The Wagner Daily – $MEDP: Strongest Chart in $IBB, Potentially in Play on Pullback

The Wagner Daily – November 14, 2022

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MTG Market Timing Model –  BUY  (from 10/21/22 follow-through day buy signal)

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:

• ENPH stop triggered.

Commentary:

Broad market averages closed out a solid week of trading with a higher close on Friday, following Thursday’s powerful advance.

The S&P Midcap 400 is the leading index with the price action clearing the downtrend line and the 200-day MA

Biotech ETF $IBB is one of the better-looking charts out there in a valid basing pattern after a rally off the lows.

The price is approaching the base high, so we are monitoring the action for a pullback entry. A false breakout above the base high and 3-5 day pullback would be ideal.

$MEDP is one of the strongest charts within $IBB and is potentially in play on a pullback.

There are no official setups for Monday, but we are monitoring biotech ETFs $XBI and $IBB for pullback entries, along with $MEDP. $TMDX is another medical name we are watching.

Unofficial Watchlist

• Longs –  Watching $MEDP $SMCI $ENPH $TMDX $PODD $HRMY
• Shorts –

Rick 

Click here to view this week’s watchlist in google sheets

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