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Even if the major indices pull in a bit here, which would be entirely reasonable in the short-term, one of the hallmarks of a bullish market is that some individual setups can continue to work as capital rotates out of extended issues into properly set up ones. With that in mind, we know that many energy stocks noticeably outperformed the tape on Monday. When that happens, I have little interest in pursuing those issues with sloppy charts, even if they are up 7% on heavy volume and all of social media is buzzing about them. In other words, I will not stray from my style simply because of a potential bottom in a technically poor chart.
Instead, I am focused on ferreting out the best of the best, in terms of securities with price action indicative of basing above all simple moving averages, already set up for a possible breakout. Noble Energy, the first chart below, is a textbook example of exactly what I am talking about. I have included other potential long swing trading ideas as well, that could follow Noble higher out of their already sound and steady-as-she-goes setups.
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mxc
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Nah, son!
LOL.
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Good song as well.