Good Morning All,
Today I will be seeking additional setups for the Portfolio. Also, I have an update to the position taken yesterday, NVTA at the bottom of the post. Don’t have time for all of the charts and setups on my watchlist (there are some other good ones), but here are a couple setups I’m looking at:
SQ - This morning there was an upgrade, and the reaction was positive.
Here is the weekly:
If a position is taken, I will likely consider the rising 10-wk MA as a stop.
Here is the daily:
The rising 10 & 20 Day EMA’s have been working as support. I may take a half position, and add on successful consolidation —> bounce off one of these key MA’s.
NFLX - A long time favorite of mine, which has been very rewarding
Here is the weekly:
A nice multi-year consolidation, or in the Wyckoff world “Reaccumulation”. Price is now breaking out above the buying climax of June ‘18. Note the PnF objectives above.
Here is the daily:
This is zoomed in to the local action, showing another mini-Reaccumulation. Note price wicked off the long term trend channel on Monday, and Tuesday had follow through above the mini-Reaccumulation Buying Climax from April 16.
Update on NVTA Position:
Yesterday a half position was taken, at 5%. This will likely be added to on successful continuation. Things I am looking at on the daily chart:
Price is somewhat stretched above the 10 & 20 Day EMAs, which is somewhat typical on breakouts. Price may need some time to rest, consolidate above the area noted on the chart, and perhaps show a good bounce off one of these key MAs for the remaining position to be taken.
UPDATE TO STOP: This is a minor update to the stop position noted yesterday, $26.69. Looking at the daily chart, there is some recent price history in last week’s Tuesday candle, with some price demand at $25.87. This is shown on the daily chart above. To avoid a potential early shakeout, with demand just below, I’m adjusting the stop to weekly close < $25.87 and will modify as price develops.
I hope you have a great day!