Tickers Discussed: AAPL, NTNX, LEVI, CHRW, FB, PANW RCKT
These stock market swing trade ideas are either immediately actionable or near actionable set ups with triggers near by. For each trade idea, I give you levels to alarm for entry, potential targets, and other key information to glean from the charts.
What are “Objective, Low – Risk ” Trade locations?
Central to my trading process is finding objective, low-risk trading locations. In essence, I want to find trade locations where there is a clean price level to shoot against and where a violation of that line clearly shows me when I am wrong. The low-risk part of the equation is to take a trade close enough to the price level that the reward is at least 3x the risk. Typically this means shorting into resistance, going long at support, going long a breakout, going short on a breakdown etc.
I’ve set these up in a fast read format so targets and strategies have been left to you. If you have a question or need additional input for any of these ideas, please reach out; glad to help.
Lastly, please double check the earnings date date prior to taking any position. Depending on your process you may or may not want to hold through earnings.
Software name Nutanix has a cup n handle formation within a rising triangle pressing against $37. A break above opens the door to a move higher. The cup n handle measured move target is $45. Alarm $37 for a breakout to get long. Place your stop just below.
Price filled the big gap from $230. If you were long from lower levels, I’d either close the trade or derisk it by moving your strikes higher. For others, alarm $250 for a potential breakout to new highs.
CH Robinson ( Truck Broker ) dropped below key support at $74, then back tested that level and has since fallen away and has found tentative support at $72. A break below present levels sends it way down. Alarm just below $72 to get short.
Rocket Pharma has made an epic run from $11 to the low $20’s and is consolidating in a $5 range. You can visualize the move as either a big bull flag or simply a $5 wide consolidation range, but either way, a break above $25.50 sends the name significantly higher. Alarm $25.25 -$25.50 for a breakout. Go ahead and alarm $20.50 in case it all falls apart. The options are not very liquid so definitely use limit orders. If you have the capital, common stock might be the way to go.
A move above $20.50 will get this broken IPO back on the “right side” of the chart. With a break above I can see a move to $22.50 where a big volume / price resistance level bar resides. That’s a 10% move and worth an alarm.
Facebook made a nice impulsive move off of $207 support and has made its way back inside a big $10 OH gap. Traders can get long against either the uptrend line or $213 for an opportunity to fill the gap all the way to $223.
They flushed price on Friday after a pre-market pop following earnings Thursday night. Price currently resides near dual support from both the uptrend line and lateral support at $128. Traders can use $128 as a bull / bear toggle level. I’d expect a test at $128 on Monday. If it holds it will be a great long entry location and worth a long try with a tight stop. A break below $128 sends it lower and you can flip short with a stop just above $128. Hard to guess which way it will go. Could see followup selling after the massive bearish engulfing candle or get a nice bounce off $128. Let price lead the way.
$AAPL 60 min
Monday afternoon, Apple announced that it will likely miss guidance on suppressed iPhone demand in China and constrained iPhone supply due to the Corona virus. Who knows how the market will react to that news, but the trading levels are pretty clear and well defined. To my eye, as long as price holds the uptrend line the chart remains bullish. A break below $323 however opens the door to lower prices as shown on the chart. My guess is that they’ll be a gap down that will hold a particular level where traders will need to be aware of a move to close the gap above or send it lower with a break of support. Might be tricky but the levels are clear. Trade level to level.
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