Traders Don’t Usually Trade Utilties. Today, This One Was Worth Looking At…
Normally traders do not
look at utility stocks. But this morning, Entergy Corp (ETR)
was forming attractive patterns.
10:22:59
(From TradersWire)
Entergy Corp (ETR)
is testing the rising 15-period SMA on the 3-minute chart. Long ETR at the
current level, 63.58. Risk 15-25 cents, and our target is near 63.95.
ETR gapped down at the open, but it quickly
reversed to the upside. After failing to take out 64, profit takers came in and
pushed the stock back to the 15-period SMA on the 3-minute chart. Also notice,
at the same moment, ETR was nearing its 5-period SMA on its 13-minute chart. Not
just one, but two support levels convinced us to long ETR at 63.58.
I say this often, but it is always helpful to get multiple signals.
Have a nice afternoon session.
If you have questions, feel free to mail them to me.