A Long-Term Signal... But No Buy Setup

Caution is warranted until confirmation that it’s time to step in… September 02, 2020 UNSUBSCRIBE |ARCHIVE If this advice is good enough for a billionaire… Maybe you saw this, where live on camera… One of the most powerful Republicans in Washington… Gave a stunning piece of advice to Facebook’s CEO, Mark Zuckerberg. Advice, in fact, that could help you — or any American — make a fortune over the years ahead. Maybe even millions of dollars. It’s so valuable, in fact, we reveal it here — free. Click to see. A Long-Term Signal... But No Buy Setup Dear Chart of the Day Reader, On Tuesday, we took a look at XOM and saw it was setting up for a possible retest of its 15-year lows. For today’s chart of the day, let’s take a look at Novavax, Inc. (NVAX). NVAX is a vaccine development company located in Maryland and Sweden. Initially, NVAX was one of the frontrunners in the race to a COVID-19 vaccine, leading to plenty of hype around the name. But the love has since cooled off, causing the price to pull back. With a long-term signal and a deflated price, is this a good place to jump in on the long side? Let’s take a look at the daily price chart below and see if that helps make the decision for us: Because the stock is on a longer-term PowerTrend buy signal (not shown here), we’re not going to look for a sell signal like we did with XOM yesterday. But that doesn’t mean we have a buy entry here. If we look at the MACD in the lower panel of the chart, we can see that it’s crossing below the zero line. This tells us short-term momentum is not favoring the upside, and we should stand aside on this one. But don’t worry — there are plenty of fish in the sea, and lots of other setups mentioned here have already led to some nice gains. See ya tomorrow! Trade Smart, Michael Saul Analyst, Chart of the Day You don’t have to settle for a job you hate. Most people spend their whole lives working to make someone else’s dream come true.  You should be working hard for yourself — to better YOUR life.  Click here to see all the ways you could start doing that today. If you are having trouble receiving your Chart of the Day subscription, you can ensure its arrival in your mailbox by whitelisting Chart of the Day. © 2020 by Chart of the Day. All rights reserved. This newsletter may only be used pursuant to the subscription agreement, and any reproduction, copying or redistribution (electronic or otherwise, including on the World Wide Web), in whole or in part, is strictly prohibited without the express written permission of Laissez Faire Books LLC, 808 Saint Paul Street, Baltimore, MD 21202-2406. To end your Chart of the Day e-mail subscription and associated external offers sent from Chart of the Day, click here to unsubscribe. This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. If legal advice or any type of assistance is needed, please seek the services of a competent professional. This material, produced by Chart of the Day, is for informational purposes only. All technical information, instruction, and advice, reflect the beliefs of Chart of the Day and are intended as informational only. Chart of the Day is committed to protecting and respecting your privacy. We do not rent or share your email address. By submitting your email address, you consent to Laissez Faire delivering daily email issues and advertisements. Please read our Privacy Statement. EMAIL REFERENCE ID: 401CODED01