Watching Market Patterns in Half an Hour
The market is feeling tense right now and investors everywhere are being cautious.
But that won’t stop us from going on Money Morning LIVE and looking for the best opportunities in stocks right now.
Join me in half an hour as I go live and search the charts for any potential trades we can make.
PENNY HAWK ADJUSTMENT: ETHE
We’re going to make an adjustment to the first ever Penny Hawk trade.
ETHE tracks the price movement of the world’s second-largest crypto, Ethereum, and it’s a great way for us to get crypto profits without directly holding onto digital assets.
But we missed the boat.
Literally, just one day behind on the pricing and shares rallied 60% higher.
But the fundamental story for ETHE is still the same.
ACTION TO TAKE
We’re going with an entry price of $27 as this would breach ETHE‘s 50-day moving average.
We should see that level hold strong support because the crypto market is always looking to buy the dip.
There are also a lot of Penny Hawk commandments at play with our adjustment.
“Technicals matter,” “the trend is your friend,” and “listen to the noise.”
Like I said before, nothing about the fundamental picture has changed for this stock.
Which means we should be able to give ourselves a predictable profit.
The technicals and the trend are the same as when I first recommended ETHE.
Now we wait to see if there’s any noise (increase in buying volume), or if we continue to see selling pressure.
You may have noticed we’re making a lot more adjustments lately.
That’s because we’re adapting to the market.
But a daily eLetter can only prepare you so much.
That’s why my Night Trader service is the most elite trading research service that I offer.
I’ve got an entire infrastructure that allows me to send you email alerts, group chat messages, as well as text messages whenever we need to adjust a trade.
Night Trader is the absolute best way to have me stay on top of yoru trades for you.
To see if this kind of service fits your financial needs, please call 1-877-211-3024 for personal assistance.
Until next time,
September 21 2021