Stock Ideas for Swing Trading
Thank you for subscribing to Thirdeyeopentrades! We present weekly trading ideas for swing traders with charts and brief commentary designed to help save you the precious time it takes in researching good ideas. We don’t claim to know where the stocks are going but simply speculate, based upon chart setups, where they may be likely to go. You need to do your own fundamental and technical research for each idea present and then execute based upon your own unique trading plan and style. Thirdeyeopentrades gets you started…you do all the work and assume all the risk! Thirdeyeopentrades is not a licensed or registered financial advisory service so we recommend you consult your personal advisor before executing any trade.
Into Support For A Test
A lot of thought and research takes place throughout each week and weekend in order to publish the best newsletter possible. Yesterday’s was no exception. We presented bullish and bearish thoughts on gold and those still stand. However, one chart, an important one, was left out so it’s presented here this morning.
Just suppose that gold simply wants to test a long term trend line which it has yet to do? What if that test involved a slight undercut of the last pivot low and potential price rejection?
Let’s examine a weekly chart. What we’re about to speculate will require a stop to be loosened a bit as well as waiting for a weekly close. Along with that, keep in mind that we think the U.S. Dollar is going to test out the 80 area, perhaps rise up thru it and possibly fail at that point.
A symmetrical consolidation has formed in an uptrend. Resolution usually, not necessarily, involves a continuation of that trend. Price has yet to test the rising green trend line. If the trend line were tested this week, price could reach underneath $777.70 a slight bit. That would set up the possibility of a price rejection on lighter volume. That would be a powerful reversal candidate.
Unfortunately, there isn’t a positive MACD histogram divergence present. But, there wasn’t one present for the 2006 test of support at $563.50.
Naturally, nothing is etched in stone and one must keep an open mind that a failure of support could also be on deck. We just wanted to present our thoughts that it’s possible that gold finds a bottom soon.
Thirdeyeopentrades wishes you Health, Wealth, Wisdom and Happiness!
Thirdeyeopentrades is not a registered financial advisory service and is not a broker dealer. We do not and cannot give individualized market advice. The information in the newsletter is only intended for informational and educational purposes. It should not be considered a solicitation of an offer or sale of any security. The reader assumes all risk when trading in securities and Thirdeyeopentrades advises consulting a licensed professional financial advisor before proceeding with any trade or idea presented in this newsletter. Thirdeyeopentrades may take a position and sell a position in any security mentioned in this newsletter. We share our ideas and opinions for informational and educational purposes only and expect the reader to perform due diligence before considering taking a position in any security. That includes consulting with your own licensed professional financial advisor.
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