I pay attention to specific, price defined levels of support (demand) and resistance (supply), looking for opportunities to trade around these levels based on a simple process for doing so.
I use two charts, the DAILY and WEEKLY, the former I use for entry, the latter for direction. Let’s take a look at a few WEEKLY charts on my radar for potential DAILY chart trades.
Lockheed Martin (NYSE:LMT)
Lockheed Martin (LMT) has enjoyed a nice run this year right up to resistance and all time highs. I’ll be looking to go long if the old supply becomes new demand here, in the form of a breakout and trend continuation.
Abbott Laboratories (NYSE:ABT)
Abbott Labs (ABT) has traded within a wide range box since late 2015. It is now at the top of the box again after a strong sprint since January. I would like to see it take a rest here (and on the DAILY chart) for a new break (= new demand) and possible run back to Summer 2015 highs.
Hartford Financial (NYSE:HIG)
Hartford Financial (HIG) is sitting right at a key price resistance level from Summer 2015. I’ll be looking to go long if the old supply becomes new demand here, in the form of a breakout and trend continuation.
Take a look at the following stocks on the WEEKLY chart and see if they are exhibiting the same price action as the ones above: JNJ MCD CRM CTRP HUN WWE ABC LYV GWPH.
Thanks for reading and note that you can access more of my work over at CrosshairsTrader.
Twitter:Â Â @crosshairtrader
No positions in any of the mentioned securities at the time of publication. Â Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
