The Nasdaq index has looked positive for a while now and its performance has been solid through this earnings season.
QQQ
Observe the positive (albeit not spectactular) OVI and the steady steps it has taken over the last month. Each breakout from each step represents a low risk trading opportunity.
Today there weren’t that many really obvious opportunities hanging around but here’s a chart that is potentially setting up nicely. RIG is an oil stock which is now beginning to form a flag-like pattern with a positive OVI underpinning it. You can’t see today’s bar in the chart below but the price has risen and I’m sure the OVI will still be positive as the stock poises itself for another leg up.
RIG
All the best and see you soon.
Guy