Watchlist 4.29.13 | Outta Control

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About an equal number of long setups vs short setups this week. As much as I believe the market is in a topping pattern, I can’t ignore the good looking long setups. Cautious outlook moving forward. Cut your losers fast, scale out of your winners and raise stops to protect your profits.

Not all of these setups will trigger this week. Anticipate price action but always wait for confirmation.

LONGS:

FLS – Tested the long term rising trend line last week and bounced off volume support. I am looking for a test of the descending trend line this week.

 

MA – Price action is coiled up inside of this pennant. Watch for an increase in volume to break higher.

 

AFL – Weekly chart – Testing volume resistance and the top trend line of the descending channel. Price worked off overbought levels inside the ascending triangle pattern.

 

CNK – Watch for an increase in volume to confirm a break out of the ascending triangle. First resistance is $29.50.

 

UPS – Building a base under resistance. Volume signature is expanding. Watching for the breakout this week.

 

PHM – Longer term ascending triangle and testing volume resistance. Could use a pull back or sideways consolidation before the breakout, but won’t be necessary if the volume comes in.

 

COP – Another ascending trend line tested last week and volume expansion. Recaptured the moving averages.

 

SHORTS:

 

EMN – Tested and rejected the top of the channel. Lost the major moving averages on Friday. Looking for a test of the lower trend line.

 

AXLL – Head & shoulders pattern. Volume support and neckline share the price level. Earnings coming up this week.

 

AVB – Tested and rejected the top of the channel & lost the moving averages. Stochastics worked off overbought levels quickly.

 

DVN – Weekly chart – Long term descending triangle. Would like to see a bounce to be able to start a short position off a test of the descending trend line.

 

MUR – Bear flag. Consolidating on lighter volume with a measured move to $56.50ish.

 

EBAY – Another bear flag setup but EBAY has been strong stock will need increased selling volume to lose the rising trend line.

 

Don’t forget to double check your earnings dates.

Trade safe this week,
@AffluenzaVirus

One Response to “Watchlist 4.29.13 | Outta Control”

  1. Greetings! Very helpful advice within this article!
    It is the little changes that make the greatest changes.

    Thanks for sharing!

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