[INTRA-DAY ACTION]
Premarket banter
Couple of interesting charts catching my eye today. These charts are pretty big, but I think they're worth checking out in full view.
XEL at important support and resistance levels today after a major bull flag in yesterdays trading. Quite a lot of buying going on here so this is a potential breakout trade. Really will have to keep an eye on the health of the market and sector to see if this will pull through or not. I would be hesitant to short it here just now.
I really like the NWL chart here. Everything about it shows strength to me just now and I would like to see this hit $7.50 before retracing to $7.00 for an entry long. Lots of volume, great MACD, moving average support at all levels and a series of bullish technical patterns en route.
Lots of bull flagging lately on AA on immense volume and a nice break of a long term downtrend (see daily). Needs to crack $7.70 to catch my eye long, and I would consider an entry at around $7.00 if I could get it. Bullish.
Another brilliant chart on UNP. There is a lot going on here. First off this bounce into the resistance line at $42 is part of a bear wedge and volume has generally been declining. However the rectangles over the past day have been nice and tradable and offer a good platform (along with Moving averages and nice MACD) for a run to $44. My plan here would be to enter either at $41 on a pullback off the overhead, or a retest of $42 after a breakout.
The DIA trade is similar to UNP. You can see a similar rectangle here with support at $76. This within the support resistance range of 77-78 so keep an eye out for those 3 prices here today.
Not much happening here in EWT except the most tradable chart of all time. Not looking for a trade here today just think the progression out of a down trend and into these consolidation bands is something all traders should look out for when trying to establish whether a stock is really ready to reverse.
Premarket the futures are mostly consolidating, would like to see oil either drop $53 or beat $54 today.
Charts and intra-day news etc to follow..
Update 15:00 GMT
Very indecisive opening today. Lots of stocks gapping down to support levels and then moving on to resistance. UNP was a perfect example, as it gapped down, shot up to a resistance level with a double top at a bear wedge resistance zone. I traded this long on a pullback with an entry at $41.21 and same candle exit at $41.61. Should have held as it's now at $41.80, same problem as ever. This trade worked from the second I entered it which was satisfying.
Anyway I'm out of day trades for the week so I'm switching to paper for the rest of the week.
Update closing bell:
Was bearish most of today on paper, shorting on size in a series of nice scalps in futures and equities. Pretty easy trading after about 6pm here.
Best trade was probably shorting the 20 year bonds (/ZB) after that eruption an hour or so before close.
Elsewhere I'm clearly still operating in scalp mode as my swing trade in UNP ended up with highs at $42.39 (sold at $41.60). Got to let the swing trades run.
Couple of interesting charts catching my eye today. These charts are pretty big, but I think they're worth checking out in full view.
XEL at important support and resistance levels today after a major bull flag in yesterdays trading. Quite a lot of buying going on here so this is a potential breakout trade. Really will have to keep an eye on the health of the market and sector to see if this will pull through or not. I would be hesitant to short it here just now.
I really like the NWL chart here. Everything about it shows strength to me just now and I would like to see this hit $7.50 before retracing to $7.00 for an entry long. Lots of volume, great MACD, moving average support at all levels and a series of bullish technical patterns en route.
Lots of bull flagging lately on AA on immense volume and a nice break of a long term downtrend (see daily). Needs to crack $7.70 to catch my eye long, and I would consider an entry at around $7.00 if I could get it. Bullish.
Another brilliant chart on UNP. There is a lot going on here. First off this bounce into the resistance line at $42 is part of a bear wedge and volume has generally been declining. However the rectangles over the past day have been nice and tradable and offer a good platform (along with Moving averages and nice MACD) for a run to $44. My plan here would be to enter either at $41 on a pullback off the overhead, or a retest of $42 after a breakout.
The DIA trade is similar to UNP. You can see a similar rectangle here with support at $76. This within the support resistance range of 77-78 so keep an eye out for those 3 prices here today.
Not much happening here in EWT except the most tradable chart of all time. Not looking for a trade here today just think the progression out of a down trend and into these consolidation bands is something all traders should look out for when trying to establish whether a stock is really ready to reverse.
Premarket the futures are mostly consolidating, would like to see oil either drop $53 or beat $54 today.
Charts and intra-day news etc to follow..
Update 15:00 GMT
Very indecisive opening today. Lots of stocks gapping down to support levels and then moving on to resistance. UNP was a perfect example, as it gapped down, shot up to a resistance level with a double top at a bear wedge resistance zone. I traded this long on a pullback with an entry at $41.21 and same candle exit at $41.61. Should have held as it's now at $41.80, same problem as ever. This trade worked from the second I entered it which was satisfying.
Anyway I'm out of day trades for the week so I'm switching to paper for the rest of the week.
Update closing bell:
Was bearish most of today on paper, shorting on size in a series of nice scalps in futures and equities. Pretty easy trading after about 6pm here.
Best trade was probably shorting the 20 year bonds (/ZB) after that eruption an hour or so before close.Elsewhere I'm clearly still operating in scalp mode as my swing trade in UNP ended up with highs at $42.39 (sold at $41.60). Got to let the swing trades run.
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