In today’s video, I provide a TEVA update, and show you why Macy’s (M) is looking good for a short term bullish move.
On Jan 14th, I shared why TEVA was on my radar. Since then, the stock rose over 20% in only a couple of days. Now, for the same reasons I liked TEVA, now I’m not liking it so much.
From the daily chart, I showed how volume made me interested in a bullish move. Now that price is at overhead resistance, I see volume showing me that selling pressure is now back. I would be taking profits off the table at this point, and wait for a short term correction. This 20% move was a great “base hit”, but there is still more to come.
Next, I share with you why Macy’s has upward potential. Like TEVA, M is a value play that has all the volume signs of potential bullishness. Buying pressure started to come in late in 2019, and has increased on the weekly and daily charts.
From the current price, my idea is for M to push back up to the $22-$23 resistance area. That’s a 30% “base hit”. When volume and price start working together, it makes trade ideas like this much more attractive. The daily chart is already in an uptrend, and the weekly is not far behind.
We teach this and other strategies in our upcoming live seminar, called Project V-Swarm Live 2020. We have invited special guests to join us as well, and I’m super excited about what they will bring. Here is the link for more information.
Learn to trade the Hawkeye way.
Join Randy in the next free LIVE Hawkeye Demonstration Room held every Wednesday at 9.30am EST US. You will learn more about volume and volume price analysis and see more examples and live trade setups. It is open to all.