FREE STOCK PICK ($3 Stocks) + US Dollar Massive Level; Announcement Inside
FREE STOCK PICK ($3 Stocks) + US Dollar Massive Level; Announcement Inside
Free Stock Pick
ANNOUNCEMENT TO PAID READERS:
All of our paid readers have this entire week free. Meaning, if you have a monthly membership, this week is free and if you have a annual membership this week is free.
No new member can subscribe until 12/06.
I paused billing until 12/6 because the market has been trading sideways and there has been low conviction and as you know, we only focus on HIGH CONVICTION on our report, so I do not want to charge everyone during a low conviction period.
We want to protect our brand and we would rather give you guys/gals time for free instead of putting out low quality, low conviction reports.
We are a report that is focused on QUALITY only and not quantity.
Some reports feel the need to put something out just for the sake of putting something out but, in reality is does more harm than good because it is unproductive content.
In this business, if I give you unproductive content, it will lose readers interest and hurt our brand. We want our readers to get excited when our reports are sent so that you know you're getting good quality every time and not just “words to make it seem like you're getting something”
With this being said, we are sharing a FREE PICK we are watching as we like this chart if it does breakout.
Enjoy👇
When it comes to stock charts, I always think horizontal.
Over my years in the game, I found that horizontal breakouts are more reliable than diagonal pattern breakouts. Of course, both are prone to failures but, they still are something I watch.
I am not sure if you have been paying attention to the midterm elections but, they recently have happened in the United States and these impacts certain industries.
This Chartist HAs His Eye On this Industry…
It is going to be the Cannabis industry group.
Looking at the picture from Time.com we can see that more and more states are legalizing cannabis for recreational use and these Midterms 2 states were added to the list.
Source: Where Marijuana Failed in the 2022 Midterm Elections | Time
The Stock To Watch…
The stock worth keeping a eye on in my opinion is going to be Tilray Inc [NASDAQ: TLRY 0.00%↑ ].
This stock has been trading in a solid sideways channel since June and is now nearing the top of the channel resistance point which is around $4.12.
A few factors of interest
When trading I always want to STACK probabilities in MY FAVOR. I want as much probabilities working for me to give me the best chance at success!
Here is what I want to see on $TLRY:
1) S&P 500 ABOVE 200 day moving average
This will give TLRY the best chance at having strength as a strong market is good for stocks!
2) TLRY above key resistance area around $4.12 and above the 200 day simple moving average on the daily chart.
Having price above the 200SMA and resistance on the chart shows me the line of least resistance is now to the upside and I always want to trade on the line of least resistance.
3) Lastly, I want to see HIGH VOLUME on the breakout, if it does breakout. This will show me there are a lot of people interesting in participating in this price going higher!
High volume gives confirmation to a breakout. A breakout on low volume is a low conviction breakout.
The Chart
The Bottom Line
The bottom line is this stock has a nice base but, it is in a downtrend. Waiting for a breakout is a MUST in my opinion and not trying to get in early. As trader we always want to react and not ‘forecast’.
This industry could be a industry that expands massively in the next decade but, there is not telling what company will be of dominance though.
As for now, we do like to trade channel breakouts and this channel is something we are watch on TLRY.
US DOLLAR IS AT A MASSIVE TECHNICAL LEVEL
The US Dollar has been one of the strongest assets one can own for the last multiple months.
DXY which is the US Dollar Index has blasted from $95 to over $114 before coming down sharply and violently of what appears to be a BOOM+BUST chart.
Is this the BUST PHASE?
Or will it bounce off of this important level?
The important level…
The important technical level here is going to be the $105 mark and the 200-day simple moving average which is illustrated above using the red line.
The US Dollar did bounce off the $105 mark before coming back down as Bulls and Bears battle for this territory.
This is the first time the US Dollar has traded under the 200 day simple moving average since this rally began back in June of 2020.
The Bottom Line
The bottom line is that the US Dollar is seeing MASSIVE SELLING PRESSURE!
A weaker dollar is GOOD FOR GROWTH STOCKS.
If the Dollar bounces, it could potentially cause pressure on stocks though, so this is of interest to equity traders!
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