Latest Market Insights
Despite today’s slow trading, there’s two charts catching our eye for developing trade opportunities.
$UNG is first and it’s ramping higher north of 2% today but more importantly it’s in the process of clearing back above prior significant support of $8 (failed breakdown?).
We started the week yesterday, on a bullish tone, breaking out above last weeks range to new highs, with a flurry of stocks making new 52 week highs.
We published this post discussing breakout candidates for long trade ideas.
But that bullish energy from yesterday changed rather abruptly after we opened up today with a gap lower, followed up by persistent intraday weakness.
With equity markets across the board kicking off the week to new 2016 highs (some all time highs), it’s safe to say the bull trend remains in tact.
Breadth is strong as the list of stocks making new 52 week highs continues to expand.
Below is a short list of stocks emerging from actionable bases that could still have fuel left in the tank to move to the upside.