The Wagner Daily – $TSLA Poised for Breakout with 20-day EMA Support

The Wagner Daily – August 19, 2021

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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:

Add

position notes:

• Per intraday alert, added to $ENPH.

Commentary:

Broad market indices are trading roughly 1% lower this morning, which sets up a possible gap-down reversal on the daily chart of $QQQ. If $QQQ opens below the two-day low and reverses back through that low and holds, then that could lead to a bullish reversal. If the reversal fails to play out, then a test of the 20-day EMA is likely.

Per intraday alert yesterday, we added to $ENPH as the price reclaimed the 8-day EMA. If Wednesday’s low does not hold, then a test of the 20-day EMA is likely.

$ON cleared base highs on strong price and volume action Thursday and could be in play on a pullback to the breakout pivot (horizontal line).

$TSLA looks to be forming a handle as it moves up the right side of its base. Look for the 20-day EMA to provide support.

$CELH doubled in price off the lows and is consolidating above the 20-day EMA less than 20% off the high. The shallow retracement after a big move up is a bullish sign that should eventually lead to higher prices (if the market remains healthy).

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

• Longs – $FLNC $CELH $PGNY $STAA $TSLA
• 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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