Wall Street Traders Report June 17th

Bank America Corp (BAC) : bullish breakout from the FLAG pattern.

Bank America Corp  (BAC)
Bank America Corp (BAC)

 

 

OvaScience (OVAS) : I posted the cup and handle breakout a few weeks ago . This shows ongoing promise with a short term resistance breakout.

OVASCIENCE  (OVAS) 17.6
OVASCIENCE (OVAS) 17.6

 

Happy Trading

Flavio

 

Wall Street Traders Report April 21st

Walt Disney Company (DIS) : Trading in a strong up-trend. Has formed an ascending triangle with horizontal resistance at $109.00. Wait for a breakout close above this level to trigger a long signal.

Walt Disney Company (DIS)
Walt Disney Company (DIS)

 

 

Pfizer (PFE) : Trading in a strong up-trend with a horizontal resistance level of $35.50. Wait for a breakout close above this level to trigger a buy signal.

Pfizer (PFE)
Pfizer (PFE)

 

 

Apple (AAPL) : Price currently supported by 50 day ema. Short term resistance at $130 which price needs to clear for long position trigger signal. A positive earnings announcement on April 27th may be the trigger for such a move.

Apple (AAPL)
Apple (AAPL)

 

 

Happy Trading

Flavio

Wall Street Traders Report Feb 26th

The Dow Jones Index nudged higher on Wednesday with a small gain of 15 points (0.08%) to close at 18,224 points. The S&P500 index which is the broader US market index made a slight loss losing 1.6 points (0.08%) closing at 2113 points.

Volatility was low with a narrow trading range for both indexes indicating a slight pause from the recent strong up moves with the charts showing the formation of small candles in yesterdays trading. The Dow Jones Index below shows the resistance breakout has continued to push upwards. The support level sits at 18,103 points.

 

Dow Jones Index
Dow Jones Index

 

 

Pfizer Inc (PFE) : Flag breakout overnight on good volume

Pfizer Inc (PFE)
Pfizer Inc (PFE)

 

 

Charter Communications (CHTR) : Breakout from ascending triangle 

Charter Communications (CHTR)
Charter Communications (CHTR)

 

 

SM Energy (SM) : Early up-trend with a bullish candle resistance breakout

SM Energy (SM)
SM Energy (SM)

 

If you have any questions on any of the charts above please feel free to contact me.

Happy Trading

Flavio

ASX Traders Report December 3rd

ASX Traders Report December 3rd

All Ords Index

The Australian sharemarket has rallied over the past two days but the short term trend is still bearish. The 20 and 50 day moving averages are trending down with the price trading well below the averages. I see resistance being met at 5350 points which is the horizontal support level of April to June which should turn from support to resistance. Last weeks rally was held up by the 20 and 50 day moving averages and it is likely that this will happen again.

Chart 1 : All Ords Index
Chart 1 : All Ords Index
Sirtex Medical (SRX)

Despite the bearish chart of the All Ords index above there are still shares in the top 300 stocks that are showing bullish technical charts. Sirtex Medical is in a very strong up-trend. A recent trading range formed with a bullish breakout candle today on above average volume. I will be looking for a slight pullback to the resistance price of $27.50 to enter with my stops placed under $27.00.

Chart 2: Sirtex Medical (SRX)
Chart 2: Sirtex Medical (SRX)

Happy Trading

Flavio

 

Traders Report November 17th

Traders Report November 17th

All Ords Index 

The Australian Sharemarket lost ground last week and retraced slightly. From a technical perspective the index reversed at the resistance level of 5520 which was established from the peaks of April May and June as seen on the chart below. The current support level sits at 5420 which was formed by the pivot low seen in August. If the index falls through this price level then we could see the index price falling all the way back down towards the support level of 5360 which formed the base of the trading range seen from April to July. Clearly for the index to push higher it will need to break through the resistance level of 5520.

All Ords Index
All Ords Index
CORPORATE TRAVEL MANAGEMENT LIMITED (CTD)

The chart shows a nice up-trend in the share price with a breakout from the pennant formation on Friday. Volume was good which indicates the breakout has momentum. Short term traders could look to enter on Monday within the boundary of Friday’s breakout candle with stops under $9.50.

Corporate Travel Management
Corporate Travel Management

Happy Trading

Flavio

 

Wall Street Traders Report May 13th

Wall Street Traders Report May 13th

It was all positive on Wall Street overnight with the Dow Jones Industrial Average hitting an intra-day all time high of 16,704 points. At the close of trading the Dow Jones had increased 0.68% (112 points) to close at 16,695 and breakout above December resistance which it had attempted to surpass over the past few months without success. Momentum could now continue to push the index forward to resume it’s up-trend so traders can look for opportunities in stocks that make up the Dow Jones Index. I was able to identify two such shares in Catepillar Inc and General Electric that show positive technical setup’s for long position trades.

Dow Jones Index May 12
Dow Jones Index May 12

 

Catepillar Inc (CAT)

Caterpillar Inc. (Caterpillar) is a manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. The stock price is in an up-trend with yesterday’s trading showing a triangle breakout. I will wait for confirmation of the breakout today and look to place an order to buy if the price can open above yesterdays low. The up-sloping trend line should offer support and seems a logical place for a stop-loss.

Caterpillar Inc (CAT)
Caterpillar Inc (CAT)

 

General Electric (GE)

General Electric Company (GE) is a diversified technology and financial services company. The products and services of the Company range from aircraft engines, power generation, water processing, and household appliances to medical imaging, business and consumer financing and industrial products.

After a sell off in January the price has steadied and risen in an orderly up-trend. Recent price activity has resulted in some consolidation with a pending up-side breakout a possibility. If this does occur then the price could continue up-wards with a target of $28.00. At this stage I will wait for the box breakout to occur before committing to any long position trade.

General Electric (GE)
General Electric (GE)

 

 

Traders Report March 13th. Silver XAGUSD

Traders Report March 13th

Silver (XAGUSD)

The price of Silver is well off it’s bull market highs of 2011 when it traded at just under $50.00. Since then the price has trended downwards to be trading at less than half of it’s all time high.

Recent short term price action has seen sideways consolidation during the months of December to February when the price traded in a range between $18.90 to $20.60. This trading range was broken on February 14th with a very bullish candlestick which cleared the resistance level of $20.60.

The price managed to reach $22.15 before retracing back towards the resistance price level of $20.60 which acted as support. A doji and inverse hammer formed at this support level which provided an early signal that this price level would hold.

The subsequent price activity has formed a bullish flag pattern. Traders can watch for a bullish breakout from the upper flag trendline to act as a trigger signal to go long. If this breakout occurs initial resistance is likely to be met at the flag high of $22.15 , with the next resistance level of $23.00 correlating with the October highs.

Any retracement is likely to be supported at $20.60 with failure of this level likely to cause further weakness and brings $19.00 back into play.

Chart Silver USD (XAGUSD)
Chart Silver USD (XAGUSD)

Happy Trading

Flavio

Australian Sharemarket Trader Report March 10th

Australian Sharemarket Trader Report March 10th
BT Investment Management Limited (BTT)

BT Investment has formed an ascending triangle with a horizontal resistance level at $6.60. Traders can watch this price level and wait for a trigger signal in the form of a bullish candle close above this resistance.

Chart 1. BT Investment Management (BTT)
Chart 1. BT Investment Management (BTT)

 

Medusa Mining (MML)

Medusa Mining had a bullish breakout from the $2.30 horizontal resistance last Monday after forming a pattern called a cup and handle. This formation is named as such for obvious reasons as the pattern forms a rounded cup and a smaller rounded bottom which forms the handle. The pattern is a bottom reversal formation .

After the resistance breakout there has been a re-test of the resistance/support level of $2.30. At this  stage I would probably sit on the sidelines based on the bearish candle on Friday and wait for a more bullish candle stick off the support level before considering an entry.

Any close below $2.30 is likely to invalidate this setup and see the share price retrace lower.

Chart 2. Medusa Mining ((MML)
Chart 2. Medusa Mining ((MML)

 

Orica (ORI)

Orica is moving sideways and forming a symmetrical triangle. Traders can watch for a breakout above the upper trendline of the triangle to trigger a buy signal. The white vertical line shows the possible target if the breakout occurs based on the height of the triangle being projected upwards from the breakout.

Chart 3. Orica (ORI)
Chart 3. Orica (ORI)

 

Happy Trading for the week ahead

Flavio

 

Australian Sharemarket Trader Report March 5th

Australian Sharemarket Trader Report March 5th
All Ordinaries Index 

The Australian share market rose today in line with the US markets overnight on easing fears of a conflict between Russia and Ukraine. The market was given another boost during the day on the data announcement from the Australian Bureau of Statistics which showed the gross domestic product rose 0.8 per cent in the December quarter. The All Ords index closed at it’s highest level in more than five and a half years rising 0.8% for the day to close out the session at 5457 points.

The chart below shows the bullish candle close above the resistance level of 5450. There was a nice bullish hammer two days ago which rejected further price declines and the technical resistance level of 5370 held up as support. This was a signal that further price rises were likely to occur in the subsequent days.

From here prices should continue to climb with buyers entering the market and short sellers closing positions based on the resistance level being cleared and being stopped out.

Chart 1. All Ords Index March 5
Chart 1. All Ords Index March 5
Stocks on the Watchlist
Central Petroluem (CTP)

Central Petroleum had a strong bullish breakout from a trading range on February 19th on heavy volume. It has since consolidated to form a pennant triangle. I have highlighted the declining volume after the breakout which indicates an ordered selloff. I expect a bullish breakout any day now and this is likely to occur on higher volume. I will have this on my watch list for such a breakout, volatility is likely to be high so this is not one for the faint hearted.

Chart 2. Central Petroluem (CTP) March 5th
Chart 2. Central Petroluem (CTP) Daily Chart March 5th

 

G8 Education (GEM)

G8 Education has had a stellar run up since it’s gap break out from long term resistance of $3.40/45 on February 10th. This upward trend was momentarily slowed with the subsequent formation of a bullish flag. Today’s breakout provides a trigger signal to go long tomorrow provided the opening price can remain above the low’s of today’s candlestick.

Chart 3. G8 Education (GEM) Daily Chart March 5th
Chart 3. G8 Education (GEM) Daily Chart March 5th

 

IProperty Group (IPP)

Iproperty Group is in a healthy uptrend and today the price was able to breakout from a bullish pennant. This is a signal that further price rises are likely with continuation of the up trend. I will look to trade this long tomorrow. I will discuss this stock setup in greater detail on the website under the following link http://letstradeshares.com/asx-charts/ .

Chart 4. IProperty Group (IPP) Daily Chart March 5th
Chart 4. IProperty Group (IPP) Daily Chart March 5th

 

If you have any specific questions on the above setups or other stocks feel free to contact me through the website.

Happy Trading

Flavio

 

Wall Street Trader Report February 26th

Wall Street Trader Report February 26th

Jabil Circuit Inc (JBL)

Jabil Circuit has an interesting chart setup with the formation of an early up trend with a series of higher highs and lows. The stock price was able to breakout from its downtrend a few weeks ago and is nearing it’s next resistance at $18.90. Prices tried to breakout above this level yesterday with a close at the resistance price.

Traders can watch this setup for a bullish candle close above $19.00 to trigger a buy signal.

This chart shows a very good example of support and resistance in action as illustrated by the S/R horizontal lines. During the down trend the pivot lows which acted as supported turned into resistance with the resultant continuation of the downtrend. This technical knowledge can be used in a similar fashion during the up trend with resistance levels now expected to act as support on any price weakness.

Chart 1. Jabil Circuit (JBL)
Chart 1. Jabil Circuit (JBL)
Pioneer Natural Resources Company (PXD)

Pioneer Resources (PXD) has formed a bullish reversal pattern called an inverse head and shoulders. This pattern is made up of a central pivot low called the head and smaller lows on either side which make up the shoulders. A bit of imagination is needed to see this pattern as it doesn’t always form perfect text book examples in real life. The pattern below has the appearance of two heads which could also be considered a double bottom.

On Monday the price broke upwards and closed above the neckline which provided our trigger signal to go long. Confirmation of this setup was provided by the bullish cross of the 20 and 50 day exponential moving averages and the reversal pattern taking place at a previous support level.

Traders can look to go long with stops placed under the neckline and a target close to the next resistance of $220.

Chart 2. Pioneer Natural Resources (PXD)
Chart 2. Pioneer Natural Resources (PXD)

Happy Trading

Flavio