Bullish Engulf Price Action Above T-Line IRDM • Bullish Swing Trade above $20.45 • stop $19.80
Bullish Engulf Price Action Above T-Line
IRDM saw a little profit taking last week that pushed price down to the T-Line where price action formed a Bullish Engulf above the T-Line. The following three days price held above the Engulf’s low suggesting the bulls wants the price to move higher. Price has also started a 4-day T-Line Run. We will consider a trade above $20.45 with two swing targets about $21.95 and $22.85 with a stop of about $19.80. A breakout and follow through on IRDM would start the next leg.
Past performance is not indicative of future returns
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SPY • T-Line Run Starting
Last week the SPY painted a Hammer using the 34-EMA as a springboard. Thursday and Friday price action closed above the T-Line poised to challenge the August highs. Last week was another week that suggest we are still in a slow bullish crawl. $286.00 is now the number the buyers need to win over, a close back below the T-Line would suggest the 34-EMA or the rising trend line would get tested.
The T-Line
As long as the trend rises and price action is above the T-Line, we will remain bullish. Watch for the first few price pullbacks for a test and follow through.
****VXX – Price action fell back and closed below the T-Line last week, as long as the price is below the T-Line and 34-EMA fear will stay cold.
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Past performance is not indicative of future returns
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