The Wagner Daily -Stock Breakout: Explosive $FRHC Setup

The Wagner Daily – June 23, 2021

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MTG Market Timing Model – buy mode due to strength in Nasdaq Composite (still above 20ema)

Our timing model was designed to keep our trades in line with the prevailing market trend, not to call tops or catch bottoms in S&P 500 or Nasdaq Composite.

today’s watchlist (potential trade entries):

open positions:

closed positions:

position notes:

•    $KRNT first buy stop triggered.

Commentary:

Growth stocks continue to lead the market higher with $FFTY and $IWP outperforming the S&P 500.  

The model portfolio is in pretty good shape as we look for new positions to follow through to the upside during the next few weeks.

The first buy entry in $KRNT triggered on Tuesday above the high of the prior day’s reversal candle and there is an open order for the add. The two buy stops in $CDNA have yet to trigger and are still open.

There are two new setups for Wednesday’s session. The first is an add in $CRWD on a pullback to the breakout pivot.  This is a buy limit order, so the price will have to pull back to the limit price in order to trigger an entry.

The second setup is a breakout entry in $FRHC which has been trading in a tight range the past few days above the rising 10-day EMA. The IBD ratings are solid with a 94 Relative strength rating and a Composite rating of 99.  The Accumulation/Distribution is an A along with a solid 1.4 up/down volume ratio.

The quarterly earnings and sales growth are explosive.

Unofficial Setups – For experienced traders only, no guidance is given for these setups.

• $SNAP – buy at 64.73 and 64.78
• $FUTU – buy over Tuesday’s high, or buy pullback if opens slightly lower with a stop below the 2-day low
• $LMND – buy over 104.60
• $POSH – buy over 46.70

Also watching $WKHS $STEM $EOSE $GDRX over prior day’s high

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