The Wagner Daily – AZN Breakout: Double Bottom Pattern

The Wagner Daily – June 28, 2022

Below is the full, archived issue of The Wagner Daily swing trading report (sent to members the night before the publication date).

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MTG Market Timing Model –  BUY (Nasdaq Composite 1% or more above 21ema)

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:

• none

Commentary:

Broad market averages pulled back in on Monday but avoided distribution due to lighter volume. Total volume on the NYSE and Nasdaq exchanges was also below average.

In the short-term, we’d like to see the Nasdaq Composite hold above last Friday’s low.

With the Nasdaq Composite on a buy signal, we can begin to put money to work on the long side. However, we are not in rush to build up exposure as there aren’t a ton of setups out there with low-risk buy points.

There are two new official setups for Tuesday’s session. The first is a breakout buy in $EVH. The chart below is taken from Monday’s report. The stop is 6% away.

The second setup is a breakout entry from a bullish double-bottom pattern in $AZN.

In a double bottom pattern, the second low should undercut the first low. The buy point is the swing high between the first and second low.

We are going with a standard 6% stop.

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

• Longs – $LNTH (pullback near 50ma), $HQY (over 68.35),
• Shorts – (none)

See you in the chat room,

Rick 

This list is a good starting point for monitoring the health of the market for those who have limited time.

https://morpheustrading.com/services/swing-trade-alerts

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