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Wallstreet Traders Report June 17th
Tesla Motors (TSLA)
Tesla Motors, Inc. designs, develops, manufactures and sells fully electric vehicles and advanced electric vehicle powertrain components. It provides services for the development of electric powertrain components and engages in the sale of electric powertrain components to other automotive manufacturers.
The share price for Tesla increased 8.81% on Monday on the back of positive news from the company that it’s long anticipated electric car Model X SUV will be delivered in early 2015.
The share price managed to breakout from its recent trading range and through recent resistance on higher than normal volume. I expect the bulls to come in and push prices higher with targets close to the March highs of $260-$265.
Wallstreet Traders Report June 11th
Shares in the social media giant Facebook (FB) increased 4.6% at the close of trading on Tuesday. This increase was on the back of the announcement a PayPal head will join the company to head it’s messaging products division.
The share price below shows the recent price action with a strong breakout from recent congestion. The breakout occurred on relative strong volume which adds to the bulls conviction to rise the share price.
Traders can look at entering a long position with a target price close to the March high of $72.00. Stops can be placed under the most recent congestion low of $62.00.
Wall Street Traders Report May 13th
It was all positive on Wall Street overnight with the Dow Jones Industrial Average hitting an intra-day all time high of 16,704 points. At the close of trading the Dow Jones had increased 0.68% (112 points) to close at 16,695 and breakout above December resistance which it had attempted to surpass over the past few months without success. Momentum could now continue to push the index forward to resume it’s up-trend so traders can look for opportunities in stocks that make up the Dow Jones Index. I was able to identify two such shares in Catepillar Inc and General Electric that show positive technical setup’s for long position trades.
Catepillar Inc (CAT)
Caterpillar Inc. (Caterpillar) is a manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. The stock price is in an up-trend with yesterday’s trading showing a triangle breakout. I will wait for confirmation of the breakout today and look to place an order to buy if the price can open above yesterdays low. The up-sloping trend line should offer support and seems a logical place for a stop-loss.
General Electric (GE)
General Electric Company (GE) is a diversified technology and financial services company. The products and services of the Company range from aircraft engines, power generation, water processing, and household appliances to medical imaging, business and consumer financing and industrial products.
After a sell off in January the price has steadied and risen in an orderly up-trend. Recent price activity has resulted in some consolidation with a pending up-side breakout a possibility. If this does occur then the price could continue up-wards with a target of $28.00. At this stage I will wait for the box breakout to occur before committing to any long position trade.
ASX Traders Report: Sirtex Medical (SRX)
Sirtex Medical Limited (SRX) is a biotechnology and medical device group whose primary objective is to manufacture and to distribute effective liver cancer treatments utilising small particle technology to approved markets in Asia Pacific, Americas, Europe, Middle East and Africa (EMEA). Sirtex’s key product is SIR-Spheres microspheres, a treatment for liver cancer.
From a technical perspective the share price broke out to an all time high of $16.80 on Monday after a positive market presentation delivered by company CEO Mr Gilman Wong in Sydney on May 8th.
The chart below shows the formation of an ascending triangle with a horizontal resistance level at $16.40. The share price was able to breakout and close above this resistance level on Monday May 12th on good volume. This breakout is likely to lead to further price increases in the medium term. The share price was supported by the 50 day moving average so any share price weakness may find support at this dynamic support level.
Traders Report AMP (AMP) Long Setup
AMP (AMP) is a listed company on the Australian Stock Exchange and provider of life insurance, superannuation, pensions and other financial services in Australia and New Zealand. AMP has a market capitalization of over $14 billion.
The chart below shows the 12 month price action. A short-term down trend was broken in late February with the subsequent formation of an ascending triangle with a horizontal resistance level of $5.10. On this setup I will be waiting for a resistance breakout and close above $5.10 to act as my trigger signal to go long (buy).
If the resistance breakout does occur then based on the measured moved theory the height of the triangle extrapolated from the resistance level provides a target level of $5.50.
Copper Short Trade Setup
The price of Copper is closely aligned to global economic construction and building. Much of the fortunes of the price of Copper are based on the economic news emanating from China which accounts for over 40% of the global demand of the mineral. The price of Copper is in a strong downtrend and the current price action looks healthy for a short trade setup.
The chart below shows the plunge in prices in early March with the subsequent rally forming a bearish wedge pattern. I suspect prices will breakdown through the lower trend-line of the wedge and resume its downtrend. You will also note the bearish candle from 2 days ago which formed a long tailed rejection pinbar. I will use the highs of this pinbar to set my stop loss order.
Traders Report Sirtex Medical (SRX)
Sirtex Medical (SRX) trades on the Australian sharemarket and belongs to the listed companies of the All Ordinaries Index. Sirtex is a biotech company involved in the research and commercial development of treatments for liver cancer.
The chart below shows a strong up-trend developed after the mid January breakout and explosion in prices. The recent price action has seen the formation of a bull flag pattern.
On this setup I will be watching for a breakout from the upper trend-line of the flag on good volume.
Wall Street Trader Report March 21
It’s been a quiet week for me on the trading front mainly due to missed opportunities on the Australian market with limit orders not being hit. As trading is not my full-time job this makes it difficult to see new opportunities as they arise during the market hours as I am busy working in my full-time job. This is one of the disadvantages of a part-time trader with a day job as many of you may be, however, I am hoping to be able to enter a trade on the US markets when they open in a few hours from now. To finish off the week I will write about a long and a short position trade setup.
LPL Investment Holdings (LPLA)
LPLA formed a strong up-trend from October to January when it hit a high of $54.91. It then began to move sideways and formed an ascending triangle which is a sign of consolidation and ordered profit taking. Yesterday saw a breakout from resistance with a strong bullish candle. I’d like to see the resistance price re-tested and to hold above this level before entering.
Amazon.Com (AMZN) has formed a bearish wedge after a very bearish breakdown through support on January 31st. I have highlighted the re-test of the support level which acted as resistance and halted further price increases. You can see how the candle tried to break through the resistance level but closed lower forming a long-tailed candlestick.
Yesterday saw a breakout from the lower trend-line making up the wedge pattern. I suspect the price will resume it’s downtrend from here and may fall all the way back towards the support level of $340. Any price increase should be held up by the resistance level of $380.