Hey, Ross here:
And let’s start today with an actionable trade idea that’s already bearing fruit.
Chart of the Day
Cardlytics Inc. (CDLX) had a spike just a few weeks ago that was over 25x the average volume. That rally led us to a resistance area that previously acted as a support level a few months ago.
Up 190% from the lows last month, we could be in for another ride on this one. We can see here that price was previously trending below all 3 moving averages and each retracement into them usually led to lower prices.
This is a sign of buyers’ intent because they have previously bought the price above the moving averages and we saw an aggressive rally higher. Now it has occurred again, if we can see another rally above and break of this level then we can be in for another ride.
CDLX is also respecting our 10-day and 21-day moving averages so far, as it has retraced and it is currently still above them.
The break above $7.40’s – which happened yesterday – was an ideal entry point. But this could just be the beginning of CDLX’s rally.
P.S. Would you like special trade prospects and potential market moves sent directly to your phone? Text the word ross to 74121.
Insight of the Day
For the best chance of success, move before the Fed does.
There’s no denying the Fed’s massive impact on the market – whether good or bad.
Tomorrow, they make their move and set the course for things to come. Market consensus is a 25-point hike, though some think a pause may also be on the cards.
Either way, the best time to position yourself is before they make their move – not after. “Wait and see” means missing opportunities.
Sure, there’s no guarantee that your position will be the right one.
But I believe if you follow what my “hidden catalyst” strategy is saying, you’ll be giving yourself the absolute best chance of success.
I’m going LIVE later at 12 p.m. Eastern today to explain this strategy in person.
Because this is your last chance before the Fed acts.
Ross Givens
Editor, Stock Surge Daily
