Trading Updates for Forward-thinking Traders

Trading Updates for Forward-thinking Traders

Nov 15, 2023

Hello traders, it’s Andy from Trade Ideas, and I’m bringing you the latest insights from the market on this fine Wednesday, 15th November. What a stunning market trend it has been the last few weeks! For those of you who have been long on the market, you’ve likely experienced some truly commendable gains.

Proceed with Caution: Overextended Market and Potential Pullback

However, as we continue to navigate the ever-evolving dynamics of trading, it’s crucial to exercise a degree of caution. Why might you ask? Primarily because of the fact that we’re overdue for a pullback. Now, this doesn’t inherently guarantee the occurrence of one, rather it suggests the likelihood of it. We’re also overextended and are nearing the critical pivot level of 450 in the SPYs, a clear indicator of resistance. Rather than taking you back in the chart, I assure you that this is a pivot level to keep an eye on.

The Asian Trade: China’s Potential Upside

Switching gears, presently, I’m concentrating on action in the Chinese market. I’ve made major acquisitions of China stocks yesterday, hoping for a rally in that particular market. The K-Web, which embodies a China Internet play, provides an interesting trend when examined. Remarkably, it’s trying to break out of a negative trend into a positive, suggesting a positive outcome for Chinese stocks.

What’s more, various stocks that belong to the same context, such as MNSO, showcase a similar pattern. In the case of MNSO, despite its diminutive size, it has been in a trading range for quite a while, now attempting to break on the upside.

From China to Oil: The Varying Landscape of Trading Opportunities

Refocusing our lens, let’s look into the world of oil trade. Although it’s not usually my preference – considering its unpredictable nature akin to gold trading, a mention of NS is due, especially with its appealing pattern and positive movement post-earnings.

The same goes for stocks like Futu and TIGR. Despite differences in segments, they fall into the similar spectrum, each offering the potential for a sizable return if they break above their 3-week highs.

While Baba also illustrates promise in the current trade, let’s remember that they have their earnings announcement on the horizon, thus information to consider before any trade decisions are made.

“Keep it tight because we are overdue for a pullback”

As you embark on another day of trading, remember that while the market presents countless unfolding possibilities, it’s necessary to remain alert, especially as we anticipate a potential pullback – a calculated approach that could maximize your trading success. Happy trading. Until tomorrow!

Best,Andy from Trade Ideas