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Buy These Stocks to Leverage Reversals

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Asian stocks mixed

The S&P 500 Index has been on a tear since November of 2016. While many investors remain bullish on the index, technical analysis reveals that bearish patterns are emerging. A correction in the coming weeks after a year of unstoppable growth should be healthy to sustain the uptrend.  Investors and traders are advised to be cautious, and watch their trail stops carefully as technical indicators show that the index is extremely overbought.

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When the market is overbought, the strategy is to move away from stocks that have significantly moved up and favor names that are flashing signs of trend reversals. These stocks are most likely near strong support levels with tremendous upside. Here are two names following that theme.

AKAM – Akamai Technologies Inc.

AKAM has rallied from a major support level at 45 and is now looking to breach resistance at 54. The stock may still slide as 54 is a psychological resistance. When it does, look to pick up the stock as close as 52. This slight dip is ideal to prepare the name for a sustainable breakout. On the other hand, a breakout at 54 with a daily volume of at least 4 million should validate the move.

Initial target for the breakout is 64.

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For long term investors, there’s an opportunity to make a considerable profit. AKAM has been on a corrective phase since August of 2015 when it hit the top if the range at 77. However, technical indicators show that the correction has come to an end and the stock is ready to resume the uptrend. A move above 54 with heavy volume supports this assumption.

Should the breakout happen, long term investors can hold on to the name and see whether it can break the major resistance at 77. The move up will attract momentum investors and take the stock to 157. This is a great opportunity to earn serious profits.

This view is valid as long as support at 45 holds.  

Weekly AKAM Chart

Weekly Chart AKAM

Monthly AKAM Chart

Summary of Strategy

Buy: Breakout at 54 with volume or wait for stock to slide at 50 – 52

Support: 52 first, 50 next, and 45 last

Resistance: 64, 70, and 77

Targets: 64 and 157

Useless: Only when support at 45 is broken

APC – Andarko Pete Corp.

APC is another name that has rallied from a major support level. The stock has been on a downtrend since September of 2014, but it is looking to reverse its fortunes soon. A bounce at 40 shows that the support level is being defended. Now, the stock is looking to breach 51 to continue its move up.

To sustain its momentum, APC must stay above 51 with 9 million in volume. Maintain this level and we get to 62 first and 65 next. Long term investors can hold to the name and see if it can break major resistance 71. If it does, the next target is 94.

This view is negated if the stock breaks major support at 40.

Weekly APC Chart

Monthly APC Chart

Summary of Strategy

Buy: Breakout at 51 with volume

Support: 48, 45, and 40

Resistance: 62 first, 65 next, and 71 last

Targets: 62 and 94

Useless: Only when support at 40 is broken

Featured image courtesy of Shutterstock. 

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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Trade Recommendation: BlackCoin/Monero

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On April 19, 2017, the BlackCoin/Monero pair started its bullish run after breaching resistance of 0.0045. Those who bought at this level made a killing as the market climbed to as high as 0.02040111 on June 22. That’s a 350.4% increase in two months. On the same day, however, the market closed at 0.00951392.

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The price action created a long wick above the body of the daily candle which means heavy selling pressure. The same pattern was witnessed on June 23, which signalled the end of the market’s bull run.

Since then, the market created one lower high after another. It took six months for the pair to find the bottom. On December 12, the market found support at 0.001, and when it did, it bounced with a vengeance. A couple of weeks later, it pierced resistance at 0.002. However, bears defended that level and sent the market back down to 0.0017 support.

This dip is healthy as it welcomes new buyers who are more likely to sell above 0.002. This is your opportunity to enter the market and buy cheap.

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Technical analysis reveal that the market is forming a bullish higher low at 0.0017 support. The  recent bounce at this level shows that bulls are defending this area. In addition, RSI seems to respect support at 41.

Now, the strategy is to buy as close to 0.0017 support as possible. This is a bounce play so the target is the top end of the range at 0.0028.

Daily Chart of BlackCoin/Monero on Poloniex

As of this writing, the BlackCoin/Monero pair is trading at 0.00188950 on Poloniex.

 

 

Disclaimer: The writer owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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Trade Recommendation: Dash/Monero

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The bull run of the Dash/Monero pair commenced on February 26, 2017 after the market took out resistance of 2.35. Those who bought at that level were very fortunate as the market skyrocketed to 6.20813535 on March 18. That’s a gain of 164.18% in less than a month.

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The run, however, did not last long as the pair recorded a lower high of 5.23 on March 22. A week later, it broke crucial support at 4 and the market lost all bullishness. On April 3, bears sent it back to 2.35 support.

Technical analysis reveal that the market respects support of 2.35. In 2017, the pair defended and bounced from that level multiple times. On one occasion, the bounce was so strong that it sent the market above 5. The price action created a wide range that’s tradeable whenever the market is near the bottom.

The strategy is to buy at current market level. Once again, the market is bouncing after hitting support of 2.35. Take note that this is just a bounce play, and the market’s trend has not changed. Therefore, it would be wise to sell positions as soon as the market reaches 4.

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Daily Chart of Dash/Monero on Poloniex

As of this writing, the Dash/Monero pair is trading at 2.48404295 on Poloniex.

 

Disclaimer: The writer owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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Trade Recommendation: Ripple

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This is a long term trade which can give a good profit. The price bounces from the support zone and SMA50. RSI reverses in the oversold zone and it confirms price reversal. MACD histogram supports the upward movement. ADX line falls and it allows us opening long trades. Pending orders for buy should be placed at 1.60 which is higher than 1.50 resistance. Stop orders must be placed below the swing low at 0.80 level. Profit targets are 3.00 and 4.50 levels. If you don’t use leverage, trading volume for this trade is up to 5% from your deposit.

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Market: XRPUSDT
Buy: 1.60
Stop: 0.80
Profit Targets: 3.00 and 4.50

The trading signal is based on Poloniex chart.
Disclaimer: The analyst does not have investments in Ripple.

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Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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