SignalWatch – 4.10.17

April 10th

Wow, what a day. If you were following along today or were trading in the intraday timeframes, today was a bit of a roller coaster ride. Up, down, up, down. Sharp snapbacks, panic selling, defensive buying. Volatility was the name of the game but the indexes did manage to finish with small gains. Let’s go ahead and dive in into tonight’s signals. First up, the House of Mouse, DIS.

CPS5 Trendline Break

DIS has broken through a trendline to trigger a new buy signal.

DIS has been climbing steadily for months and has been immune to any of the recent pullbacks that we have witnessed as of late. As we can see, it is trading in a very tight channel and looks poised to break out. It is well above its major moving averages and all of its other major indicators look strong and healthy. If DIS can continue to move higher, we could see it pushing up into the $115 zone or higher before long.

This signal was fired off by our Chart Pattern Recognition 6 plug-in. CPRM6 automatically finds the stocks with the strongest patterns in the entire market. CPRM6 also finds chart patterns in any timeframe you can think of. Chart patterns are extremely popular and a great trading method. In fact, trading patterns is our founder and main man, Ed Down’s favorite method of trading. He even wrote a book on the subject. If you are interested in finding out more about CPRM, check out its PDF.

Next up, BIIB.

Darvas Classic

BIIB has set itself up for a potential support reversal.

Our Darvas Box Module has fired off a new reversal signal on Biogen. As we can see, it has tested support several times and three out of the last four tests all resulted in large reversal moves. BIIB is oversold on both the Bollinger Band and RSI indicators and the MACD indicator is about to undergo the bullish crossover. If this reversal does take hold and bounces, look for a pushing into the $280 zone.

The Darvas Box Module is based on the work of Nicolas Darvas. What the strategies are looking for are current highs closing above “boxes” that were formed from recent highs. The Darvas Box strategies are some of our most accurate and most popular.

The last signal of the day is another Darvas signal and this time on Chevron.

Darvas Classic Strategy

CVX has been trending lower and has set up a new lower high.

CVX has been trending lower since late December and it has just formed a brand-new lower high. It is right on the verge of being overbought, which puts it in perfect entry territory. CVX is trading between the 50 and 200 SMA’s and both of those moving averages will act as both support and resistance. Volume is steady and things look very promising technically for another move to the downside.

Now, it should be noted that oil stocks usually get bumps from geopolitical events, such as the recent events in Syria. If more of these events occur, that could make CVX reverse course. So, keep an eye on developing issues.

That’s it for this evening. Check back tomorrow and happy trading!

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