bigfry

bigfry Updated 

I think there's a good chance Bitcoin bounces to the 9000 level by May. Below are reasons why I think it's a good time to buy: 1. Bitcoin is seeing buyers in the 6500-7500 support zone as highlighted in the chart above 2. Bitcoin has broken above the downward trend line 3. The sentiment is very bearish meaning everyone that wanted to sell already sold. If...

bigfry Updated 

As you can see in the chart, BABA has seen aggressive buying whenever it reaches the 165-175 support zone. Trade Idea: Place a stop just below 165, and a profit exit near the 190-195 zone. I blog on all weekdays here: bigfryfinancialmarkets.com Good luck trading, and please follow me or check out my blog if you like my trading ideas.

bigfry

QQQ keeps bumping up into the 162 overhead resistance level. I think that once we have a clean close above that level, we can expect a move to about 167 in the week following the breakout.

bigfry

I think the 160 level is key for QQQ to hold. Since we just had a failed breakout to the downside, any upside move will have short panic covering. If it holds the 160 level this week, I think we will go higher next week (possibly a gap fill to 170).

bigfry

Although I don't know where the stock price will move, I think there's a good chance MU retests the highs of the low 60s in the next few months. In case I'm wrong, I would place a stop loss below the minor low at 47 (around 45 is good). You risk about 5 dollars for a gain of 13-15, so your risk reward is about 3 to 1. Also, something to note is that MU gapped...

bigfry

QQQ has broken above the downward 1 hour trend line. As long as it doesn't go below 158, I think there's a good chance we close slightly green today (around 160-161). What's surprising is that China has not announced retaliatory measures against Trump's proposed 100 billion dollars worth of additional tariffs yet. Holding positions over the weekend might be too...

bigfry

After another tariff announcement by Trump a couple hours ago, QQQ looks to open well below 160 tomorrow morning. If we don't see a solid bounce and rally like on Wednesday this week, we will be closing below the weekly/monthly trend channel near 160. This is bearish. I still think we have juice for another move up and gap fill to 170, but making new highs will...

bigfry

LMT has dropped from an all time high and has retested the support zone as highlighted in the rectangle in the chart. As you can see, LMT has an upward sloping 50 and 200 day SMA. This shows that LMT is in a solid uptrend. Although we are currently below the 50 day SMA, we are still well above the 200 day SMA. Trade Idea: Now would be a good time to buy a half...

bigfry

As you can see in the QQQ weekly chart above, QQQ has closed back into the 160 level. This is a bullish sign and I expect the index to move higher next week. A weekly close below 160 would signal a lot of downside, like a retest of the February low to 150 at least. I suggest staying long, but using put options to hedge downside risk. As long as there is no bad...

bigfry

I think CMG will retest the breakout location (325-330 price level) by the end of this week (might happen as soon as today). The reasons are that the current price action mimics the December 4th, 2017 price action, where CMG sold off into the afternoon. Another reason is that the volume is not significant and that there is no positive news catalyst driving the...