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Watch This Technical Chart Level For Unum Group $UNM
Unum Group (NYSE:UNM) provides group and individual disability insurance and group life insurance mainly in the United States and United Kingdom. This stock topped out in early January 2018 at $58.73. Since that peak in the share price the stock has plunged to $39.31 a share. Traders and investors should note that the stock is trading below its important 50 and 200-day moving averages. This chart formation will usually signal further downside for the stock. Trader should now look at the $35.00 area for major support on the charts. This important support level is where the stock broke out in November 2016. Often, prior breakout level will serve as major support when retested. This is a level where I will be interested in trading UNM stock on the long side.
Nicholas Santiago
InTheMoneyStocks
Lam Research (LRCX) Gets Crushed After Analyst Issues Cautious View, Watch This Level
This morning, leading semiconductor equipment maker, Lam Research (NASDAQ:LRCX) is getting hammered to the downside after an analyst issued a cautious view on shipments. The stock is trading lower by $11.82 to $187.79 a share. At this point in time, LRCX stock is testing its important 50-week moving average. This moving average has been very important for LCRX stock. The last three times the 50-week moving average has been tested it has held as major support. Should this key support level fail, then traders must look down to the $174.00 area for institutional sponsorship in LRCX stock. This level was where LRCX broke out in February 2018. Some other important stocks that are declining in sympathy to LRCX today include, Applied Materials Inc (AMAT:NASDAQ), and KLA-Tencor Corp (KLAC:NASDAQ).
Nicholas Santiago
InTheMoneyStocks
The Simple Reason I Shorted The Russell 2000 Today
The small cap Russell 2000 has been making new all-time highs for the last few trading days. So what made me pull the trigger on a short today? The answer is simple, yet most traders and investors are oblivious. If you connect the high pivot from December 2016 to January 2018, the trend line extends out to the current all-time high made this morning on the $IWM (Russell 2000 ETF). Each of these high pivots has seen a pullback, each one greater than the last. Using this technical trend line and rationale, IWM is due to pull back here and even larger than the pull back in late January 2018. The downside target could be $150 or even $135 in the coming months. With the cycle date looming for later in June and lasting until mid-August, look for the top to be here with chop, then major downside between that time frame.
Bitcoin Range: See The Breakout And Breakdown Points
Cryptocurrency Bitcoin continues to chop in a triangle pattern, trading just north of $7,500. Triangle patterns are consolidation formations, signaling shrinking volatility in the near-term but promising a big move on the horizon. Just last week, Bitcoin hit the lower end of the triangle near $7,000. It held and bounced back to $7,500+. The upside of the range is just under $9,000. As long as it stays between these two levels, expect chop. However, if it breaks below $7,000, Bitcoin will head to $4,900. If it breaks above $9,000, Bitcoin will head to $20,000. This is why triangle patterns are so important watch. The resulting move from the breakout/breakdown will be epic. Note the chart below.
Gareth Soloway
InTheMoneyStocks
Jack Daniels Whiskey Maker Slides After Earnings, Here Is The Trade Level
Brown Forman Corp (NYSE:BF.B) is a leading manufacturer and distributor of alcoholic beverages under the Jack Daniel's, Finlandia and other brands. Today, the stock is falling lower by 3.88 percent to $53.70 a share. Traders should note that the shares are now trading below its important 50-day moving average. This decline below this key moving average puts the stock in a weak technical position on the charts. There are still some major support levels below that should be watched closely. First, there is the $49.00 area which is a major gap fill from December 5th, 2017. Depending on how the stock reaches that level it could be a major support area. The next major level would be around the $47.50 level which is where there was a major breakout in late November 2017. My best bet level is going to be the $47.50 area, Very often, the institutional money will defend a prior breakout level when initially retested.
Nicholas Santiago
InTheMoneyStocks
Jack Daniels Whiskey Maker Slides After Earnings, Here Is The Trade Level
Brown Forman Corp (NYSE:BF.B) is a leading manufacturer and distributor of alcoholic beverages under the Jack Daniel's, Finlandia and other brands. Today, the stock is falling lower by 3.88 percent to $53.70 a share. Traders should note that the shares are now trading below its important 50-day moving average. This decline below this key moving average puts the stock in a weak technical position on the charts. There are still some major support levels below that should be watched closely. First, there is the $49.00 area which is a major gap fill from December 5th, 2017. Depending on how the stock reaches that level it could be a major support area. The next major level would be around the $47.50 level which is where there was a major breakout in late November 2017. My best bet level is going to be the $47.50 area, Very often, the institutional money will defend a prior breakout level when initially retested.
Nicholas Santiago
InTheMoneyStocks
First Solar $FSLR Target Buy Level Revealed
Shares of First Solar (FSLR) fell again on Tuesday after China continued to fight back against U.S. tariffs. Let's not kid ourselves, the trade war has begun and it will be tit for tat going forward, ultimately hurting U.S. jobs and the economy. Having said that, expect solar stocks to remain weak in the coming days/weeks. First Solar should continue lower in the next month to a target of $48.00. Once there, expect a hardcore technical bounce back to $57.00. This is the technical level the best stock chart swing traders are eyeing for a buy.
Gareth Soloway
InTheMoneyStocks
Berkshire Hathaway Inc $BRK.B Struggling Despite Apple Inc $AAPL Strength
Recently, everyone on Wall Street has been raving about Apple Inc (AAPL) possibly being the first $1 trillion dollar company in the stock market. Today, AAPL stock is trading higher by $1.24 to $193.07 a share. This is a new all time high stock price for the tech giant and many are expecting even more upside near term.
Several weeks ago, it was reported that Warren Buffet's company Berkshire Hathaway (BRK.B) added 75 million shares to his Apple Inc position. He now owns 239.57 million share of AAPL stock. The market went crazy on the back of this news, but since that time BRK.B stock has been slumping. In fact, BRK.B stock is now trading below its important 200 and 50-day moving averages. This chart formation puts the stock in a weak technical position. Traders and investors must now watch for major support on BRK.B around the $184.00 level. This price area is where the stock broke out in late November 2017. Traders should expect the stock to be defended again at this major support level when retested. Until this level is reached it is likely that BRK.B will struggle in the near term.
Nicholas Santiago
InTheMoneyStocks
Technical Top Signal: Advanced Micro Devices $AMD Short
Shares of Advanced Micro Devices (AMD) is signaling a strong short on the daily chart with a reversal and topping tail today. The stock is up over 50% since April 2018. This is extreme overbought territory but the topping tail is the key. Look for a drop in the stock back to $12.50 in the coming weeks.
Gareth Soloway
InTheMoneyStocks
Palo Alto Networks $PANW Drops Sharply, Watch This Level
This morning, leading network security company, Palo Alto Networks (PANW), is trading sharply lower after reporting earnings. Earlier, the stock staged a gap higher open before reversing to the downside with heavy volume. At this point, the stock is forming a strong outside day. This formation is also known as a bearish engulfing pattern on the charts. Traders and investors must expect further decline in the near term. The next important daily chart support level for PANW stock will be around the $192.00 area. This is where the stock broke out in early May to new all time highs. Very often, stock will retest their prior breakout area before being defended by the institutional money.
Nicholas Santiago
InTheMoneyStocks
Deutsche Bank $DB: Major Black Swan Event, Ignored By Media
Shares of Deutsche Bank (DB) collapsed sharply lower today, now down almost 50% in 2018 alone. The financial media is nowhere to be seen on this mega story. The derivatives book on Deutsche Bank would make even the strongest stomached investor squirm. North Korea? A trade war? None of these come close to the financial impact of Deutsche Bank pulling a Lehman Brothers collapse on the economy and financial system. This is a friendly heads up to investors. Deutsche Bank just broke a major double bottom support level and is in mega collapse territory. If it does not recover in a day or two, expect financial panic to sweep over Europe and the United States. Banks like JPMorgan Chase (JPM) with exposure would see a 10% or more drop in just days.
Gareth Soloway
InTheMoneyStocks
Box Inc $BOX Gets Crushed, Watch This Trade Level
Box Inc (NYSE:BOX) is a leading cloud based storage provider that came public in February 2015. Last night, the company reported earnings that are not being well received by the street. Today, the stock is trading lower by more than 10.0 percent to $24.82 a share. Traders should note that the stock was forming a bullish base before the earnings announcement, that pattern could be broken today. A failure of the pattern should indicate further downside for the stock in the near term. The next important daily chart support level for BOX will be around the $22.50 area. This is where the stock broke out in late April 2018. This trade level should be solid support when initially retested.
Nicholas Santiago
InTheMoneyStocks
Massive Double Top Signals Strong Short On Micron Technology (MU)
Shares of Micron Technology (MU) are hammering into a daily double top after rallying 35% in just weeks. This is partial fake financial engineering due to a massive share buyback but also because of a piker cult following of the stock that drives it higher as small investors chase in the upper ranges. Ultimately, the charts tell the truth and the truth is a double top after a massive move like this has a 80% chance of falling hard. In addition, after posting a short on the stock on Twitter, many average or sup-par average investors told me I am crazy. That is exactly what you want to see to know you are correct on the analysis.
Gareth Soloway
InTheMoneyStocks
Michael Kors $KORS Tanks After Earnings, Know This Level
This morning, leading luxury retailer Michael Kors Holdings Ltd. (NYSE:KORS) is plunging lower by more than 12.0 percent to $59.51 a share. The company's cautious outlook disappointed the street and seems to be the catalyst for the decline. The next key support area for the stock will be around the 200-day moving average which is currently at $57.83. Unfortunately, the larger chart pattern is signaling more of a decline in KORS stock price. The next major support level on the weekly chart indicates the $50.00 area. This is where the chart has a convergence of important weekly chart moving averages and a major gap window from late October 2017. Traders should keep KORS on the radar around this level for a long side trade.
Nicholas Santiago
InTheMoneyStocks
JPMorgan Chase $JPM Nearing Major Support
Shares of JPMorgan Chase (JPM) are hammering on major support at $105.00. Not only is this a former pivot low multiple times in the last six months but it is also the daily 200 moving average. JPMorgan is a buy as long as it holds $105.00. If it breaks $105, there is significant downside, so exit immediately. Next stop would be $94.00.
Gareth Soloway
InTheMoneyStocks
There Is A Bidding War For FOXA, So Where Is The Buy Level For Disney Stock?
There is now a bidding war for Twenty-First Century Fox (NASDAQ:FOXA). The two companies that are looking to take over the media firm are Walt Disney Co (NYSE:DIS) and Comcast Corporation (NASDAQ:CMCSA). Earlier today, reports were released that Disney is preparing to increase its bid for FOXA to counter the Comcast offer. As a technical trader, we don’t really care what a company pays for another company, we just care about the chart. At this time, the chart is setting up for further downside in Disney shares. Currently, DIS stock is trading around $100.65 a share. Unfortunately, the pattern on the chart is saying that this stock could drop as low as $90.00 a share before becoming a buying opportunity. Now please understand, anything can happen when a company is fighting to take over another business, but this chart signals a strong buying opportunity around the $90.00 level for Disney stock.
Nicholas Santiago
InTheMoneyStocks
This Chart Says Applied Materials $AMAT Headed to $35.00
Shares of Applied Materials, Inc. (AMAT) recently fell sharply on earnings. While some investors and TV talking heads viewed this as a buying opportunity, smart technical traders are sounding the alert. There is a major head and shoulder pattern formation that may signal a collapse from the current $50.00+ price point, to $37.50. A head and shoulder pattern is a bearish formation. When the neck-line breaks, the pattern is triggered. Per calculations, the $37.50 is target.
Gareth Soloway
InTheMoneyStocks
CIT Group Inc $CIT Slides, Watch This Trade Level
CIT Group Inc (NYSE:CIT) is a leading provider of financing, leasing and advisory services to middle market companies in a range of industries in North America. Today, the stock is falling lower by $2.42 to $52.82 a share. This decline breaks the recent uptrend in CIT stock. Very often, sharp declines like this will lead to further downside in the near term. Traders should note that the stock has support around the 200-day moving average which is currently around the $50.00 area. Unfortunately, CIT stock trades less than a million shares a day on average, this tells me that we have to compensate for overshoot and look lower. The next major support level for CIT would be around the $48.00 area. This level is where the stock broke out in November 2017 and should be solid support when retested.
Nicholas Santiago
InTheMoneyStocks
Major Swing Trade Buy Target On Hewlett Packard Enterprise Co $HPE
Shares of Hewlett Packard Enterprise Co (HPE) are falling sharply after reporting earnings. The stock is down over 10%, trading near $15.50. As it declines, some investors who were long are selling with panic, other investors are buying thinking it's a great discount. However, the smart big boys and girls are waiting patiently for Hewlett Packard Enterprise to tag the $15.00 level, a key pivot on the stock chart and a major buy level. Once hit, Hewlett Packard Enterprise will see a solid bounce for a swing trade long.
Gareth Soloway
InTheMoneyStocks
Hewlett Packard Enterprise Co $HPE Slammed After Earnings, Here's The Trade
Earlier today, Hewlett Packard Enterprise Co (NYSE:HPE) reported earnings. The stock is declining lower by $1.76 to $15.63 a share. At this time, HPE stock is holding above its 200-day moving average. A daily chart close below this key moving average would signal another move down in the stock. The next key support level for HPE stock will be around the $14.40 area. This level is where the stock broke out in late November 2017. Often, prior breakout levels will serve as major support when initially retested. I will be looking to play HPE on the long side around this major level.
Nicholas Santiago
InTheMoneyStocks
On Watch: SOHU.com $SOHU Nearing Key Breakout Level
Shares of China company SOHU.com (SOHU) are consolidating in a bullish manner just underneath a major breakout level. Should the stock trade through the $38.00 breakout point, SOHU will likely surge as high as $44.00-$45.00. The backing off of trade war fears means Chinese ADR's are back in play for big money hedge funds. Just an added positive. Watch for the breakout and enjoy the swing trade.
Gareth Soloway
InTheMoneyStocks
If This Level Breaks, 10 Year Yields Spike to 3.50%, Then 4.05%
10 year bond yields are hammering on the 3.10% level. This was the pivot high from 2013 and current resistance. However, should the 10 year yield break over 3.10%, there is no resistance until 3.50%, then 4.05%. While to average investors it may mean little, to smart traders this is huge. The stock market could literally lose 25% of its value if rates spike to 4.05% as big money runs for yields versus the risk of stocks. In addition, U.S. debt payments will spike, likely causing an S&P warning and possible default. The Federal Reserve has put us in a corner where easy/cheap money is the only way to survive. This is a major catastrophe waiting to happen. In my opinion it is not IF rates jump to 3.50 and 4.05%, it is when?...
Gareth Soloway
InTheMoneyStocks
Dycom Industries Inc $DY is Crushed After Earnings, Watch This Level
Dycom Industries Inc (NYSE:DY) is a leading provider of engineering, construction, and installation services to telecommunication providers. Earlier today, the company reported earnings that are not being well received by the street. The stock is trading lower by over 17.0 percent to $95.46 a share. Traders and investors should note that the stock is now trading sharply below its important 200-day moving average, this is a very bearish indication. The next important support area for the stock will be around the $90.00 level. This is where the stocks has a major gap window from November 17, 2017. Often, major past gap windows should serve as solid support when initially filled in the chart.
Nicholas Santiago
InTheMoneyStocks
Bitcoin Consolidation Signals This Major Move Coming
Bitcoin is in a major consolidation phase marked by the converging channel in the chart below. While there are plenty of bulls calling for 25,000 on Bitcoin by the end of the year, the honest answer is true chart technicians do not know if Bitcoin will breakout or breakdown just yet. Ultimately, crypto-currency investors need to wait for either a break above the consolidation trend line highs or lows. If it breaks out, it is likely headed to a double top at $20,000 within months. If it breaks down however, $4,000 is the target. As of now, a breakout would occur if price trades above $9,500, while a break down would occur if price trades below $7,000. Crypto traders should be simply watching this consolidation pattern and waiting patiently for the next big move.
Gareth Soloway
InTheMoneyStocks
This Pattern Signals $17.50 Target On General Electric $GE
Shares of General Electric (GE) are one of the best performing S&P stocks in the last two months. Up 22% in since April 2018 has investors cheering after the company beat earnings and put to rest any worry that they would cut the dividend. There may in fact be reason to cheer for more upside. The stock just broke the neckline of an inverse head and shoulder pattern. This is an extreme bullish signal for General Electric and has a calculated price target of $17.50 attached. While it may pause around this $15.00 level for a week or so, upside should resume quickly as the target could be achieved in June.
Gareth Soloway
InTheMoneyStocks
Emerging Markets Are Falling And They Can't Get Up
The popular iShares MSCI Emerging Markets ETF (NYSEArca:EEM) topped out on January 26, 2018 along with the major stock market indexes. The January peak for the EEM was $52.08 and since that high in the share price it has tumbled. Currently, the EEM is trading down by 0.54 cents to $46.64 a share. At this time, the EEM is holding and trading just above its important 50-week moving average. Should price close below this major moving average the next critical support area will be around the $42.75 level. This support area would be a major retrace level and spot where the equity broke out in August 2017. Often, major breakout levels will serve as major support when retested. Keep the $42.75 level on the radar for the EEM.
Nicholas Santiago
InTheMoneyStocks
Target Short Level Within Reach On Whiting Petroleum Corp $WLL
Shares of Whiting Petroleum Corp (WLL) are up over 150% since February 2018. This is due to a short squeeze based on crude oil spiking higher for most of 2018. With the bulls in full charge and the greed indicators flashing red, smart money is starting to scope out a short level. Based on the stock chart, a short can be taken at $53.00. This is a beautiful double top which provides the technical short signal to match the overbought greed indicators. Once hit, look for Whiting Petroleum to fall sharply back to $41.35.
Gareth Soloway
InTheMoneyStocks
The Trend In Mohawk Industries Is Down, Where Is The Bottom?
Mohawk Industries Inc (NYSE:MHK) is a leading flooring manufacturer that creates products for residential and commercial spaces around the world. The stock peaked out on December 4, 2017 at $286.85 a share. Since that high pivot, the stock has steadily been declining and trending lower. Today, MHK stock is trading lower by 0.47 cents to $208.41 a share. The next important support level for MHK stock will be around the psychological $200.00 level, but that may not hold very long. You see, MHK stock trades less than a million share a day on average. Very often, stocks that do not trade heavy volume or over a million shares a day are susceptible to trading below there near term technical support levels. This is called overshoot and it tells me that the $185.00 area will likely be the next spot for a major bottom in the stock.
Nicholas Santiago
InTheMoneyStocks
Master Buy Level On Vipshop Holdings Limited $VIPS Revealed
Shares of Chinese retailer Vipshop Holdings Limited (VIPS) collapsed 20% on Tuesday after the company reported earnings and issued weak guidance for the coming quarter. From December 2017 to March 2018, Vipshop Holdings had gained over 100% but had seen lots of distribution selling over the last month or two. Big money knew what was coming it appears. As a technical trader, I am expecting further selling from retail investors, driving shares of Vipshop Holdings to $8.45. The stock is currently trading just over $12.00/share. Once at $8.45, the technical chart will have filled the gap from December 2017 and become a strong bounce/buy swing trade. Technically speaking, this is the ideal entry point offering the best reward for the lowest risk.
Gareth Soloway
InTheMoneyStocks
This Airline Is Flying Under The Radar
As you all know, energy prices have been on the rise. If we have learned anything from the past, when energy costs increase the airline stocks will usually come under selling pressure. Spot crude is now trading around $71.00 a barrel and expected to climb in the near term. There are numerous problems developing in the Middle East and this is certainly one catalyst for the strong oil prices. Then there is the OPEC production cuts which are also helping to keep energy prices elevated at this time.
One airline that has been weak since mid-January is Delta Air Lines Inc (NYSE:DAL). This airline actually owns an oil refinery and benefits when oil prices are high. Essentially, Delta Air Lines (NYSE:DAL) has protection against the risk of high crack spreads. A crack spread is a term used in the oil industry for the differential between the price of crude oil and petroleum products it makes like jet fuel.
Delta Airlines stock peaked on January 16th, 2018 at $60.79 a barrel. Today, DAL stock is trading at $52.40 a share. Traders should note that DAL stock is now below its important 50-day moving average. This chart formation puts the stock in a weak technical position in the near term. The next major support area for the stock will be around the $49.00 level. This is where the stock was defended in early February 2018. Generally, the institutional crowd will step in and defend the equity when it is retested.
Nicholas Santiago
InTheMoneyStocks
The Big Short: NASDAQ 100 $QQQ Gaps Epic Resistance Retrace
The NASDAQ 100 has staged an epic rally, now within just a few percentage points of the all-time highs. Greed is brimming again with average investors buying technology stocks like they were in January. Overbought signals are flashing red and more importantly, a major gap fill has just been tagged. The level on the $QQQ (NASDAQ 100) is $171.00 and the market has kissed it like a shiny new gem. This is the level smart money has been waiting for. If you add in the greed/sentiment it makes for one of the prettiest short trades the market has offered in recent history. Smart money has locked and loaded this level. Look for technology stocks like Facebook (FB) and Amazon.com (AMZN) to take a dump in the coming weeks.
Gareth Soloway
InTheMoneyStocks
Know This Trade Level For This Leading Consumer Products Company $CLX
This morning, leading consumer products manufacturer, Clorox Co (NYSE:CLX), is declining lower by $1.88 to $118.66 a share. It should be noted that this consumer products industry group has been very weak since late December 2017. At that time, CLX stock was trading as high as $150.40 a share. It is easy to see that the trend remains down at this time for CLX and its peers. The next major support level will be around the $111.00 area. This is where the stock was defended in November 2016 and will likely be supported again when retested.
Nicholas Santiago
InTheMoneyStocks
Major Short Level On Facebook $FB Tagged
Shares of Facebook (FB) have surged from below $150 to over $185.00 in less-than six weeks. This 23% move in the stock is in response to the negatives of Cambridge Analytica being put behind them and a reflex technical bounce. However, the technical bounce has gotten far ahead of itself with greed. In addition, a major gap has just been felled at $185.05. This will trigger a pull back in the stock to a target of $168 in the near-term. As a swing trader, I look for opportunities like these. This is a high reward, low risk opportunity short trade.
Gareth Soloway
InTheMoneyStocks
This Leading Gold Mining Stock Is Crushed, Here's The Trade
Earlier today, leading gold miner, Randgold Resources Ltd (NASDAQ:GOLD), reported a 24.0 percent drop in Q1 profit. This news is sending the leading gold mining stock down by more than 7.0 percent to $76.45 a share. Traders should note that the stock is now trading below it's important 50-day moving average. This chart formation now puts the stock in a very weak technical position and indicates lower prices ahead. The next key support level for GOLD stock will be around the $71.00 level. This important support area is where the stock reversed higher back in December 2016. Often, a stock will be defended by the institutional crowd around these prior reversal levels.
Nicholas Santiago
InTheMoneyStocks
Bed Bath & Beyond $BBBY Into Major Technical Support
Shares of Bed Bath & Beyond Inc. have fallen off a cliff in the past few years. Once an $80+ stock, it now sits near $16.50, left for dead. However, smart traders are beginning to accumulate shares based on a technical double bottom support being tagged at $16.50. This is huge support and will likely see a strong bounce in the coming weeks/months. The upside target from this level could likely be $35.00. That is an over 100% move. Brick and mortar retail has been left for dead because of Amazon.com (AMZN). However, I believe it is well overdone and these companies will survive in some form or another. At current valuations, there is a ton of value to be had.
Gareth Soloway
InTheMoneyStocks
Keep This Trade Level On The Radar For Weibo $WB
Weibo Corp (NASDAQ:WB) is a leading social media platform for people to create, distribute and discover Chinese-language content. The stock is plunging lower today by 13.5 percent after reporting earnings. Traders should note that the stock is now testing its important 200-day moving average at $110.40. A daily chart close below this major moving average should indicate further downside for the stock in the near term. The next major support level for the stock will be around the $94.00 area. This is where the stock rebounded from a downtrend back in October 2017. Generally, this important area will be defended when retested. This $94.00 area is where I would look to trade WB on the long side.
Nick Santiago
InTheMoneyStocks
Watch This Trade Level For Cognizant Tech Solutions $CTSH
Cognizant Tech Solutions (NASDAQ:CTSH) is a leading provider in IT consulting, technology and outsourcing services for companies. Yesterday, the stock plunged lower after reporting earnings that disappointed the street. Today, CTSH stock is falling lower by 2.03 percent to $76.28 a share. Traders and investors should note that the break-down occurred with extremely heavy volume signaling further downside in the near term. The next major support level for CTSH stock will be around the $71.00 area. This level is where the stock broke out of a bearish base in January 2018. Often, prior breakout levels will serve as solid support when retested.
Nick Santiago
InTheMoneyStocks
Apple $AAPL Hits Upper Channel Range, Signals Strong Short Swing Trade
Shares of Apple Inc (AAPL) have soared in the past week, jumping over $25/share. This was a double whammy move. First Apple reported better-than-expected earnings, then Warren Buffet told the world he bought $75 million shares of Apple in the last quarter. While it is definitely great news for the biggest company in the world, the chart is now screaming 'overbought'. There is a great short swing trade on Apple at $187.50. The stock is tagging its upper trend channel range and will likely see a near-term pullback to $179.00 in the next week. See the chart below.
Gareth Soloway
InTheMoneyStocks
Here's The Level To Pour From The $TAP
Last week, leading beer manufacturer, Molson Coors Brewing Co (NYSE:TAP) reported earnings that were worst than expected. The stock tumbled lower by 13.0 percent on May 2nd after the announcement. Traders should note that TAP stock is now trading sharply below its important 50 and 200-day moving averages. This formation puts the stock in a weak technical position and often signals further downside near term. The next major support level for TAP stock will be around the $51.00 area. This level is where the stock broke out in October 2013. Often, when a major break-out level from the past gets tested it will serve as major chart support. This is a trade level where I will be looking to go long on TAP stock.
Nick Santiago
InTheMoneyStocks
Cardinal Health Inc $CAH Key Level For Traders Revealed
Shares of Cardinal Health Inc (CAH) are being crushed today after the company reported poor earnings and guidance. Down almost 20%, investors are fleeing the name in panic. Whenever panic hits a stock, smart traders always head to the charts to find the key buy level. In the case of Cardinal Health, there is a major multi-factor PPT buy level at $46.90. Once there, investors should expect a strong bounce higher back over $50.00.
Gareth Soloway
InTheMoneyStocks