Welcome to Hawk’s Scan Sentry Report. This is Easter Sunday with stock picks for early this week.
Well, a busy week in the American stock market has come and gone. If you were to look at last week’s Scan Sentry picks from the week’s open to the week’s close we would be up cumulatively by 3.4%, (which is far lower than our weekly average of around 12 %), to a large degree on the strength of BJRI breaking strongly out of consolidation. That was a stock brought to our attention by our ‘Pullback 23’ finder in the Scan Sentry Toolkit. The Pullback 23 signal is a powerful indication derived by a combination of our proprietary technical analysis tools. It looks for a temporary lull in the trend and creates a signal as soon as the market picks up steam again. I have to admit, it is probably one of my favorite tools to use when scanning daily charts for good set-ups. Like many signals, the set-up is much stronger when tempered by strong volume or propitious proximity to support and resistance levels. This week it did not show as many signals as it did last week; but it can be identified by the PB 23 label below the ShowMe dot on the daily chart of DO below. You may notice that, this week, many of our long signals are indicated by our Trend Exhaustion 1 ShowMe dot (TE 1). These are based on our Price Leader Accelleration Oscillator crossing out of an oversold setting.
Since this week, as always, I want to be prepared for anything; I am once again monitoring both long and short possibilities. Of course, your chances of making money trading stocks are greatly improved if you have a specific plan for each position you take on. As you look at these stocks, try and identify good entry points coordinated with your risk tolerance relative to appropriate stop loss levels. I don’t have the space here to propose specific stop loss levels or specific profit targets for each of these suggestions (I am offering 15 today), but I will remind you that these entry ideas are intended for swing trade positions, usually lasting several days at least. So, without any further ado, here are the picks…
All of these symbols showed recent signals in the Trend Exhaustion 1 tool.
May the trend be with you,
Jan Arps’ Traders’ Toolbox is not an investment advisory service nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities customers should buy or sell for themselves. Examples presented on this site are for educational purposes only. It should not be assumed that the methods, techniques, or indicators presented in these examples will be profitable or that they will not result in losses. There is a high degree of risk in trading. Readers using this information are solely responsible for their actions and trade at their own risk. Readers should always check with their licensed financial advisor .