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- Signals of the Day – June 28
Signals of the Day – June 28
ACN, BBY & CCL
Afternoon folks, and what a day it was in the market. Pretty much everything finished in positive territory, rebounding from yesterday’s drop. Much of the rally is being attributed to the market going overboard yesterday to Mario Draghi’s comments that the EU central bank was ready to pull the plug on its stimulus plan. To read more about that, check it out here, but we’ve got three new signals on Accenture, Best Buy and Carnival to explore, so let’s dive in.
GMMA 2.0 likes what it sees on Accenture.
Our first signal is on ACN and it comes to us via the GMMA 2.0 strategy. Taking a quick look at its technical levels, we see that it is testing support, the 50 SMA and its oversold. ACN has also been in a solid bullish trend for months, making this pullback a very intriguing spot for a potential higher low entry. If we see a sharp increase in volume, we very well may see a surge in price to the bulls favor.
This signal, which as we stated is part of the GMMA 2.0 plug-in, which is based off of the work of the world renowned technical analyst, Daryl Guppy. This plug-in relies on what we call the Count Back Line, or CBL. The Count Back Line is closely related to the GMMA concept because adapts to changes in market volatility. The CBL is one of the key entry and trade management techniques that Guppy preaches. We also use the Trend Volatility Line, TVL, which generates lines based on the longer group of moving averages. The TVL adjusts these lines when the higher average crosses the previous line, causing a step-wise trailing stop that does a much better job than a typical trailing stop. If the GMMA called this one on ACN correctly, we could be looking at pop back into the $126 zone in a hurry.
Did You Know?
WaveTrader is a big fan of the setup on BBY.
Just two recent WT3 signals on MMM.
After declining steadily for the entire month of June, BBY is showing signs of a strong reversion move. It is very oversold on all of the relative strength indicators, putting it in a natural reversion zone. It also pivoted off of support close to $55 which is not far from the 50 SMA, both major levels that influence price movement, in this case bullishly. WaveTrader is actually looking for BBY to make a run at its former waves high in the $60-$62 range.
WaveTrader’s specialty is finding higher low, and lower high, pivot points on the right edge of the chart. WaveTrader 3 uses what we call, Fractal Wave Theory, to find the most confirmed Wave Trading candidates. A fractal is a repeating pattern that is self-similar across different scales. By applying Fractal Wave Theory, we find “waves within waves”, which allows us to take advantage of the precision of smaller waves while benefiting from the smoothing, or stabilizing, effect of the larger waves. To learn more about that, check it out here!
Our last signal of the day is an MS-16 signal on Carnival Cruise Lines.
MS-16 likes the view of the new higher low on CCL.
CCL has been trending higher for months, and it appears as if another higher low is on the horizon…. Sorry. It is pivoting off of the trend line and is well above its major moving averages. Its momentum is on an upswing and everything looks solid for continued bullish movement as far as its indicators are concerned.
The MS-16 strategy uses two different momentum based systems and filters based on trend direction. The MS-16 Strategy also employs a indicator in OT called Days to Earnings. This indicator helps avoid trading into a potentially dangerous earnings report. MS-16 also uses what we call the Dynamic Scan. This scan pinpoints the stocks that are outperforming the market but have made a significant pullback against their trend. Pretty awesome if I do say so myself. If you’d like to know more about MS-16, check it out here!
Remember, you can only use the strategies mentioned above on Nirvana software. You can find all of the information on OmniTrader and every single strategy you want over at NirvanaSystems.com!
Have a wonderful night and we’ll catch you guys tomorrow. Happy trading.
The products and demonstrations listed on this website are not recommendations to buy or sell, but rather guidelines to interpreting their respective analysis methods. This information should only be used by investors who are aware of the risks inherent in trading. Nirvana Systems shall have no liability for any investment decisions based on the use of their software, any trading strategies or any information provided through other services such as seminars, webinars, or content included in the SignalWatch website.
About the Author Ryan Belknap
Ryan has been with Nirvana since 2012 and has been manning the trading desk since Day 1. He was one of the founding members of Nirvana's Trading Lab and also TraderSource.com along with Ryan Olson and Russell Casperson. Ryan logged more than 3,500 hours trading and educating live in the Lab. He is also the lead author of SignalWatch.com. Ryan is a seasoned educator and has conducted numerous educational webinars and is an OmniTrader University instructor. Ryan prefers swing trading and position trading. Outside of the market, Ryan has passions for the outdoors, baseball, exercise, coffee, pop-culture and spending time with his family.