MY JOURNAL FOR FRIDAY – NOVEMBER 25, 2022
NEWS, BREAKOUTS, MOMENTUM PLAYS & BOTTOMS
The Canadian Technician
Some Bull Market Sectors are Forming
Greg Schnell | November 25, 2022 at 12:56 PM
As the market changes from bear to bull, there should be a market rotation away from defensives.
While defensives and financials are still performing well, Industrials are also leading the way. It might not have the charm of something the younger generation has been yelling about, but I just heard that Warren Buffet and Charlie Munger were buying Celanese (CE) shares in chunks. This chart is not the shape for technicians, but it is the shape for value buyers starting to push the price up.
So what chart shapes do technicians like? One entry style I like is breakouts above trend lines, or stocks making new 3-month, 6-month, or 1-year highs. I created a scan to find stocks that made a new high anytime this month (November 2022), and there were 312. That is very positive, considering how the market indexes are well below the highs.
An example of a nice chart for me is CN Rail (CNI), which is in a strong sector. There are a few reasons I can list for why I like the chart; the SCTR is breaking above 75, the purple area shows the stock outperforming the S&P 500, and the stock is trying to break out to new six-month highs. One for the watch list.
As the market changes complexion, it can be really profitable to find new market leaders. I will be hosting an information session on Tuesday, November 29th about the work we do at Osprey Strategic and how we approach the market. Live attendees will have an opportunity to win a StockCharts for Dummies book!
As well, any new clients are welcome to join in and listen to the monthly client conference call on Wednesday November 30th at 5 PM ET. We’ll share some of the stock ideas we like and why the market is so mixed. We like to make money when the backdrop is positive, and we’ll talk about how we do that on Tuesday.
Greg Schnell, CMT, MFTA
Senior Technical Analyst, StockCharts.com
Author, Stock Charts For Dummies
Welcome to Osprey Strategic
Nearly a Decade of Experience in the Financial Markets
Greg Schnell, CMT, MFTA, is a Senior Technical Analyst at StockCharts.com specializing in intermarket and commodities analysis. He is also the co-author of Stock Charts For Dummies (Wiley, 2018). Based in Calgary, Greg is a board member of the Canadian Society of Technical Analysts (CSTA) and recent winner of the CSTA’s Technical Analyst of the Year. He is an active member of both the CMT Association and the International Federation of Technical Analysts.
Explore Greg Schnell Special Pricing Save $363.00! – LEARN MORE
BREAKOUTS, MOMENTUM PLAYS, & BOTTOMS
BCE.TO – BCE, Inc.
EIF.TO – Exchange Income Corp.
FIL.TO – Filo Mining Corp.
G.TO – Augusta Gold Corp.
H.TO – Hydro One Limited
RCI/B.TO – Rogers Communications, Inc.
MOMENTUM ALERT SIGNALS
The main focus of the SetYourStop Slack workspace is the momentum scanner that was developed to trace abnormal volatility in the Canadian equity market.
Our proprietary momentum scan system searches for abnormal volatility which flags the urgency of buyers. It was designed to signal the potential of momentum coming into an underlying name or sector. The charts issued are to be used as indicators only, not a trigger to buy or sell.– Disclaimer
Once a chart is received, systematic rules are to be used, implemented by the individual (SetYourStop nor ospreystrategic.org holds No Responsibility for one’s actions as the charts given on SetYourStop and ospreystrategic.org are to be used as indicators only and not a trigger to buy or sell) to define and manage risk. Stop-loss orders are an important tool to negate any false signal. The goal is to let winners run while using trailing stop-loss orders to preserve gains.
Let Us Do Your Homework (With Full Website Access):
- Weekly GregSchnell newsletter that will feature his top ten charts of the week.
- Weekly GregSchnell video which summarizes the major moves in the global markets.
- Vital GregSchnell that can be quickly look through with his top 30 charts at any given time.
- GregSchnell Monthly conference call that is recorded and saved.
- The Daily Setup watchlist of stocks that are signaling the potential of upside momentum.
- The daily SetYourStop blog (News, Breakouts, Momentum Plays and Bottoms).
- The SetYourStop Workspace.
- Much more!
THIS IS NOT A STOCK PICKING SERVICE. THE WORKSPACE HAS BECOME MORE LIKE A COFFEE SHOP OF CLOSE FRIENDS SHARING IDEAS.
Most Traders Tend to Overthink. It’s Time to Remove Noise, Remove Emotion, & Learn How to Define Your Risk. Become a Robot!
Definition: Systematic trading (also known as mechanical trading) is a way of defining trade goals, risk controls and rules that can make trading decisions in a methodical way.
Whether you’re a trend follower, swing trader or penny scalper, the SetYourStop workspace will provide you with trading ideas.
We discuss charts showing the potential of momentum as they appear on our radar with the goal of becoming the most interactive community in Canada.
Join the SetYourStop crew in the Slack workspace today.
The workspace is an exclusive interactive live community of traders ranging from beginners with small portfolios to seasoned veterans placing large bets. It’s an ongoing source of trading ideas and market dialogue mixed with education. The SetYourStop crew regularly joins the conversation to give feedback and share our trading ideas with the community.
Please read before subscribing: I’m Not Your Guru
Access the Workspace
Choose the Subscription Plan that works for you:
30 Day Trial
Only $7 USD
Our monthly plan is just that, a no-term and no-commitment subscription with flexibility and all the benefits.
Subscribe to our quarterly plan, pay once and enjoy all the benefits our membership offers
for 90 days.
Save money while experiencing the full benefit of our membership for 365 days of unbeatable content.