The Wagner Daily – Biotechs $NBIX, $VRTX in Play on Last Friday’s High

The Wagner Daily – August 15, 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 $ENPH.
• Stopped out of the remaining $AGL position on Friday’s open.
• Note the tight stop in $GWW to lock in gains on half the position.

Commentary:

The Nasdaq Composite remains in a strong uptrend above the rising 10-day EMA and may continue to push higher without much of a pause until the 13,400 area, where there is resistance from the 40-week MA and 50% fibo level.

Per intraday alert, $ENPH was added to the model portfolio near support from its rising 8-day EMA. If the price fails to follow through from there, then we’d look for a pullback to the 20-day EMA to re-enter.

$UNG has formed a cup with handle basing pattern starting in June. The handle is a bit volatile at 18% deep, which makes it difficult to set a stop in the 5-7% range without some sort of pullback to support. A move through the downtrend line could spark the next wave up.

$NBIX and $VRTX are both in pullback mode and could be in play over last Friday’s high.

There are no new official setups for Monday but we are monitoring the stocks above for buy points (stay tuned for intraday alerts if any action is taken).

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

• Longs – $UNG $LYFT $APPS $SQ $NBIX $VRTX $TSLA $CELH $DQ
• Shorts –

See you in the chat room,

Rick 

These lists are a good starting point for monitoring the market’s health for those with limited time.

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

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