Picks for the day ending 7 June 12
Chad breached the stubborn resistant at 27.000 and proven itself a good choice for a run up north. With the bank rates cuts and hold by China and ECB, it lends more legs to the financials this week. Coupled with lower jobless claims, to the moon we go.
My Play : If C were to retrace and touch 27.000 thats where i will enter for a CALL. but all these have to be before 11am EST. if C retrace after 12pm, hands off. Frankly i have no idea what Ben will let go this time. By the opening bell, C should be heading towards 28.000 and breached it. If that happens without the pull back, i will observe how it played at that level. Chances of breaching it and heading up north is very high. But for a highest of all probability set up, i would wait for a slight pullback just ahead of 28.000 before committing a position. For C, i'll just wait for that 1 entry.
AXPhalted the downward trend and even broke through a substantial level, 55.000 the previous day. Strong volume, good formation, good market sentiment.
My Play : Within the first 30 mins of opening bell, wait for it to pull back to 55.000 and take a position. And if that doesnt come, ride it towards 56.000 and stop by 11.30am EST. no trade thereafter until 3pm. Then observe the trend with volume and by 3.30pm if both are align and trending, take a position into the close. For AXP, i'll just wait for that 1 entry before 11.30am or 1 from 3pm to closing.
XOMstrong formation, very good market support and been trending strong for the past 2 days. It has just breached the resistant level of 80.000 and it look set to take out 81.000 today.
My Play : Wait for retrace and take a position as close as possible to 80.000. Or take a position when it is trying to breach 81.000. This ticker still has lot of momentum in it. And because of the nature of this ticker, i can slowly take my time and time my entry. I do not foresee much of wild swings on this ticker even on a day like this. For XOM, ideally there should be 3 trades. First when XOM decided to pull back as close to 80.000 as possible. Next the intraday level resistant at 80.500, highly breakable and there should be my second position. and lastly just before 81.000. For me, XOM is not under any 'time constraints' for trades.
Please do take note that Ben is letting his gab loose today, so be mindful of it too.
Just 3 picks for today but these 3 will be the market leaders like they did yesterday.