The market has been showing strength for the past month and is reaching a critical supply level here. However, there are a few stocks that have been showing signs of accumulation and are poised for a breakout. Take a look at X, BTU and FCX. They are showing flag patterns after an extended period of accumulation and already breaking out. Beware of the looming resistance drawn in red. If price clears and hold above, then price can move up substantially. These stocks are not for the faint of heart as they have large daily moves. Perfect for traders.
I have positions in GLD which are about to hit their targets. I expect GLD to find supply around 160-161.
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- GLD Close to Target
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- BTU At Resistance
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- X Accumulation Approaching Resistance
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- FCX Flag Breaking Out
