On Friday we witnessed some beautiful reclaims and clean breakouts in a variety of leading names. I managed to grab a few nice adds to my positions, leaving me with reasonable size yet staying risk adverse.
There are plenty of names with nice technical setups but only a handful I have high conviction in. In my opinion the best potential plays are the biotech ETFs, you have $IBB $XBI and $LABU (3x leveraged) to choose from. $LABU has the potential to move 200-500% very quickly in a healthier market and given a lot of the leading names right now fall within this sector the odds look good.
11 weeks of consolidation and range build, with the weekly closing at highs for the first time. A push above this weekly level would signal a breakout with a longer term aim of the 200 ema weekly ($45). My plan with this trade is to enter and scale above $9, I also plan to pick up the $40 strike for 410 days out.
Although I’m already positioned in this name I’m looking to add. The weekly level has tight consolidation against the MAs with other solar names such as $ENPH, $FSLR, $SPWR putting in some nice moves. A break above $23 is my level to enter.
Still patiently waiting for this name to hold the $20.10 daily\weekly breakout level. Once it doesI’ll be looking to add more size.
Very strong reclaim on Friday and a leading name in lithium, with the steel names moving it’s likely this sector also gets bought up. Looking for an add over $28.50.
Very nice price action last week, a lot of names should signs of continuation, is the Santa rally on? Below are a list of leading names I’m keeping a close eye on $FOUR, $GFI, $HL, $IBB, $TH, $SILV, $LTHM, $DOW, $SMCI, $GFS, $RUN, $SPWR
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