Crypto Stocks, Growth See Selling
Hi everyone,
I hope you are having a great Wednesday!
In this post I’ll concisely share my thoughts on the day’s action. And share a bunch of stock charts that caught my eye.
This report is brought to you by Deepvue - The Best Screening and Charting Platform for CANSLIM Position and Swing Traders
Now let’s dive in ↓
Market Action
QQQ respected the 21ema again. Strong last hour. We’ve mostly been trading sideways since Feb 12.
IWO - weaker. Right at the 21ema
Trends ( Based on QQQ)
Shortest - 5 Day SMA - Down - Below Declining
Short-term - 21 ema - Up - Above Rising
Intermediate term - 50 sma - Up - Above Rising
Longterm - 200 sma - Up - Above Rising
Group/Themes Action
Most of my wathclists are red. Oil and gas names again strong.
Daily Performance charts from the open
Key Stocks in Deepvue
NVDA holding the 10 ema for now
COIN follow through down after yesterday’s poor close. below the 10ema for the first time since the base bottom
AR - a lot of XOP names trending. This is sorted by 1 month AS
HIMS inside day closing near lows
DUOL looks constructive, good reversal
SQ reversed hard
ARM stuck near the 21
Market Thoughts
Step back today for growth names. Crypto which has been the strongest theme took some shots. Oil and gas names continue to trend.
Reminder:
Risk Management is Paramount
Refuse to enter randomly without managing risk and wait for the spots to develop, they will. Stocks during strong moves always pull back to the 21 ema, 50 sma multiple times. Look for a tight and logical entry point.
Have patience, focus on the best stocks with the greatest potential. These will telegraph the rest of the market.
Take it day by day and manage risk along the way. Be ready for anything
What are your thoughts on today’s action? (Leave a comment below)
This post was brought to you by Deepvue Charts. My Daily Driver for Charting, Alerts, Watchlist Management, and more!
I hope you found this article helpful!
Here is what you can do to help make them possible and support my work.
Leave a like on this post below
Cheers!
Richard
P.S. We just released a new free resource: The Ultimate Screening Guide
This will help you find top stocks faster and speed up your routines.