Thursday, November 29th
Good evening everybody. The indexes closed out Thursday slightly down after seeing triple digit gains earlier in the week. We have also begun to see the futures struggle as we head into December.
We do however have a nice Christmas treat for you heading into next week. Today we have two great setups that have some good short and long term potential.
We are going to start with Henry Schein (HSIC) as our short term move of the day. HSIC has been on a fantastic run for the last few quarters but we are heading into some murky waters. We have just begun to test resistance set near the end of 2017 Q3. This could provide some potential landslides but looking back further we see additional resistance back in 2017 Q2. This is very likely to be the top of this move, but for the short term you have 5 points to play with. Be ready to act on this.
Now for an exciting move which turns out to be one of my favorite setups. On TE Connectivity (TEL) we see a nice small double bottom after a significant move to the downside all of Q4. This offers one of the largest potential moves of any setup. Often these setups will see a 50% or greater retracement back to prior ranges. This could mean a move back up into $95 from $75. I'll take that opportunity any day of the week and twice on a "Friday" 🙂
This wraps up the trades for Thursday, November 29th.
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