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PowerPick of the Day! 1-26-2012 MPC
Bearish Harami right at decent supply zone from November. Price has also had a pretty dramatic rally to the upside over the last couple weeks. Nearly a 30% move with not much pullback. Price is due for a retracement! Volume is normal which doesn’t make me to happy about the setup, ideally I would love to see climactic volume at this level, but it will do!
Here is how the trade sets up:Short below $37.90Stop $39.20Target $33.64To view this chart in real time, click here: http://t.co/x087exja -
PowerPick of the Day! 1-25-2012 EURUSD
Two week rally into supply zone from early January.I’m not that confident as the run up into this supply zone has been slow.This may cause some erosion of the supply, as we approach. Here is how the trade sets up.Short above 1.3052Stop 1.3082 -
PowerPick of the Day! 1-24-2012 SHLD
Huge shooting star at supply zone on 4x normal volume. Very volatile security, so trade small share size! Short below $46.60
Stop $50.37
Target $29.65To view this chart in real time, click here: http://t.co/WQAQz30L -
PowerPick of the Day! 1-18-2012 AUDUSD
Aussie is at the top of 6 month Symmetrical Triangle which goes back to July 2011.If you didn’t get the opportunity to short right at the downtrend line, there is still time.Short around 1.0388Stop is 1.0465Target is 1.0010Merlin Rothfeld -
PowerPick of the Day! 1-17-2012 ESRX
Like many securities at the present moment, ESRX just broke out of an Ascending Triangle and quickly retested the broken supply level. Price formed 2 small hammers at that level, and looks poised to continue moving to the upside.Long above $49.31Stop Loss $47.85Target $56.75
