As a technical trader, I love how a few sessions can turn an average list of stocks in to a bunch of great trade set-ups. Lots of good techicals out there this week which serves as a reminder that patience is a virtue when it comes to trading.
You’ll notice the market going through spells like this a dozen or so times a year. These spells offer the best risk reward ratios as stocks move above resistance or towards established bases on good volume.
These periods are where most technicians make the most of their coin.
I barely made it beyond tickers beginning with ‘B’ before I had enough content for a profit hunting post. RVBD has been on weekly-watch for a few weeks.
ACAS, MRO and COV are 3 more stocks with charts similar to ABT & AET.
My gut shot is bullish, however with few of these charts confirming their breakouts (DOW a prime example) I can see how bears would be scaling in here.
These price levels as of Thursday pre-market offer excellent risk/reward ratios for both longs and shorts, so it will be interesting to see who wins heading in to next week.