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SignalWatch – Easter Weekend
Good evening folks! I hope everyone has had a great long weekend I hope everyone has an even better week. Let’s dive right in and check out the new signals.
Darvas Classic
BMY has been in a dramatic pullback after posting a strong support reversal back in February. For the last few sessions, it has consolidated just above support very close to $53. It is very oversold on multiple indicators, which puts it in perfect reversal entry territory. Volume is still rather light, but if we see a pop in volume, we could see a quick reversion move back into the $55 zone.
This signal was fired by the Darvas Classic Strategy which is part of the Darvas Box plug-in. Darvas is looking for long extended pullbacks that are positioned to make new reversion moves. They are also fired when Darvas Box closes higher than the previous boxes low. I know that not a ton of information, but I am going to be posting an article devoted to Darvas and his methods later this week so be on the lookout for that!
Moving on we have CLI.
CLI is posting a new lower high after enjoying a nice run over the past two weeks. But, after failing to push and hold above resistance at $28 and after crossing back through the 50 SMA, CLI looks like it may be ready to head lower. Volume is increasing and CLI is also very overbought. If this move does indeed carry through, we could be looking at a move back down into the $27-$26.5 zone.
This signal was produced by the Hurst Cycle Trader. In a nutshell, HCT finds the next cycles in the market through a very complex set of equations and then fires off signals before the cycle begins. This allows traders to get in positions before the move occurs, which maximizes profits. Everybody loves that. If you’re interested in the details and want to know the ins-and-outs, check out HTC’s literature here.
The last signal for the day is CRL.
CRL appears to be in a position to make a move back in the bulls direction. It has been bumping along the support, which is in lockstep with the 50 SMA. It is oversold and volume is starting to pick up which could be signaling the next wave of buying. If things pick back up, we could see CRL head back in the $90 zone in a hurry.
This signal was generated by the TS Long Term strategy which is part of the TradeScope Pro. TradeScope Pro finds the highest probability moves in the market. It has a ton of filters and systems and uses those to comb through a litany of data to find the best setups. And it also gives you probability ratings and targets. Not too shabby. And according to TradeScope, this move has an 83% probability of hitting $90. Not bad. If you’d like to know more check out its PDF.
That’s all for tonight. Best of luck in all of y’all’s weeks!
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.