Rick’s Featured Trade Ideas
Today’s featured trade idea and my personal trade plan
SDLP/LONG |RBB | Bullish Engulf| Support
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SPY: High resistance $210.92 | High support near $208.50
T-Line™ Chart: Trending bullish | Candle price action week
After a rough open, the Bulls were able to put together a positive close that resulted in a bullish piercing candle closing .20%. It looks as if this will be another attempt to push through the April 20 high of $210.92. Our T-Line™ chart continues to rise suggesting that the Bulls are in control. Going forward, it will be important for the Bulls to close price above $210.92 for bullish confirmation. About $208.50 is what I see as support for any kind of pullback, which is just slightly below the 23.6 Fibonacci line.
All the best to your trading success!
Rick | Hit and Run Candlestick Team
Trading knowledge ignites successful stock trading.
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NEOT/LONG |RBB | Morning Star|
SPY: High resistance $210.92 | High support near $207.87
T-Line™ Chart: Trending bullish | Candle price action week
It would appear that the Bulls had a little trouble getting through our $210.92 resistant line yesterday and closed for the day down .19%. Yesterday’s candle opening above Friday’s candle and closing below the 50% mark of Friday’s candle is alerting us that a little back filling may be needed. Along with the $210.92 resistant line that we have been posting, we also have been posting a support line at $207.87 which has a high probability of being tested. Using our T-Line™ chart, the swing trend remains bullish while price is demonstrating a little weakness. Without a complete confirmed sell signal or a breakdown of the supporting swing trend, we will remain bullish looking for pullback opportunities (PBO’s) while taking on a couple of trades that will work with the sellers such as the TZA trade that we took yesterday with the intention of profiting on a short-term relief rally.
For about a month now we have talked about how important $207.00 is for the Bulls and the bears. Here at Hit-And-Run Candlesticks, we will be watching this line with an eagle eye.
Trading knowledge ignites successful stock trading.
All the best to your trading success!
Rick | Hit and Run Candlestick Team
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Rick’s Featured Trade Ideas
CLDX/LONG |RBB | PBO flag|
SPY: High resistance $210.92 | High support near $207.87
7:00 am: T-Line™ Chart Bullish Friday’s close ahead of the memorial day weekend closed bullish up .43% just pennies away from the April 20 high. Technology has led the way followed by healthcare and the financials hold third-place. Basic materials brings up the rear of the 11 sector indexes I follow.
The leading sector for Friday was consumer cyclical up .80% while the loser was basic materials down .63%
The T-Line™ chart continues remains bullish with the T-Line™ leading the 14-SMA and the 14-SMA leading the 34-EMA. The SPY is getting a little overbought but no price weakness showing at Friday’s close.
Trading knowledge ignites successful stock trading.
All the best to your trading success!
Rick | Hit and Run Candlestick Team
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