Main Focus for week of 12th September
It is important to not get too excited and still understand the environment we are in, however, if there are quality setups and progressive exposure allows one to scale up their trading, one may find themselves in a pretty good position.
After flipping through 1000s of charts this weekend these are some quality setups I have come across:
$OXY
A strong move up followed by an orderly consolidation which was supported by the 50MA. Now looking for a move up through the previous high of day while managing risk vs the lows of the last 3 candles and targeting a move back up to the highs
$ZS
Main focus on the HVC / @Scot1andT fishook setup side of things. Strong response to ER and may be setting up for continuation
Weekly chart shows a potential @1charts6 Base and break in the works
$ENVX
A high-tight flag setup following a +220% move off the July lows - looking for a break above the previous high of day and downward trend line
$FREY
A great risk/reward setup with little overhead resistance being less than -15% off all time highs
Looking for a break through the horizontal line while managing risk vs low of the last candle
$SHPH
Looking for a break over the previous high of day to break the downward trend line and so a move upwards from this mini-consolidation in this wild IPO
$UDMY
A near +80% move off the July lows for this young IPO which showed strength last week with back-to-back +7%+ days followed by a double inside day structure with some tightness
$VCSA
Major strength since reporting ER and having its PEG, has some overhead resistance to work through but one that can really move.
Looking for a move up through previous high of day and then horizontal line.
$BEAM
Biotech has been one of the strongest groups lately and so some exposure here may be warranted. Looking for a break of the DTL: