With the market closing early tomorrow, I thought I’d throw out a few last minute trade ideas and wish you and yours a very, merry holiday season 🙂
Standard Pacific [SPF] broke out of its triangle and more importantly, broke above August trendline resistance. This is an easy run to $4 for over 10% profit but then leave 1k or more on the table. Breaking that trendline may mean its got more legs on it than we know.
China game PWRD has been correcting and is not forming a falling wedge; a bullish reversal pattern. You could take the trade here if you like as I believe this is a strong support area or wait until the stock breaks above the falling wedge and jump in at that point. Definitely the safer play.
Gold itself via GC_F is forming a bullish falling wedge on the 60min chart. When demand overtakes selling pressures, you could buy on the breakout. I can almost guarantee that this will come back and backtest its breakout support area and then I’d recommend adding to your position on that pullback.
With the Nasdaq the clear leader of the index pack, here’s another tech play in LWSN which broke out of a falling wedge. A couple thousand shares of this with a stop below todays LoD [low of day] and you’ve got a price target of $7.75ish for over a 20% gain in the next two weeks or so. Ka’ching
If you have the ability to trade futures, here’s a swing trade in Soybean Oil futures ZL_F. It broke out of its triangle and has now backtested that support; which held. Great entry point now with a stop below that support for a 2-4 week swing trade with an ultimate target of $44-45 Just be certain to exit your position before the contract expires……or be prepared to cough up some soybeans *lol*