(Tuesday, August 29th) Hi Trader, check out my latest analysis on XLK and Verizon, plus updates on USD/MXN, GBP/AUD, and AMD.
August 29th, 2019: Hi Trader, Today we're looking at XLK and Verizon Communications (VZ) for potential trade opportunities. |
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| Technology Select Sector SPDR Fund ETF (XLK) Direction: LONG |
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XLK has been in a strong bull run since the low back in December 2018. Price has also found support at the upward sloping trend line on multiple occasions, and is contracting sideways in what might be a correction. Also note how price is moving above and below the center median line of my Schiff pitchfork, creating higher highs with the upwards slope of the median line. |
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We would like to go long XLK if price can break through the red trend line and fill our buy order at 80.00. If that happens, my Trade Forecast members will receive exit targets and trade management updates in their personal dashboards. Note: This is a breakout trade. |
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Verizon Communications (VZ)
Direction: LONG |
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VZ has been contracting sideways for the entire year thus far and we might be seeing the final stages of a Symmetrical Triangle correction. If we are correct about this idea, then higher prices could be on the cards soon, but the only problem is that our C-wave on the chart might actually have been the E-wave. |
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But, if price moves higher towards the 0.618% Fib retracement level and reverses lower again, then we will have a higher probability setup that will indicate that the E-wave has not completed yet. Seeing a slight push higher, followed by a retracement lower will allow us to look for our entry confirmation signal within the 56.00 – 56.80 price zone. Forecast members will be on the lookout for entry confirmation alerts in our Private Telegram. |
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Price has reached the centre median line of a long-term Schiff pitchfork and we now need to be careful of price correcting lower. We removed our 50% take profit level and have trailed our stop loss to 19.8725. |
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We decided to trail our stop loss higher to 1.7925 and will trail it again to break even when price breaks the recent high at 1.8334. |
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AMD remains stuck within a sideways consolidation pattern. Our stop loss remains set at 34.00 and we will trail it to break even when price reaches the 28.25 level. |
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