The SwingScanner list for today is a short one.
On the surface, the daily chart of SYY is not bad. A simple bull flag, on bar 4 of the pullback in an uptrend. The swing trade is triggered on break of last Friday's high, and the initial stop loss should be placed a penny or two above last Friday's low.
When we look at the weekly chart, there is concern of course, since there is a big two-candle harami spike pattern here. Just like the last batch, there is a big warning sign looming overhead. If last week's low is broken, it will be a big "heads up".
The daily chart of K is similar to SYY in that this is Bar 4 of a simple bull flag in an uptrend. Again, the swing trading strategy is to buy on break of last Friday's high, with an initial stop loss a penny or two above last Friday's low.
Again, there is some potential for a spike top on the weekly chart that needs a third candle (this week's candle) to confirm. The first heads up point will be the break of last week's low.
On the short side, you can see there are a lot of stocks such as GSK that are trying to hold the 200-day moving average.
On the daily chart, this is the first attempt to bounce after hitting the 200-day MA, and if there is no convinving thrust up, the sellers will come out at overhead resistance. The swing trade to set up the short sale is to sell short on break of last Friday's low. The initial stop loss will be last Friday's high, and the initial downside target is last Thursday's low.
THC and CBST are not setups that I would trade. CBST is a nice pattern, but too cheap, while THC is cheap and congested. That's it for today.
04.03.08 09:11 #