Thursday, April 30, 2015

Bears are rejoicing and bulls are getting crushed

We are seeing correction from last 4 days. Bearish market is driving all the bulls crazy. In order for the market to move 2 steps up, it has to keep a single step down and move further. We are just in that process. 

As I mentioned earlier, in my previous blog, SPY moved to 30 min support . Today it broke down from there and I am expecting market to go down to daily support in next few days to 203.85 level. So we are expecting next few days bearish probably another week. 

Considering all these possibilities I am playing long positions very cautiously closing on the same day like a typical day trader. Whatever I get in, I set up tight stop loss to be on safe side.

Today I got into IBM to go long at 171.40 as per 30 min support and stopped out at 171.20. I strictly prefer to follow my stop loss specially in this bearish market if I am trying something against it. My entry point on IBM next would be at around 165 level when it hits my yellow support line.

Energy stocks are bullish since yesterday creating entry opportunities in the mornings at the open on daily basis. GPOR hit daily support and moving up. I am expecting to move up to 54 level in next few days. GPOR has its earning on Tuesday  5th after market close. So I expect good run up before that to the my nearest target. CNX is another stock which I like very much on bullish side. But I expect for run down tomorrow after hitting 33.09. If breaks out daily resistance then should head towards 33.50 level which is 1.618 resistance as per Fib. 

Watchlist for Friday : 
  • I am watching to enter long on LEN at 45.44 level on daily support with tight stop loss.
  • SONC - Entry at 28.11 daily support with tight stop loss.

Note :
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Note : Please be noted I dont believe in charging for subscription services. All my ideas posted in here are based on my strategy and my own home work. So for however, long I can share my ideas I would be glad to do here as far as I have enough time to blog here. Please do not consider my opinions as advices for you to get into positions. Its your own risk and you should be responsible to do your home work before you take any positions. Happy trading !!

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