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Leading motorcycle manufacturer Harley Davidson (NYSE:HOG) has been steadily declining since March 16, 2017. At that time, HOG stock was trading above $63.00 a share. Today, HOG stock is trading at $52.16 a share which is roughly a 17.0 percent decline from its March top.
So where is the next level in HOG stock that looks attractive to get into this equity? Traders and investors should note that the $50.00 level look very solid for a bounce. This is a whole round number which is very appealing for traders. It is also a major retrace level from the highs and an area where most institutional traders and investors will support the motorcycle giant. So here is the trade, buy HOG at $50.00 and look for a first target around $55.00. Traders can place a stop loss below the $47.00 level using a weekly chart close.
Shares of Teva Pharmaceutical Industries Ltd (NYSE:TEVA) sold hard in early trading, hitting its lowest levels since 2005. It look like another sad day for investors in the pharma stock, but then something amazing happened. The stock turned around, surging to the upside and turning positive on the day. A reversal like this gets the attention of every technical investor and hedge fund trader. In addition, the stock has already traded big volume, over 10 million by 1:30pm ET. Anytime a stock is making new 52 week lows or in this case, decade lows and reverses in such powerful fashion, smart investors jump on board for a possible bottom play.
The upside on Teva Pharmaceutical Industries is big, with a near-term target of $37.50. Investors should be taking note of this reversal on volume. This may be a multi-year low being made with huge upside.
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As you all know, the retail stocks have been trading lower since April 2015. At that time, the SPDR S&P Retail (ETF)(NYSEARCA:XRT) was trading around $51.00 a share. Today, the XRT is trading at $40.44 a share. Clearly, traders and investors can see that the trend is now down for the retail sector. The growth and business model of Amazon.com, Inc.(NASDAQ:AMZN) has been the leading catalyst for the decline in most of the leading retail stocks. Amazon stock has soared higher since April 2015. The retail giant has gained over $500.00 in share price since that time. Currently, AMZN stock is trading at $974.00 a share. So far, most leading retail companies have not found a way to combat the Amazon retail invasion.
So does the retail sector have a bottom in place? Believe it or not it does. Traders and investors should continue to look for near term weakness in the XRT until the $38.75 level. This is a level on the charts that is signaling major support and institutional sponsorship. Remember, the market is survival of the fittest, eventually these retail companies must start to adapt to the Amazon business model or face further demise. Traders like myself will now look closer at most of the leading retail stocks when the XRT trades down to the $38.75 level. This should be a good time to look for a bounce in many of these beaten down equities in the retail sector.
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