Long Setups For Thursday June 22nd
It’s been a sleepy past two days in the market unless you’ve been concentrated in biotech and healthcare which has been working nicely to the upside while the rest of the sectors have been pulling back into nearby support zones.
Our current portfolio positioning is light in order to avoid some of this quiet chop, but here a few setups we’re looking at into the close of the day for potential new long entries.
Canadian Pacific $CP is breaking out from this trend-line extending from the June highs. If you were to zoom out and look at a weekly/monthly chart, notice the even bigger breakout in motion over this 155 area.
Citigroup $C doesn’t look like it’s exactly ready to resume it’s uptrend, but establishing a half size position in here is something I’m looking at as it consolidates above a major breakout level.
Global Payments $GPN is another name that has pulled off of its June highs and is starting to show signs that it may resume the prior uptrend.
Finally, the Russell 2000 seems to be at an interesting near-term inflection point. This 139 area that appears to have “held” this morning is a tactical spot to trade against.
Thanks for reading and good luck out there.
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