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A short post on a quick trade I just took. I entered it on the short side. Now maybe they (institutions) will be assessing the fundamentals on this stock and feel it is worth more than it has been at it's peaks in the past 7 years and will break it out. However the chart show's a clear level which seller's seem to be comfortable booking profit's at.
BBBY WEEKLY
A quick look at a short term trade I took yesterday in ORCL on the short side. In my experience after gap ups and when you get the formation outlined in the blue lines, its a sucker move that most always leads to a quick and abrupt correction down to the 30 or 50 day moving average in short order, which is where I will cover and go long. I am just pointing out formations that work well for me a high percentage of the time and it may seem to be counter intuitive based on recent action. None the less I am willing to stick to my high percentage set ups.
However I think ORCL will make a nice long play after the short term correction I believe is coming. I am posting two charts, daily and weekly. The weekly chart clearly shows a triple top breakout, but first they must trap the weak bulls on the daily chart with the current formation and subsequent correction before the sustained up trend truly begins.
Sorry for the condensed weekly chart, but it shows the inverted head and shoulders pattern well. The blue horizontal lines show the neck line and target, which is approximately $19.00. It bounced of the test of the neck line with some vigour and volume, which validates the pattern to me. Now I will be waiting for a buy set up to appear.
A quick observation, I thought I would point out that TEVA is breaking out to new all time highs. I did a post a few weeks back mentioning TEVA was on the cusp of a breakout to new all time highs. I believe TEVA merits close attention for possible entry.
I have been holding a core position in TEVA for a long time, so I personally sold some that I bought for a breakout and some of my long term holdings in it. I have a trading plan for TEVA that I have been following for some time and my selling is part of that plan. If the action is positive in TEVA over the next few weeks I will be adding another position in TEVA for a intermediate time frame trade.
MERRY CHRISTMAS TO EVERYONE!!
Quick chart of IAG. The chart is annotated with my analysis. I think this is a great low risk entry. A stop can be placed anywhere below the purple line (90 day). My stop will based on action in this stock and the sector and not price.
