[CRYSTAL BALLING - JUNE 9TH -13TH]
Friday was a day for the sellers, and while this may represent a good opportunity to get some cheap stock - but from a technical viewpoint it's a bad setup leading into Monday. Really only looking at a small handful of stocks this week, given the sell-off on Friday and that I won't be trading this week, as I'll be looking to move my capital to a new broker, and possibly a new country.
I'm also not feeling too great just now and need to rest-up for another week at college. From last week, I will continue to monitor VTG (I expect an 8% pull back this week) and EMG (another pull back to the support line mentioned last week).
The watchlist:
ReneSOLA (SOLA)
I always mention this stock because it's awesome. It's been out of favour for me this last few weeks, because a lot of traders have cottoned on to its volatility and predictability. after the huge gains at results time, it's forming a bit of a pennant/flag at the moment, and I expect it to move off the current support lines soon.
The news on Friday about oil provided a surge of short time scalpers to get involved. It more or less dropped to flat on the day as the day traders closed their positions. SOLA moves best off the 18 day ema, which has provided resistance until the breakout in March, and has so far provided support since, which has been tested twice (most recently right now!).
Entry points for SOLA, there are a few. A body breakout of the pennant or flag at 614. Off support at 572, or right now with the ema holding support. Enter with stops at 570 and short from 565 to 525. Profit target at 750.
The indicators are garbage, so working off SR and emas for this one.
Marstons (MARS)
Watching for a while after the failed expansion breakout. Yet again another bull flag forming here as it pulls back to former resistance. It held up ok on Friday, shedding just over 1% as it attempts to grind out support on a quick double bottom at 210.2.
The indicators on most the stock this week aren't very good so I can't work off them, so working on support resistance lines and patterns. The first stumbling block will come in the form of the fast line ema (blue, 25 days). It hit this and reacted badly on Friday, so my initial entry will be a break of that with stops at 199.5 and profit targets at 227 and 240.
Short on bear breaks under 194 using 194.5 as a stop.
British American Tobacco (BATS)
From 2 weeks ago, where I made a call too early.
I think the chart speaks for itself, another ascending wedge play here. Watch for moves off the trend line for entry with stops around 1835 stops at 1815.
Ferrexpo (FXPO)
On new highs and momentum only. Look for continued gains or retracement to 418 or 400. Nice chart for the bulls, expansion breakout. Wait for gains on Fridays close. Stops at 360 trailing tight once in the blue.
Poor watchlist this week, but like I say, given Fridays sell off it's probably not a good weekend for technical analysis. For investors, there are probably a few bargains to be had. Won't be trading this week either so won't be looking at the markets until the weekend I think.
I'm also not feeling too great just now and need to rest-up for another week at college. From last week, I will continue to monitor VTG (I expect an 8% pull back this week) and EMG (another pull back to the support line mentioned last week).
The watchlist:
ReneSOLA (SOLA)
I always mention this stock because it's awesome. It's been out of favour for me this last few weeks, because a lot of traders have cottoned on to its volatility and predictability. after the huge gains at results time, it's forming a bit of a pennant/flag at the moment, and I expect it to move off the current support lines soon.
The news on Friday about oil provided a surge of short time scalpers to get involved. It more or less dropped to flat on the day as the day traders closed their positions. SOLA moves best off the 18 day ema, which has provided resistance until the breakout in March, and has so far provided support since, which has been tested twice (most recently right now!).
Entry points for SOLA, there are a few. A body breakout of the pennant or flag at 614. Off support at 572, or right now with the ema holding support. Enter with stops at 570 and short from 565 to 525. Profit target at 750.
The indicators are garbage, so working off SR and emas for this one.
Marstons (MARS)
Watching for a while after the failed expansion breakout. Yet again another bull flag forming here as it pulls back to former resistance. It held up ok on Friday, shedding just over 1% as it attempts to grind out support on a quick double bottom at 210.2.
The indicators on most the stock this week aren't very good so I can't work off them, so working on support resistance lines and patterns. The first stumbling block will come in the form of the fast line ema (blue, 25 days). It hit this and reacted badly on Friday, so my initial entry will be a break of that with stops at 199.5 and profit targets at 227 and 240.
Short on bear breaks under 194 using 194.5 as a stop.
British American Tobacco (BATS)
From 2 weeks ago, where I made a call too early.
I think the chart speaks for itself, another ascending wedge play here. Watch for moves off the trend line for entry with stops around 1835 stops at 1815.Ferrexpo (FXPO)
On new highs and momentum only. Look for continued gains or retracement to 418 or 400. Nice chart for the bulls, expansion breakout. Wait for gains on Fridays close. Stops at 360 trailing tight once in the blue.
Poor watchlist this week, but like I say, given Fridays sell off it's probably not a good weekend for technical analysis. For investors, there are probably a few bargains to be had. Won't be trading this week either so won't be looking at the markets until the weekend I think.
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