The Wagner Daily – ENPH Stock Soars 18% on 320% Volume Spike

The Wagner Daily -July 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   

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 along with open and closed positions:

position notes:

• Per intraday alert, bought $XBI

Commentary:

Broad market averages staged an impressive rally with big gains across the board on higher volume. The Nasdaq Composite closed with a 4% gain but may soon find resistance from the prior swing high. The Nasdaq may also be forming a rising channel, especially if the price stalls at the top trendline and reverses lower within the next few days.

Per intraday alert, we bought $XBI late in the afternoon as it held above the 10-day EMA following the Fed announcement. This is a shorter-term swing trade with a target of the 200-day MA and a 2 to 1 reward-to-risk ratio.

There are two new official setups for Thursday.

The first is a small 1/4 position buy in $ENPH over the high of the gap up day looking for immediate follow through to the upside. The stop is placed just below the 61.8% fibo retacement of Wednesday’s candle.

$ENPH gained 18% on a 320% jump in volume. A major buy signal. For those who bought the open above the 1-2 minute high as suggested in yesterday’s report, consider adding to the position (small add) over the day’s high.

Our second buy setup is a potential breakout from a tight trading range in $EVH, which reports earnings next week (8/2). This is an aggressive setup with a tight stop looking for an immediate move up. If the stock breaks out and gives us a decent profit buffer, then we may be able to hold through the report.  

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

• Longs –  $HALO $MUSA $PWR $GTLB $XLB week
• Shorts –

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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