Aug 29 Prep

I am expecting jittery market conditions to persist. Additionally, I am not seeing many compelling setups out there, so I think it’s best to remain cautious, trade less and keep all positions on a tight leash.

LONG Setups:

  • BYD – constructive pullback to 50dma, will be looking for a bounce through 12.15
  • JAZZ – remains in a well defined uptrend and had a bullish bounce off support, expecting continuation toward the highs
  • PCLN – continuing to find support above 930, if the market cooperates this one could bounce through 940 and toward 950
  • SLCA – basing nicely above 22 and key moving averages, will be looking for a move through 24
  • YELP – continues to show great relative strength, expecting a move through 53

SHORT Setups:

  • EDU – continues to form a big bearish consolidation pattern with support in the 21.50-21.60 area. Should this fail it may have a possible pullback to 20
  • GOOG – it’s oversold enough where some kind of a bounce is possible from here, but if it can’t reclaim 850, another flush to 840-845 is possible
  • MELI – continues to find support in the 120 area, should this fail next support area is around 115 and 50dma
  • OSTK – bearish consolidation under 20/50dmas, should 28.60 fail next support area is around 27.50
  • RAX – bearish consolidation under 20dma, failure to hold 43-43.50 could take it to 40-41

LO-HI Setups:

  • AXAS – 2.65
  • BSDM – 1.56
  • CADX – 5.47
  • CBLI – 1.79
  • EOX – 6.76
  • HTCH – 3.57
  • HUSA – 0.35
  • IQNT – 8.15
  • KERX – 8.71
  • KWK – 1.71
  • NTE – 7.76
  • SNSS – 5.01
  • ZN – 2.05

Noanet Trader is a 15-year trading veteran, mentor, and writer. His mission is to help traders understand the value of defense and capital protection so they can improve trade execution and achieve greater profits.

Posted in Lo-Hi Setups, Long Setups, Short Setups

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