Hey, Ross here:
And let’s start the day off with another actionable trading idea.
Chart of the Day
Cybersecurity stock CrowdStrike Holdings (CRWD) has been a top performer in 2023.
After a vicious Stage 4 downtrend that wiped out 70% of its value in the 2022 bear market, CRWD has come ripping off the low this year.
It reclaimed its 200-day moving average (red line on chart) last month and continues to advance higher.
The white line on the chart above shows a key support/resistance level in CRWD.
The stock found resistance here earlier in the year and it has so far served as support after getting above the 200-day.
The stock is also sitting on its 50-day moving average (green line on chart) which should serve as additional support.
I would consider buying here with a stop just below the 200-day line at $133. This would represent about a 7% risk on the trade.
Insight of the Day
Always trust data over narratives.
The uncertain nature of investing/trading naturally lends itself to narratives. That’s unavoidable.
But while narratives can capture the popular imagination, cold-hard data always trumps narratives.
For instance, take a look at this chart showing how many times US economic data has diverged from consensus estimates – both to the upside and downside.
As you can see, for 2023, we’re largely only seeing big surprises to the upside – despite the “inevitable recession” narrative getting endless play in the mainstream media.
This is why my conviction that we’re in a new bull market remains strong.
It’s also why I always trust hard data over market narratives.
And later today at 3 p.m. Eastern, I’m going LIVE to share my strategy of using “hidden data” to uncover opportunities that go against the market’s narrative.
Only a few traders know about this strategy – the rest are hopelessly caught up in the market’s narrative.
I don’t want you to be part of the blind masses.
So just click here to save your seat…
And let me show you how you could go against the market’s narrative – and come out way ahead.
I look forward to seeing you at 3 p.m. ET sharp.
Ross Givens
Editor, Stock Surge Daily
