The Nasdaq index made another jump today in line with our solid bullish expecations this year. The OVI has remained positive but now you must manage your trade with a simple trendline, just below which you can adjust your stops day by day. This will ensure you keep your profits.
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.
RIG tried to break out today but only succeeded in doing so with a small doji bar. Dojis can result in reversals so if you’ve been triggered, watch it like a hawk. For a very small stop loss you can use a rising trendline, otherwise your initial stop is under the recent low of $42.21, which is quite a ways away. The OVI still looks good though and I’ll want to see what it says tomorrow when we’ve processed today’s data.
RIG
All the best and see you soon.
Guy Cohen
