Shares of Sprint Corp (NYSE:S) have a strong bullish chart setup. One week ago, the wireless play put in a bottoming tail. Bottoming tails are bullish bottom signals, a likely reversal at hand. Since that bottoming tail a week ago, Sprint has consolidated in a bull flag pattern. This tells investors that odds favor a strong move up coming in the next few days. This $5.25 level is a great buy opportunity with a tight stop. Any daily close below the bottoming tail low at $5.10 would be the stop. That means the risk on this trade is only around $0.15 versus the upside target of over $6.00. Low risk, high reward, bullish stock chart setup on Sprint Corp.
Corning Inc (GLW) Drops After Earnings, Know This Trade Level
Corning Incorporated (NYSE:GLW) manufactures and sells specialty glasses, ceramics, and related materials throughout the world. The company is best known as the maker of gorilla glass that is used in many mobile devices. Yesterday, the stock plunged lower by 7.5 percent after reporting earnings. Today, the stock is trying to bounce back a bit, but this is common after a sharp flush. Traders and investors should note that the stock is now trading below its important 50-day moving average. This puts the equity in a weak technical position. The stock should have major chart support around the $29.00 level. This is where the equity broke out in September 2017. Often, prior breakout levels will serve as major chart support when retested.
Riot Blockchain (RIOT) Headed Lower As Bitcoin Collapses, Here Is The Buy
Shares of Riot Blockchain Inc (NASDAQ:RIOT) collapsed another 10% today, hitting a low of $12.10. This stock traded above $45 on hype, as Bitcoin traded near $20,000. That is long gone and Bitcoin is collapsing lower. Bitcoin has a strong technical support at $7,500, that is likely where it will get a big bounce. During the expected fall, Riot Blockchain Inc will drop to $9.85. This is a huge buy on Riot Blockchain because it is a former pivot and the daily 200 moving average. In addition, Riot Blockchain is already oversold and by that point will be extremely oversold. I will be looking to buy at that level for a swing trade strong bounce.
Valeant Pharmaceuticals (VRX) Signals Buy After Retracing To Major Support
Shares of Valeant Pharmaceuticals Intl Inc (NYSE:VRX) traded near $25.00 just a few weeks ago. The run to $25.00 started from $11.00 and was non-stop for two-plus months. Investors should have been expecting a pull back and they got it. The question now is, where is it a buy. The answer is $17.75. Not only is it the former pivot high from July 2017 but it is also a 50% Fibonacci retracement point. With both factors coinciding, it alerts investors to major support and likely the start of the next leg up.
Here is a chart showing the key support on Bitcoin I have been talking about for weeks. Essentially the downside target but also the buy level for a sharp bounce. I will wait for that level to hit and then buy.
There is strong technical support for a buy on the Bitcoin Investment Trust (OTCMKTS:GBTC) when it tags $11.25. This has about four factors to support it there, including a gap fill, former pivot and daily 200 moving average (just below). For aggressive traders who can handle wild swings, start accumulating at $11.25. Leave room to add more if it dips lower.
Apple Inc. (NASDAQ:AAPL) continues to fall after reporting earnings. The stock fell into the earnings release on worries over the super-cycle and earnings did not help the picture. As a swing trader, I am scoping out the $157.50 level for a bounce. This is a technical support and a gap fill. Look for a solid bounce back to $165.00.
Transportation stocks are followed closely by most traders and investors. This industry group is known as a leading indicator for the markets. In fact, the transports made a short term top on January 16, 2018 which was ten days earlier than the S&P 500 Index top. This just shows how the transports will often lead the major market indexes.
Since the January 16, 2018 transport top, many of the leading transportation stocks have sold off sharply. United Parcel Service Inc (NYSE:UPS) is a market leading transport stock that has declined by over $19.00 since that transport peak. Today, UPS stock is trading lower by 0.32 to $116.14 a share. This stock is still trading above its 200-day moving average at $115.11 so there will be some daily chart support around this area. Should the 200-day moving average fail to hold as support then there should be one more major leg lower for UPS stock price. The next major chart level for UPS will be around the $110.00 level. This area is where the institutional money should defend UPS stock price. Traders should note that this is where the stock was sponsored in late July 2017 and it will likely be a buy area again when retested. This is where I will look to trade UPS stock on the long side.
This Is Where Smart Money Is Buying Johnson & Johnson
Shares of Johnson & Johnson (NYSE:JNJ) continue to take it on the chin. The stock is now down from its peak of $148 just two weeks ago to $133.00. There will likely be more downside as big players move to cash in the higher risk market. However, there is huge technical chart support at $126. This is the spot where big money will step up and add heavily for a sharp bounce back higher. Look for this technical chart level to buy.
Buy: Exxon Mobil Corporation (NYSE:XOM) Tags Huge Support
Exxon Mobil Corporation (NYSE:XOM) just tagged huge technical support on the daily chart at $80.00. The stock is down from nearly $90.00 in two trading days. Expect a technical bounce back to $82.50 within a day or two.
This Leading Pharma Stock Breaks Its 200-Day Moving Average
Believe it or not, technical charts are the key to making money in this volatile trading environment. While many leading industry groups are now in correction territory it is critical for traders and investors to know where the major support levels are on the charts for individual stocks.
One stock that has declined sharply is Bristol-Myers Squibb Co (NYSE:BMY). This leading pharmaceutical stock plunged yesterday after reporting earnings. Today, BMY stock is trading lower by another $2.18 to $58.77 a share. It is important to note that the stock is now trading below its important 200-day moving average. This puts the stock in a weak technical position on the charts and often signals more downside to come. In this current trading climate it is critical for traders to find the major support levels that will be supported by the institutional money. The best and safest level that I see for BMY stock is around the $51.50 area. This is where BMY stock was defended in February 2017. Should BMY test this level again it will most likely be an excellent area for a long (buy) side trade.
Strong Buy On Veritone Inc (NASDAQ:VERI) As Major Technical Level Hits...
Artificial intelligence small cap Veritone Inc (NASDAQ:VERI) hit major support today at $14.00. The stock traded as high as $75.00 on artificial intelligence hype, and now represents an extremely good risk/reward buy into this technical chart support (seen in the chart below).
Expect a surge back to $21.00, a 50% gain from here. This is a momentum play that now actually shows good technical signals as well as fundamental growth and valuation.
Crypto Ripple $XRP Has 100% Upside From This Technical Support Here...
Crypto-currency Ripple $XRP is an amazing technical support here at $0.65. This can be seen on the chart below. Based on the oversold nature of the crash in Ripple and other crypto's, there is huge upside and a likely 100% bounce coming to a target of $1.30 on Ripple.
Oil took a beating today, falling 3% after inventory data showed a surprise build. In all fairness, oil was extremely overbought and due for a correction. Let's not forget, the U.S. keeps pumping more and more oil as the price has gone up and the global output remains higher even with OPEC's attempt to curb supply. Ultimately, expect a correction in oil to the $59 level of support. Note the commodity chart below.
This Trade Level Is Where Delta Air Lines Can Take Off
As you all know, most of the leading airline stocks have been coming under pressure recently. The leading airline stock in the industry group is Delta Air Lines Inc (NYSE: DAL). This stock topped out on January 16, 2018 at $60.79 a share. Since that high in the stock the shares have rolled over sharply. Today, DAL stock is trading lower by $1.48 to $52.37 a share. Traders now understand that the major market indexes are in correction mode, so it is prudent to look lower for major trade levels. The $48.50 area is a level that really stands out to me. This area was where the stock bottomed in November 2017. Often, when stocks retrace back to a major support level they will usually be defended by the institutional money. I will be looking to buy DAL stock around the 48.50 area.
As iRobot Corp (IRBT) Collapses, Here Is The Ultimate Target (Yuck!)
Shares of iRobot Corporation (NASDAQ:IRBT) are falling after the company did not perform up to Wall Street's expectations. This fall is more like a major collapse with the stock down 30% on the day. On a technical basis, iRobot Corp broke the pivot lows from October and December 2017. This is extremely bearish for the stock as it means the next leg lower has started. Based on the technical weakness in the market and the pivot low break, I am looking for an ultimate major target of $44.00. With the stock currently near $60, it means there is likely quite of bit of downside to go, even another 30%+. However, if we are entering a bear market, that is not even a hard thing to achieve on most high flying tech stocks. I will be looking to accumulate at $44.00.
Terex Corp $TEX Dips After Earnings, Watch This Trade Level
Terex Corp (NYSE:TEX) manufactures capital equipment for the construction, infrastructure, mining and transportation industries. Last night, the company reported earnings and the stock is falling lower today. Currently, TEX stock is trading down by $1.75 to $41.18 a share. Traders should note that the stock is also trading below its 200-day moving average. This puts the stock in a weak technical position on the charts and signals further downside near term. The next major support level for TEX stock will be around the $38.00 level. This is where the stock broke out in early September 2017. Often, institutional traders will step in and defend the equity around this level when it is retested. I will be waiting for TEX stock to test this area before trading the stock on the long side.
Here Is The Master Short Level On Alphabet Inc $GOOGL
Shares of Alphabet Inc (NASDAQ:GOOGL) are surging today as the market reversed early losses and spiked dramatically higher. Today is the first day since the massive collapse last week where investors are ignoring negatives and buying-the-dip. To give an example of this, look at yields on the 10 year bond. They are hitting 2.90% on the back of higher inflation data. This would have been a major negative last week but today, after a gap lower, investors are ignoring it and buying the market. This shows us a resurgence of the buy anything and everything mentality, a good sign for those wanting the markets to move higher so they can get off a good short. Alphabet Inc reported poor earnings results recently. This means that it will be a prime candidate for a short when the right price target is hit. that right price target is $1,182.00. This is a major gap fill and close to a major double top. If the price of Alphabet Inc can hit this level, it becomes a strong, high priority short trade. I will be laying in wait to take it myself.
Phillips 66 Is Showing Weak Relative Strength, Watch This Trade Level
Phillips 66 (NYSESX) is a leading manufacturer of chemicals and oil refining products. The stock peaked out on January 24, 2018 at $107.42 a share. Since that high pivot, the stock has sold off sharply and is now trading around the $92.68 level today. Last week, PSX stock tested the 200-day moving average at $89.14. So far, that level has held up as support. Should PSX stock trade and close below this key moving average it would signal another decline is likely for the stock. The next key support area for PSX stock will be around the $82.00 level. This area is where the 200-week moving average is at. Generally, the first move down into a key moving average will serve as support when tested.
Semiconductors Will Rise Until They Hit This Technical Target
The semiconductor index ETF $SMH is leading the technology sector higher today. The semi's have now retraced 75% of the down-move and investors are excitedly talking about new all-time highs. In the near-term, I do not expect that to happen. I have a calculated upside max move of $105.80. With the current price at $104.94, there is less than a Dollar of upside left. This max move is calculated based on a technical extension move, time count, a former pivot high from late November 2017 and a gap fill. What technical traders have noticed is that when multiple major technical signals merge together in one price point area, the chance of a retrace top increases dramatically. This is what the semiconductor ETF $SMH is showing us. Stocks like NVIDIA (NVDA), Micron (MU) and others will stall out and start to decline once this target level is achieved. I will look to short or buy puts.
SX) is a leading manufacturer of chemicals and oil refining products. The stock peaked out on January 24, 2018 at $107.42 a share. Since that high pivot, the stock has sold off sharply and is now trading around the $92.68 level today. Last week, PSX stock tested the 200-day moving average at $89.14. So far, that level has held up as support. Should PSX stock trade and close below this key moving average it would signal another decline is likely for the stock. The next key support area for PSX stock will be around the $82.00 level. This area is where the 200-week moving average is at. Generally, the first move down into a key moving average will serve as support when tested. 
