Lying In Wait
Get into the habit of checking out the intraday setup alerts in the Insights
From The War Room at the end of the day, if you are a daytrader.
Once in a while an intraday setup from the day before will not trigger, but will
be a prelude of what is to come.
On Friday, we alerted an interesting intraday pattern in Juniper Networks
(
JNPR |
Quote |
Chart |
News |
PowerRating):
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14:19:40
Intraday Setup Alert
Juniper Networks (JNPR)
is forming a Slim Jim at the level of its intraday low. JNPR is now down
8.38 at 38.25.
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JNPR proceeded to trade within that narrow range for the remainder of the
session, never violating the bottom of the pattern.
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The daily chart shows a momentum gap the the downside on
Friday’s bar out of an upward-wedging flag, so if you were observant enough to
continue to stalk JNPR for continuation to the downside, you were rewarded
handsomely.
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The stock has dropped 3 points to its intraday low following a
failed attempt at an opening reversal, and is now forming another Slim Jim at
the intraday low in today’s trading.
This is a scenario that plays out time and time again. Use the
setups we profile every day, and get into the habit of taking a few minutes to
look at the play between the daily and intraday setups. Stocks in motion often
stay in motion, at least in the short term.
Until tomorrow,
Duke
P.S. WHHHHOOOOOOOOOO, AVS!!!!! Thank you Boston, for loaning us
Raymond Bourque. Ray, you had to go to Colorado to get your hands on the Cup,
but you will go into the Hall as a Bruin.