where there is resistance on a weekly chart:
Our current long position in First Trust ISE Revere Natural Gas (NYSEARCA:FCG) has yet to prove itself, as it remains range-bound, but looking at the monthly chart below it clearly has potential.
The first hurdle to clear for $FCG is the two-week high and the 10-week MA (around $19.40).
The next step would be to take out this month’s high (around $19.70) and attract some momentum buyers.
If $FCG is able to clear the 4-month high, the target on the move out would be around $24.00 (prior highs of 2011).
In yesterday’s Wagner Daily, we listed $GWL as a buy setup above $29.25. $GWL triggered for us on the open and closed near the highs of the day with a solid 1.1% gain.
Our current long position in $SEA broke out to new swing highs after a few weeks of rest. We remain long from our entry point around $20.50 on 12/20.
There are no new setups for tonight; however, we are monitoring a recent breakout in iShares MSCI Israel Capped (NYSEARCA:EIS) for a potential pullback entry next week.
This article is brought to you courtesy of Morpheus Trading, LLC.