PCAR BreakoutIt broke out on earnings but it's also almost overbought. I think it goes overbought this week and dips on the Fed meeting next week.
If you're not in already, I'd wait to play that dip.
PCAR trade ideas
PCAR UpdateStill playing this on days where I expect the market to gap up, but I think it goes down in Jan so be careful. Chart looks like it wants to roll over and test support which is the old resistance line.
This stock will gap up but tends to fill any gaps down, so I think it's a safer play in a down market then most stocks.
Note: This is a dividend adjusted chart.
Potentially Bearish for PACCAR - DowntrendPACCAR might potentially enter downtrend where it break the support line 101.10 USD previously and formed head and shoulders pattern at the historical high price area.
Always a good opportunity if considering trading short position when just near break out line (refer to the history position of "break out" in the chart) .
Now the price is just near the downtrend break out price where today 100.60 USD (at this moment), this would be consider a good shorting position. If not shoring, at least to be extra careful if you holding PACCAR or do your appropriate trade position adjustment.
For trading strategy, can consider
Short on (buy downtrend) : 99.60 USD to 101.80 range while put your stop loss position if the price go above 104.70 USD with approximately 5.11% risk.
If looking on NASDAQ (refer to my published idea "SQQQ on Bullish Signal Uptrend - Recession is Coming") and S&P 500 (chart below), both index are indicating that high potentially the market are entering bearish market
SPX ETF that tracking on S&P 500
If the overall trend is on bearish, it is very high probability that PACCAR might be in downtrend as well.
Note that “Past performance does not guarantee future performance. This is for just my personal opinion but not trading advise.”
PCARUpdate - Special dividend announcement next Tuesday Played the gap fill once again today on PCAR, lol.
Decided to hold because ES1! needs to fill the gap above, plus according to my calendar, PCAR should announce the special dividend on Tuesday. Reviewing the last few press releases, always seem to be the second Tuesday in December.
Later year:
www.paccar.com
Ex-dividend date was Dec 20th, doubt I hold that long though.
PCAR UpdateWay overbought on the daily and this is the first time in a while that it's gone red when the market is green
Kinda why I didn't play the rally the last couple of days, my favorite play appears to be played out. Probably should've bought AAPL instead, lol.
I think it gets a bounce at $101 if it does go down
PCAR UpdatePlayed the gap fill yesterday for a decent profit, but it's overbought on the weekly now.
My favorite stock of the year, but waiting for it to come down. It;s still a good gap play so watch for that, especially if ES1! goes oversold on my 3 hr plot.
PCAR UpdateLooks like a double top to me, still waiting for it to come down before going long around $92...
Weak economic data means we're heading into a recession, but gotta love the way the market pumps bad news on "Fed pivot", lol.
PCAR UpdateDaily RSI hit overbought with MFI divergence. That is usually bearish.
Made some money off the gap fill play from yesterday, held overnight because ES1! went oversold on my 3 hr chart. Glad I did.
Will wait for the next gap down before going long. I don;t plan on going long until Wed at the earliest though because of elections. As always it will be a one or two day play with my 401k.
$PCARUptrend prior to wedge
Wedge
Double bottom
77.96 and 77
Pivot at 97.56
CCI Green
Elliot oscillator green
Cons :
Stochastic >79 but no bar on top
Volume good last 3 week
Remarks :
Today close important for entry next week.
PCAR UdpateDaily MFI way overbought and looks like a topping pattern.
No position, I do not short PCAR, it's been my go to stock for the past year, keeping my 401k green on gap fill plays.
I plan on waiting to go long even if it does throw a gap down.
PCAR UpdateMade some money in the 401k again with this, hopefully it comes back down so we can keep playing around with it. Really no reason for it to break out since it's a cyclical dividend stock, but you never know. Not shorting it, just looking for opportunities to take a one or two day shot, has worked well the last couple of years, especially as a gap play.
After all, it did fill all down gaps as promised.
PCAR UpdateWell look at that, lol, it filled every down gap.
At this point you gotta wait for the next gap down. Still a good gap play.
PCAR UpdateI missed the pump yesterday, wish I had at least played the gap fill.
Looks to me like it should back test the channel line then bounce sometime next week. Will try to play that especially if there's a gap.
Be careful with this stock long term, recession is obviously not priced in. it has been a great stock for me this year though.... been playing the bounces, and it was low risk because right now it;s still higher than the beginning of the year (barely). Rangebound dividend stocks are much safer than "growth" stocks when rates go up.
PCAR UpdateReally missed the boat this week, should've gone long Monday when it broke the channel line. Next time we know. Filled every gap except the top one.
Did an overlay of the highlighted area, probably whipsaws for a week then drops on CPI numbers next week. Plus pre-election jitters.
I expect earnings to be good, but no idea on guidance. We'll see what happens. In any case, this has been a really string stock throughout this bear market.
PCAR HourlySomething interesting I just noticed. Channeling on the hourly. Probably gonna buy some for the 401k the next time it hits the bottom line.
Also, it did fill the last gap this morning, so it;s still a good gap fill play.
PCAR UpdateTracked my overlay and sitting at the bottom of the expanding triangle. I think this is a continuation pattern and it heads to the support line or maybe even lower.
PCAR UpdateLooks to me like it's gonna gap down today, but not sure I want to play this over the weekend since anything can happen
Based on previous drop and also the megaphone pattern, I'd take a stab at it if it leaves an open gap and hits $82.5 next week.
Note: PCAR did not fill gaps during the COVID drop, and this rate hike stuff is probably worse so just be aware that not all gaps will fill
PCAR UpdateI told one of my followers last week that this will probably close the gap below before the 2 gaps above. Looks like I'm right.
Inflation numbers sucked, I'm guessing 2 big down days coming like the highlighted area. Not going to play the gap today, just warning my followers since they know I love to play the gap fill on this. This gap may stay open for a while./
PCAR UpdateBig gap and big drop, has not rebounded with teh market yet.
Bought calls and stock because this usually fills gaps
PCAR UpdateLooks like it found support today of some sort, but gonna wait until I expect teh market to gap up before buying.
Might be a good play next week, this has a habit of filling gaps
PCAR Update3 open gaps above but I think I'll wait until Powell speaks Friday
PCAR usually fills downward gaps, but sometimes it could take months....
$PCAR with a Bullish outlook following its earnings #Stocks The PEAD projected a Bullish outlook for $PCAR after a Positive Under reaction following its earnings release placing the stock in drift A with an expected accuracy of 80%.
