<h4Today’s Swing Trade Idea
DATA (Technology Sector Software) DATA is forming a bullish “W” pattern that closed strong above the big 3 Friday. The 200sma and the July 1 high is the next logical target and obstacle then on to the races. Looking for about a 30% trade.
GALT (Healthcare Sector Drug Manufacturer) GALT is a chart setup that I call the “Pinball” strategy. It’s this particular strategy that personally took me from a want-to-be trader to a full-time trader. You may have heard me refer to this as my little ATM machine. GAL T has produced a bearish gap followed by residual selling and then buying. You can see the higher lows, and now price has crossed and closed over the T-Line as well as the 20-day simple moving average. With approximately 20% to our first target and then a possible 30% to the 50-day simple moving average area, GALT is a high-probability trade.
ARO (Consumer Cyclical Sector Apparel Stores) After producing a rounded bottom breakout, ARO has had profit taking while finding support at the T-Line. The 20-day simple moving average is just now crossing over the 50-day simple moving average starting the right side of the profit curve. With about 15% to the next resistance level and 50% to the 200-day simple moving average, we should all be able to find a profit.
