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There’s a Lot of Upside With Stocks Reversing Trends

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The SPX continues to hover below the 2,600 mark with tightening range.Indicators show that the index is still in extreme overbought territory. It must pull back in order to sustain its ascent. Therefore, we continue to focus on stocks with limited risks but offer significant profit potentials.

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Here are a couple of names that are either making a reversal or ending a correction phase.

AIV – Apartment Invt & Mgmt Co

The stock has been on a downtrend since 2007 when it hit its all time high of 65.79. 10 years later, AIV has reverse its trend after it quietly broke out of its 35 resistance. Currently, the name is creating a base at 45 which is a very encouraging sign. It needs to turn 45 into a strong support level to have a chance at breaching major resistance at 50.

More often than not, stocks reversing from a multi-year downtrend have huge profit potential. They are at the point where risk-reward ratio is most favorable. AIV, for example, has come out of a 10-year downtrend, and it appears that the general public has yet to purchase the stock. Now is an opportune time to get in.

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Institutional investors are probably quietly building volume at 45 which means you have time to purchase the stock. Once the name goes above 50, it will attract momentum traders as well as the public to push the stock to 62 first. Break that, and we get the all time high of 95.

Weekly AIV Chart

Monthly AIV Chart

Summary of Strategy

Buy: Build volume now and buy more once it breaches 50

Support: 45, 42, 40, and 35

Resistance: 46.5, 50, and 62 last

Targets: 65 and 95

Useless: Only when support at 35 is broken

AXP – American Express Co

The stock has been correcting since 2014 after making the all time high of 96.24. We saw it retreat to 53 and established a base at that level. AXP has been rallying since and has now broken the major resistance at 93. In the last few weeks, however, the name has retreated from 96 and is currently forming a base at 93. This is an encouraging development as the stock needs to establish strong support to have a chance at breaking its all time high of 96.24.

Build volume at 93 with the intention of buying more once the stock breaks its record high. There is no known resistance after AXP moves above 96. The name has a clear path to the target of 135.

Weekly AXP Chart

Monthly AXP Chart

 

Summary of Strategy

Buy: Build volume now and buy more once it breaches 96

Support: 93, 90, 87, and 77

Resistance: 96.24

Target: 135

Useless: Only when support at 77 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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11 votes, average: 3.91 out of 511 votes, average: 3.91 out of 511 votes, average: 3.91 out of 511 votes, average: 3.91 out of 511 votes, average: 3.91 out of 5 (11 votes, average: 3.91 out of 5)
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