November 22, 2017

Charts of Interest

Charts-of-Interest

Let’s take a look at some charts I am watching going into the next week. Deckers Outdoor (DECK): One of our more favorite trades as it had clear levels to trade against.  I noted on Stock Twits (WSConsensus) that DECK could now be approaching initial resistance around $35 and would expect a pause to refresh and that quick traders could take some off to look to re-enter.  Now the 20 Day SMA (green line) should be support and if you did lose some you could look to add.  This one is a potential Long Term trade but we always take…

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Charts of Interest

Charts-of-Interest

Let’s recap a few charts we are watching. First is the McClellan.  We highlighted that the McClellan reached Stage 1( below -80) levels on a closing basis and also posted an intraday chart showing we almost reached Stage 2 (-100).  Friday’s rally has already taken us out of Oversold levels but often with strong moves like this we see divergence on the indicator before a more substantial bottom is set. TSLA – Could be taking out a long term down trend line.  TSLA is often noted as a electric car manufacturer but TSLA has also started providing their components to…

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McClellan Oscillator

The McClellan Oscillator is starting to reach the -80 level which has proved to be an oversold level in the past where the market (SPX) has reacted.  The -80 level does not necessarily represent extremely oversold levels though and that might more be marked by the -100.  While I may not use the McClellan as a direct trigger for entering or exiting a trade, I feel as though these key levels must be noted and I use them with confluence in other indicators.  Considering we have the potential to set-up positive divergence on many intraday SPY charts, a close below…

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Deckers Outdoor (DECK)

A far cry from the $100+ price DECK use to garner we now have a stock that could be putting in a trade-able bottom against the lows from 10/31/12 at $28.53.  DECK could look to ultimately target previous support and resistance levels near $40 which means there is a potential $2 down for $10 up risk reward profile.

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Priceline (PCLN)

After gapping up nearly $70 on November 2nd following an earnings report where PCLN beat analyst revenue and earnings estimates, the stock has consolidated on lower volume providing a potential long trade.  The 60 minute MACD is potentially recycling so PCLN should start showing signs of rebirth if this recent pause is truly meant to only be one that refreshes.  Targets could extend near the $700 level so traders could wait for a clear break to get in or consider positions near support with tight stops.

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