Another choppy week last week left us battered but not broken. The Middle East is still very much a factor in my opinion so I think the week ahead will give us more of the same. I'll be watching closely and setting tight stops on all my positions; most especially those in the oil & gas sectors ($GLBL $PDS $KEG). I found quite a few stocks that are setting up nicely for long positions and am still watching a couple from the short side. I'll wait for the market and price action to tell me when to enter from either side. Here are just a few of the setups that I'm watching going into the new trading week...
$PKT This one's ready right here, right now. MA crossover, move up on good volume, MACD/RSI curling up. Will be stalking any break here. 200MA on weekly at 11.13. Next resistance 16, then 24.
Also in this sector: $ALLT $RVBD $RDCM $TIBX
$ATSG Move up on good volume; MACD/RSI curling up; MA Crossover. Long over 8.50.
$BMY This sector (Pharma) can be scary so I don't trade the stocks within it, but this setup looks good. Move on good volume: MA Crossover: MACD/RSI curling. Top of Jan gap at 26.50. Clears resistance at 26.75 then 28.
$DPZ Move up on volume; MACD/RSI curling up; MA Crossover. Resistance at 20 then blue sky 'til 35. Long over 17.60. And who among us doesn't LOVE pizza!
$SCOR Move on volume; MACD/RSI curling up; MA Crossover. On the radar. Long over 29.13. Next stop, 33.
$LCRY On the radar for long over 15. MACD/RSI, volume need to confirm. Weekly says higher. Resistance 16.35. Then 23.
$SCSS Close above LT resistance on 1.5x avg. volume. Long above 12.10. MACD/RSI rising. Nearby resistance; 17.50, then 24. Weekly says go.
These are just some of the possibilities for the week ahead. Will be watching the futures this evening and before market open tomorrow. Good luck all. Trade them well!
Positions as of EOD Friday:
Long: $COV cost basis 52.01; $CSU 9.25; $FVE 7.25; $GLBL 8.88; $HMA 10.07; $PDS 12.07 $KEG 15.61; $SSN 4.02; $ICO 10.28 (partial; won't add).
Kudos to chessAndwine and FibLine, two of the best/smartest traders on the stream, for calling out $ICO and $COV.
Cash: 62%
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