Off the Charts
Current Trade Idea Updates
Ford (F)
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April 1: Ford (F) rallied 4.5% after today's March auto sales number blew past analyst expectation. The stock went as high as $16.46, surpassing our target of $16.30. We take this trade idea off the table.
March 5: Ford broke out of its recent range today, triggering our entry price of $15.45 and finishing up 1.82%. The stock closed on highs, showing potential for follow-through in the coming days and weeks.
March 4: Ford has been building a tight lower-level range that could attract some buyers with a break above $15.45. Stops could be placed at Monday's low of $15 with targets around $16.30.
Alaska Air Group (ALK)
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April 1: Alaska Air Group (ALK) rallied today to trigger our entry price of $94. Keep an eye on this trade idea as it's now in motion.
March 31: Alaska Air Group has been trading above all key moving averages with a healthy uptrend intact since July last year. We add this trade idea to our long watch-list with an entry price of $94, target of $105 and stop-loss level of $90.
Alexion (ALXN)
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April 1: Alexion Pharmaceuticals (ALXN) broke out of its bear flag pattern to the upside and triggered our stop-loss level of $157 today so we take this trade idea off the short watch-list.
March 31: Alexion briefly broke below Friday's low to trigger our short entry before bouncing off a bit into the close. Use $157 as your stop-loss level in this trade idea.
March 30: Alexion is part of the weak biotech sector and could be a candidate for further downside. After the recent potent two-day sell-off the stock has been consolidating in a bear flag pattern. A break below Friday's low of $149.40 could lead to additional selling pressure. Our first target in this trade idea is the 200-day EMA, which currently stands at $133.86. Stops could be placed in the upper end of the flag and near the downward-curling the 8-day EMA at $157.
America Movil (AMX)
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April 1: America Movil (AMX) had a two-day bounce to hit our stop-loss level of $20.35 as we remove this short idea from our watch-list.
March 27: America Movil broke and closed below $19.41 to trigger our short entry. The stock went as low as $19.26. Next pivot level to watch is $19.05 from the recent pivot low. A break below this could lead to additional selling pressure.
March 26: America Movil has shown significant relative weakness so far this year, currently trades below all moving averages and during the month of March has been building a bear flag pattern that could point to further downside. The stock could accelerate to the downside out of the slightly ascending bear flag pattern with a move below $19.41. Our target on the trade idea is $17.50 with stops at $20.35.
Deutsche Bank (DB)
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April 1: Deutsche Bank (DB) reversed to the upside to trigger our stop-loss level of $45.64 today. We take this short idea off our radar for now.
March 27: Deutsche Bank broke below Tuesday's low of $43.91 to trigger our short entry price today. The next pivot level to watch is $42.78 from March lows.
March 26: Deutsche Bank has sold off sharply since mid-January and has been trading below its 200-day EMA since early March. Western European economies are particularly exposed to financial risks in Ukraine and Russia, and Deutsche Bank has been weighed down by that ongoing crisis. While the stock has made attempts to bounce, it has ultimately been forming a lower-level wedge pattern to digest the losses. Deutsche Bank could resume its downside momentum with a break below Tuesday's low of $43.91. Our target on this trade idea is down at $40, which is a major support level from last summer. Stops could be placed in the top end of the wedge at $45.64.
New Long Idea
Expedia (EXPE)
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April 1: Expedia (EXPE) has been building a descending channel and today rallied to the top end of the pattern above its 8- and 21-day moving averages. It might need some digestion after today's sharp move higher, but a break and close above the trend line at $76 could open the door for higher prices. The stock held majority of its earnings gap from early February, which shows some staying power. Stops could be placed at today's low of $72.35 with the first target at $82.
Scott Redler is long INTC. Daniel Darrow is long FANG calls.