A constructive looking situation in $PALL$PALL showing solid rotation from support around $172. A big fan of the RPS showing positive divergence. Would expect continuation toward 212-220.
Relativestrength
Relative Strength continues in $TTDThis is a great example of a favorite chart construct of mine. Regardless of the ticker (although I do favor $TTD) I find this chart construction to be very beneficial to keeping things simple, effective and efficient. The following are key takeaways...
Top third - Current price, line chart - looking for absolute support/resistance, uptrending/downtrending specifics. --->>> K.I.S.S. mentality here.
Middle third - Price of underlying vs. $SPXL (in this case) - Relative strength of the underlying security vs. $SPXL gives a great shot of whether or not I even need to be considering a specific holding over $SPXL. I also show the 63 day SMA on this ratio chart.
Bottom third - RSI of the RS chart (middle third) - the goal here is to look for trending momentum either up or down as well as spotting critical divergences. I find divergences of this magnitude to be more reliable (tradeable) than your average price of underlying divergence. Shown is an example with $TTD..
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AUDJPY ShortAUDJPY is currently in supply. Confirmation of AUDJPY weakness will be once it starts trading below the current area. RS reading: AUD = 2, JPY = 3.
REITs could lead the next upswing, $PSB is showing itAfter NYSE:PSB topped in mid-April has been forming a long base. I see a "low cheat" with a breakout above $168.88 with a good follow through above $165 resistance zone. Today is making that second breakout and could be a good day to get in the stock. I'll be waiting for volume confirmation.
NYSE:PSB has a IBD relative strength rating of 77. Is not the minimum 80 that I like to see, but still the chart is looking very good. Another stock in the same industry that is going for the breakout is NYSE:WY . Is currently trading at $38 and the pivot buy zone is at $42.
The only thing that I don't like is that AMEX:PW , which has the #1 rank in the industry by IBD, already made the breakout from its base and last week made a hard throwback. If this industry leader doesn't holds above $49 could be a bad sign for the rest.
EURUSD ShortLooking for a short if the market trades at the area of supply above current price. USD still stronger than EUR but the spread between them is not wide. RS reading: EUR = 1, USD = 3.
MATIC Showing relative strengthWhile most names in the crypto space is in the red and showing double digit % drawdown, MATIC quickly recovered.
NZDJPY LongLooking for longs on NZDJPY still. NZD has remained stronger than the JPY although JPY has narrowed the distance a bit between the two. RS reading: NZD = 6, JPY = 2. Still a good spread between the two. If equities continues to rally the JPY should stay weak. Waiting for price to enter the area of demand below current price
CADJPY LongCADJPY hanging out in demand. RS reading: CAD = 5, JPY = 1. Looking for demand to hold. weekly + daily uptrends
GBPUSD LongA very bullish candlestick pattern has formed on the daily chart and usually creates an immediate reversal when it works. The pattern: Bullish Engulfing. This is a good sign for the future of GBP strength against the dollar. Current RS reading: GBP = 2, USD = 3. I like the area below price, deep within the engulfing pattern while RS values are close together.
GBPJPY longGBP slightly stronger than JPY. RS reading GBP = 2, JPY = 0. Favoring GBP because of weekly and daily uptrends.
EURGBP shortLooking for selling opportunities on EURGBP. RS reading EUR = 1, GBP = 2. As you can see they are very close to each other so it could go either way. Favoring shorts because of weekly + daily downtrends.
NZDUSD longUSD is strengthen but NZD is still stronger. RS reading: NZD = 6, USD = 3. DXY in an uptrend so there is more risk of USD strength to continue. Looking for demand to hold.
SLI - Standard LithiumOpened half-sized position on strong move over two important pivots. No earnings as of yet which would normally be a red flag, but strong volume patterns all over this lithium company's stock make it difficult to ignore. Other lithium stocks ($ALB $LAC) showing strength & look like they're ready to break out of bases. $SLI displaying relative strength within its group by breaking out ahead of these other lithium stocks.
Stop loss below Monday's low.
PXD - Pioneer Natural ResourcesStarted half-sized position. Gapped up over anchored VWAP and inside pivot point. Looking for oil and gas stocks to come back alive after strong runs and holding up well. Crude oil still very strong. Stop loss below Monday's low & anchored VWAP.
NZDCAD longPrice has dropped to an area of demand. Looking for a bounce but both currencies are strong although NZD is stronger. More risk of volatility. RS reading NZD = 6, CAD = 5.
EURCAD shortEURCAD rallied into supply. Daily down trend with CAD in control. RS reading CAD = 5, EUR = 2. Looking for area to hold
NZDJPY longLooking for longs on NZDJPY. RS reading NZD = 6, JPY = 0. Daily up but stocks are dipping
NZDUSD longStill trying to get a NZDUSD long to stick. RS reading NZD = 6, USD = 2. Sentiment still overall bearish
GBPNZD shortGBPNZD made an area that looks good to me. Waiting for a rally to supply, entry at the area. RS reading NZD = 6, GBP = 3.
