13 Nov Weekly Stock Market Forecast and Swing Trading Ideas Report
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Weekly Stock Market Forecasts, Charts, and Swing Trading Ideas List and Strategies Report
Week of November 14th 2022
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General Market Summary plus Swing Trade Ideas List:
Updated Banister Market and Elliott Wave Views on SP 500 and more and weekly swing trade updated ideas list is at bottom of this report
Markets and more: 4100/4125 area key resistance ahead for SP 500
As I said here last week potential for 4000-4100 on SP 500 as long as 3667 are holds which it did. Obviously the tame CPI report kicked things into gear, but that is what spurs a shift in an Elliott Wave pattern to bullish, as in Wave 3 up. Wave 3’s are usually the most bullish wave window for investors. 4100-4125 I expect as targets and resistance on a few levels. This is where Wave 3 has a relationship to 1 and also an ABC pattern as well off the 3500 lows. Expect a problem zone there.
This week the charts show longer term Weekly views on NASDAQ which is bumping up against the 200 week EMA Line, formerly long term bull support, now resistance. The SP 500 chart shows support at the 34 week EMA Line bouncing off of that. The daily SP 500 chart shows my wave count as a 3rd up per last weekends report chart… and where I see resistance.
SP 500 Daily and Weekly and NASDAQ Weekly charts:
Trading:
In the meantime, SRP has a big 24% gain going on a Biotech play on the final 1/2 and we issued new Energy stock alert on Friday. We closed out a few trades last week prior to the CPI day to avoid any big issues, and are now looking to add more positions.
3x ETF service started up a long position in LABU (3x Bull Biotech XBI). Biotech has not broken upwards hard yet like the Chip stocks have, but has a 7 wave sideways correction pattern that often preceeds a new run up, we will see.
Chip stocks as I’ve been saying (Last weekend report) are key to watch for a new bull market indicator. They tend to lead tech stock recoveries and they have been uptrending hard. When you see bad news and poor outlooks and stocks in that sector go up, that is always a good sign.
Consider joining my 3x ETF Swing Trading room on Stocktwits, gives you very nice exposure to sector swings based on human behavioral patterns. Removes single stock risk and gives you a better upside beta and lower risk with your overall trading plans (SRP, 3x ETF, Futures etc)
Closed out ERX recently for 20% gains and LABU for 8-9% gains.
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Swing Trade Ideas with a combination of strong fundamentals and attractive behavioral pattern charts combined. List is updated every Sunday, names removed if they broke out to the upside strongly and or broke down. New names added, many names repeated if still in a bullish pattern. A lot of stocks will pull back harshly right before a big breakout reversal, so be advised
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11/13/22:
Updated list for the near term and intermediate window ahead based on sectors, individual stock fundamental strength, and Banister Behavioral Patterns lining up for strong probable upside.
CRK- Long base pattern here, on and off this list frequently. 11 week consolidation. Engaged in the exploration and production of oil and natural gas reserves primarily in Texas and Louisiana
MRO- Close to breakout over prior June highs after multi month consolidation. Engaged in oil and gas exploration and production, oil sands mining and integrated gas services worldwide.
PBF- 5 week ascending base near highs. PE 2. Owns and operates Five oil refineries and related facilities located
in New Jersey, Ohio, Delaware and Toledo
LBRT- Close to a 6 month base breakout and 5 week ascending base. Provides hydraulic fracturing, wireline services to onshore oil, natural gas E&P companies in North America.
ESTE- nice 6 weeks tight closings, trying to push up off right side of a corrective base. Engaged in oil and natural gas exploration and production in the Delaware and Midland Basin of west Texas. PE 5
TALO- 5th week in a row on the list and current SRP position after coming back up from energy correction. Engaged in exploration and production of oil and natural gas in the Gulf of Mexico.
CPRX- Got as high as 16.66 last week on huge move up of the weekly swing trade ideas list on last weeks earnings report, on list for a 2nd week in a row with a nice pullback to still look attractive for entry. Develops prescription drugs for neuromuscular and neurological diseases and disorders.
OXY- Warren Buffet favorite, 11 week base, near a breakout and strong earnings last week. Engaged in the exploration and production of crude oil and natural gas worldwide. Cash flowing, stock buy backs, dividends…
HRMY- Back on the list and hit a 52 week high breakout a week ago, pulled back some this past week. Develops and commercializes therapies for patients living with rare neurological disorders.
GMAB- Forming right side of a huge cup base pattern, PE 35, huge growth. Denmark based company develops antibody therapeutics for the treatment of cancer and other diseases.
CVE- PE 8, Close to breakout over 22 with 25 resistance. Engaged in oil/natural gas exploration and production in Alberta and Saskatchewan and refining in the U.S.
PARR- 4 weeks tight base, new SRP position as of Friday 11/11. PE 4 Engaged in the refining, distribution and marketing of oil and gas, commodity marketing
FLEX- PE 9, 13 week base breakout last week but still has room to run. Singaporean contract manufacturer of flexible circuits and printed circuit boards for computer
PBT- 3 weeks tight closings near 52 week high breakout. Trust holding overriding royalty interests in producing oil and gas properties in Texas
IMCR- 3 weeks tight closings near 52 week highs. Develops and markets immunotherapies with T-cell receptors to treat
cancer, infectious and autoimmune.
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