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Breakouttrade

Can Gold complete the breakout with a new leg high? Hi, and welcome to Tuesday's update. Today's focus is on Gold as price continues to trade with inside bars after last Friday's 3% jump. US employment data fueled the rally, and this data sent the USD packing. We're looking for Friday's breakout to complete, but we need to see buyers come back into the market with another firm move higher to show us that Friday's price action is set to continue. Last Friday's close has so far done what required breaking to levels of resistance after re-holding 1626 support. We don't want to see a new close back below 1650, as this could be a sign that buyer momentum was only short-term. We would like to see a new break above 1681.50 or a new higher low above 1665 to continue the idea buyers remain in control. We still feel the USD will play a key role in whether this move continues or not. Keep an eye on this week's US CPI data, which will be released Friday morning at 12:30 am AEDT. Have a great Tuesday and good trading.
EIGHTCAP:XAUUSDLong
by Eightcap
DKS Breakout Long TradeDicks Sporting Goods (DKS) is breaking out from a textbook cup with handle pattern. After nearly doubling in price between May and August, the stock stalled and formed a small pivot at the $115 resistance level. Relative strength has been climbing for several months - a sign that Dicks has been leading the surge higher and outperforming the rest of the market. Even in the late August market selloff, DKS held its ground and posted higher RS readings. I’m looking for a continuation of the breakout that began on Friday.
NYSE:DKSLong
by rossgivens
1
Breakout Trade in CSIQCSIQ is a market leader in today’s #1 sector - solar energy. Shares soared over 60% between July and August as solar stocks came front and center as a leading theme in the market recovery. The 200-day moving average has begun sloping upward, putting CSIQ at the beginning of a new Stage 2 uptrend (see my previous post on the 4 Stages of the Stock Cycle). The pink dots on the relative strength line on top of the chart signal new RS highs being made by CSIQ. In other words, the stock has held up better than the general market over the last couple weeks. I’d like to see Tuesday’s action stay inside of Friday’s range to post a true inside day. If that happens, I will look to buy on a breakout above the Friday candle at 46.25.
NASDAQ:CSIQLong
by rossgivens
Where I'm Buying CPRXCatalyst Pharma (CPRX) is an absolute monster. Not only is the company posting huge sales and earnings growth in a sector that rarely has either, the stock has more than doubled over the last few months. There are 801 stocks in the biotech group tracked by Investors Business Daily, and CPRX ranks at the very top (see image in chart). After such a large advance higher, we must remain cautious to the possibility of a retracement. So we need to see signs of additional strength to trigger an entry. I’m watching for a move above last week’s high for my buy signal. This way, I can place a stop below last week’s low and still get away with a risk of 8% or less on the trade.
NASDAQ:CPRXLong
by rossgivens
NBIX Breakout TradeNBIX is in the biotech sector which I have been highlighting for several months as one of the strongest areas in the market. After emerging from a textbook breakout pattern in early August, shares have consolidated in a tight handle formation. If you look at the relative strength line at the top of the chart, you will notice three pink dots over the last several days. These show the RS line making new highs. Although the stock drifted sideways, the rest of the market has been in an ugly correction, so NBIX is actually holding up better than most other names. I'm looking for a breakout on volume above its down sloping trendline.
NASDAQ:NBIXLong
by rossgivens
OTTR - Cup with Handle BreakoutOTTR just completed a 7-month cup with handle pattern, triggering a buy at the $70 mark. The fundamentals are incredible for this company. Sales are growing at 40% per quarter and earnings are up by triple digits. It meets all 9 of William O'Neil's CANSLIM scan criteria, and even has bullish 2023 estimates from analysts. There is a risk, however. First and foremost, the company is scheduled to report earnings today (8/1/22) after the close. Traders will have to decide whether to try their luck pre-earnings or wait until after the numbers come out.
NASDAQ:OTTRLong
by rossgivens
EURCAD I SHORT or LONG? Here's Your Plan!Welcome back! Here's an analysis of this pair! **EURCAD - Listen to video! We recommend that you keep this pair on your watchlist and enter when the entry criteria of your strategy is met. Please support this idea with a LIKE and COMMENT if you find it useful and Click "Follow" on our profile if you'd like these trade ideas delivered straight to your email in the future. Thanks for your continued support! Brian & Kenya Horton, BK Forex Academy
by BKTradingAcademy
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