat in the dollar during the first part of the week. I have a lot of good looking charts going into the week both long & short.
LONGS:
CELG – Ascending triangle with gap resistance at $75.98. There is a small gap above with a secondary target of $80.42.
FOSL – Testing gap resistance of $93.60. A move over resistance with above average volume will start the next leg higher.
NFLX – Putting in a good looking technical base. If we can clear the descending trend line and volume by price resistance the next resistance is the gap fill. Ultimate target of the higher gap fill.
FFIV – Another technical base. Clearing $105 on above average volume would keep me interested.
CHK – Major volume by price resistance at $20.85ish. Watch volume for institutional accumulation.
EL – A move over $62.00 will clear us out of this current base and should fill the gap.
DECK – Recently had a major technical trend change after we cleared this descending trend line. A higher low was put in last week. I’m looking for a continuation move higher.
RGR – My first entry is clearing the smaller ascending triangle pattern and adding after clearing $50.90 with above average volume. Looking for an ultimate target of $58.00.
SHORTS:
ED – A close below the 200ema on the daily chart with almost 200% daily average volume. I am watching this one for a move lower.
HSY – Open gaps below. Hoping for a small bounce this week because I think it’s a safe short anywhere below the 20ema on the daily chart.
CERN – The last three daily candles look like consolidation of a small bear flag. The measured move brings us to a volume by price vacuum (The higher red horizontal line). Open gap at $63.21.
NKE – Failed this rising trend line on above average volume.
ORLY – Descending triangle with support at $75.61. Open gap below.
Trade safe,
@AffluenzaVirus
