Added Targa Resources (NGLS) to my watchlist tonight.
The stock has pulled back to the 50 day moving average after hitting an all time high of $49.24 on 4/22. Today’s closing candle shows a potential reversal sitting on the 50 day moving average as well as support at $44.45 . If we open up tomorrow on NGLS stock, I may look to go long with a stop at $44.35 – slightly below the low of yesterday’s candle.
Here is Targa Resources’s stock chart for today:
Halcon Resources Corporation’s stock took a massive tumble today falling more than 10% intraday. Must have been some bad news.
But, I like the way the day ended with a long wick candle near resistance area. This stock is clearly on a downtrend since it hit it’s high in Feb 9, 2012. But, I’m looking for a nice bounce off resistance.
If the stock opens up early tomorrow, I may go long 500 shares with a stop below today’s closing price. Price target of $6 which is new resistance.
Here is Halcon Resource Corporation’s stock chart today:
I didn’t even want to look at this trade yesterday in fear I might get stopped out. But, it came roaring back with the market today. Nothing too exciting though compare to my cost. I was a little indecisive about whether I should take the miniscule profit today since the candle hit up against the 8-day moving average today. I decided to hang on to the position and raise my stop because of the above average volume today. Here is Raymond James Financial’s stock chart today:
I started a long position in Amazon.com’s (AMZN) stock today based on its price action the last couple of days.
After what was a disappointing earnings report for some investors, Amazon.com’s stock took a nose dive breaking through a major trend line from December 2011. It put out a big red candle on 4/26 and reached a low of $245.75. This happens to be a resistance area from the high of $246.71 on Oct 14, 2011. It also bounced around this resistance area from end of Nov 2011 until middle of 12/17 before a short-lived break out.
The stochastic currently shows oversold and %K and %D are crossing over today which gives me secondary confirmation this might be a short term bottom.
Finally, the price action today suggests a short term reversal so I threw my money in around 9:47am at a price of $250.91. My target price would be a retest of the trend line from January 2012. My stop is at $245.75. It would make me feel a lot better about this trade if today’s candle breaks above yesterday’s candle’s high and above the 200 day moving average. Here is Amazon’s chart as of right now. The two lines on the chart is the trend from December 2011.
Diary Of A Swing Trader 