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Target - Pullback tradeThe markets have been selling off over the past few days, leaving most of the sectors in the S&P 500 in the red. A stock that caught my eye today was Target. The discount store's stock prices have been trading near it's 21 day exponential moving average only dipping beneath it temporarily throughout intraday trading sessions. Despite the warning signs of what could be another big sell off, I choose to remain bullish on TGT and consider this to be a pullback trade setup. Of course, we might see price dip below the 21 as it has in the past...but that doesn't seem to be more than a day or two. If it does... then consider the possibility that Target is reversing rather than pulling back. Options speculators should consider the chance of a broad market selloff and at think about using spreads rather than directional plays. If you are trading the stock, plan your trade and trade your plan. Only you know what you can afford.
NYSE:TGTLong
by UnknownUnicorn6775423
AAPL to $130 or $110Labor days future action seems pretty bullish with world markets very green. AAPL had a hammer candle followed by an engulfing green candle (bullish), followed by a 3 bar play with a continuation green candle (bullish). We did however hit some resistance. If this trend continues, we should very quickly test $130 with a short squeeze, and possibly back to ATH. On the downside, if shorts come back into play, we will probably see $110. Hedge yourself on those calls.
NASDAQ:AAPL
by ncontelmo
1
Home Depot pulls back to the 13 EMAHome Depot ( NYSE:HD ) is pulling back along with the Dow today and is finding support at the 13 Day EMA as shown on the chart above. Could this be a pullback trade? I would like to think so, but as the SPY soars to new highs, we continue to be in an overextended market. I think Home Depot has the potential to continue higher provided that the SPY or DOW doesn't sell off. Even though SPY is made up of many other companies that have nothing to do with Home Depot, there is still market risk (also known as beta risk, systematic risk, undiversifiable risk) which is the risk that the stock will move along with the broader market. I will continue to monitor Home Depot to see if today's idea was a bullish pullback trade.
NYSE:HDLong
by UnknownUnicorn6775423
5
$AMD PT $91-$93 then to $100AMD is that darling that continues taking share from Intel. We have formed a bull pennant with an inside CH. Appears friday we hit the top of the handle. We need to break that $84-81 range to get continuation to my $93 target. This will then get picked up once again by robinhooders and should propel it beyond $100. My top price (which is insane) is $111 which ends up being exactly the 2.618 Fib extension level. Be ready!! the NVDA drive should start waking people up for AMD. Tread lightly though as i am anticipating a pullback in the market either this week or next.
NASDAQ:AMDLong
by ncontelmo
Applied Materials - Bullish pullback trade ?Applied Materials ( NASDAQ:AMAT ) has an interesting chart in that it tends to pull back below the 21 EMA on the daily chart. I tried to identify a clear area of support for each pullback, but it seems arbitrary. You can see the Keltner Channel falls just short of where the stock reverses the second time and the most recent pullback is actually pulling back to the 34 EMA which I initially did not want to put on my chart to avoid too many lines... but I figured, seeing is believing, so I put a big fat orange line to add to the chart. AMAT is an upward trending stock and has decent volume...approx 5 million shares traded today...I sorted the S&P 500 constituents by volume and AMAT was #19 in volume (#1 being highest volume which was GE). I did see other stocks that were pulling back as well, but something about their charts didn't convince me. OK prediction time... so based on what I see on the charts I think we might see AMAT find support at $62.65 ... from there I think its going to ride back up. It is oversold based on the 60 min time frame, but not quite there on the daily time frame... so keep an eye on it tomorrow. If it comes down to $62.65 or to the lower Keltner channel band I wouldn't be surprised... but be wary if it breaks below that. Those considering to go long now, might be a little early...or could be lucky and end up hitting it right on the nose because it doesn't tend to stray too far below the 21 EMA and today's red candle was a decent size.
NASDAQ:AMATLong
by UnknownUnicorn6775423