Discover more from Amphibian Trading
Daily Trading Plan - 11/14/2022
Markets gapped down and were able to rally into positive territory before selling off into the close and ultimately closing lower. After last weeks big price advance a pause is to be expected. The Nasdaq put in an inside day on lighter volume while the S&P briefly poked its head above last Fridays high. Tomorrows PPI report premarket will be closely watched and could move the market either direction.
Before we dive into my current portfolio and focus list, make sure you are subscribed so that you don’t miss any future updates!
Individual stocks in my portfolio continue acting well. I initiated ANET 0.00%↑ today as it broke through its multitouch trendline. ON 0.00%↑ attempted to breakout to new highs, but quickly sold off back into it’s base. After a nearly 20% advance last week in the stock some selling pressure here isn’t surprising.
MELI is in a stage 1 cup with handle base and is above all of its moving averages. The stock has been consolidating recent gains from it’s earnings report and now has formed a mini coil, with a potential kicker tomorrow as well. If MELI can gap up above todays open ($966.16) it would be a valid kicker pattern and I will add half of a normal size position. I will add a second half size position if MELI can take out the mini coil pivot. The volume pattern is also showing signs of accumulation. For more information on the Kicker pattern see the attached post below.
Thanks for reading! If you enjoyed this article please help support my work by doing the following:
Follow me on Twitter @amphtrading
Share this post using the button below
The content presented is for informational and educational purposes only. Nothing contained in this newsletter should be construed as financial advice or a recommendation to buy or sell any security. Please do your own due diligence or contact a licensed financial advisor as participating in the financial markets involves risk.