My pick last week in MCD ($94.37, + $0.01) is very close to being stopped out. There was just no follow through there. If a trade does NOT work out, remember to have a stop and to get out of the trade if it does not do what you expect it to do!! It’s hanging by a thread at this point and we’re waiting to see if the fat lady sings or NOT.
Now for this week let’s take a look at CELG ($141.80, up $1.82) .
What I like about this one is the fact that we are above the 200 and 50 simple moving averages AND the original time/price setup is still intact with price above the 8/15 low. IF CELG is going to eventually head to a target of 154.92, then looking at a pullback to the last low could be a winning stragey. The zone I’m stalking at this point comes in at the 137.27-139.03 area. If price pulls back to that area, I’ll be looking for buy triggers and with the maximum risk below the 135.51 swing low. We have not gotten to the support yet though…so be patient!!