Overall we are seeing some weakness in the market right now. Something that we're seeing is a lot of the sector/stocks have rejected the 21 period moving average, which tells me that there's a somewhat good chance that we might go test the lows that were created 2 weeks ago. This stock KB HOME INC is an example of a stock that has rejected that 21 period moving average shown by the green line on the chart! If the market continues to show overall weakness this week, then this is a high probability setup to move lower and that's what we're banking on here.
Really the only sector that looks strong to us right now is the Semiconductor/Technology Sector. Stocks like NVDA, AMAT, ON, MU, etc. held up the market today from being even worse. Good luck to you all!
Kommentar
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This trade is looking like it might end up being a nice one here with the overall market continuing to show weakness. The key is to stay patient throughout the day and stick to your plan so that you do not get whipsawed out of the trade.
Trade wurde manuell geschlossen
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We locked in our gains on this trade at $29.29. Check out our new trade idea of the week for this week!
Woohoo!!!! You killed this one! I hope you stayed in.
StrengthTrading
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@mrshy2u, Yes we are still in this one. We took out half of our position to lock in some gains, but still in this with the other half. After today's move in the overall market we are seeing the market continue higher so we will be paying close attention to this one in case we have to exit fast on monday.