Spotting This Reversal, Gaming Stock To Watch, And Other…
Gaming Company Stock Reversal Offers A Potential Win
Take a look at this example of a trade I just spotted. Finding great bargains that are overbought or oversold doesn’t have to be as hard as it may seem. Let me show you what I noticed on a chart of United Electronic Arts Inc. (EA).
Cboe Market Volatility Index (VIX), Trending Stock Report
We previously held a Cboe Market Volatility Index (VIX) call option that expired on the 22ndof this month. This option acted as cheap insurance in case market volatility increased. It’s time to buy another cheap insurance policy just in case there is a volatility increase over the summer.
Critical Signs To Tell If We Are Reversing
The attached chart shows the expected cycle high that was due last Monday/ Tuesday and thus far shows a Tuesday closing high. Only a new closing high would make me doubt the cycle. Two stocks that will act as “tells” as we start the week are META and TSLA. If these stocks rally, so will the general averages and vice versa.
Candlestick Reversal Patterns
Candlestick reversal patterns primarily apply to trending markets, though they can be meaningful near the tops and bottoms of trading ranges. It is important to note, though, that a “reversal” in the lexicon of candlesticks does not necessitate a diametric change in direction. A reversal here may suggest an abatement of momentum. “Up” may turn to “flat” and doesn’t necessarily have to turn to “down.”
RDNT: Small-Cap Health Care Standout
Yesterday, we looked at a Daily Price Chart of the VanEck Vectors Semiconductor ETF, noting that SMH has been making a series of new 52-Week Highs.
For today’s Trade of the Day e-letter we will be looking at a monthly chart for RadNet, Inc. stock symbol: RDNT.
Chart of the Day: Revisiting Advanced Micro Devices (AMD)
On May 17, we noted:
“After slipping from about $227 to a low of $141.16, Advanced Micro Devices (AMD) is starting to bounce back strong. Last trading at $162.37, we’d like to see it initially retest $180 near term. Helping, analysts at Jefferies just initiated coverage of AMD with a buy rating, with a price target of $190 a share. AMD also replaced Nvidia on the Wolfe Research Alpha List.”
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