Recent Top Call by Mike Paulenoff

In his Trading Room on Friday, Mike Paulenoff highlighted a trading opportunity in Penn National Gaming (PENN): Mike wrote:  "During the past week, PENN has been in the grasp of a corrective process (no doubt exacerbated by the announcement of a secondary offering on Thursday morning). The correction has pressed PENN into important support at 62.00 that extends down to 57.60, and includes the up-sloping 20 DMA, now at 62.06. As long as any selling pressure is contained above 57.

On Sep 2, with QQQ trading at 300.01, down nearly 4 points from its pre-market thrust to a new all time high at 304.02, Mike Paulenoff alerted MPTrader members to the potential danger signals lurking within his chart work. He wrote: "Just in case TSLA and AAPL weakness represent the first shot over the bow ahead of a significant correction in the NDX, my work on QQQ indicates that a break and close under 298.00 will trigger sell signals that project to 280.

This past Monday (Aug 31), Mike Paulenoff started alerting MPTrader members about opportunities UVXY, then trading at 21.53. He wrote:  "UVXY continues to act like the canary in the coal mine because it is holding up so well despite ES, SPX, SPY climbing to new all time highs. UVXY remains 12% above its 8/26 low at 18.76 and, more conspicuously, 50% above its 2/20/20 low at 10.65!" Mike added, "UVXY needs to climb and sustain above 23.

Edwards Lifesciences Corporation (EW) broke out this past week, and MPTrader members were prepared. In his Trading Room a month earlier (Mon July 20), Mike highlighted the stock for its potentially powerful upside technical set-up, writing:   "Since last November, EW has undergone a sharp correction from 82.55 (11/19/19) to 51.

Back on April 13, with Range Resources (RRC) trading at 3.91, Mike Paulenoff told members in his Trading Room: "I am very friendly to RR 'down here,' looking for it to climb above 4.90-5.10 nearest key resistance, which will project upside potential to 10.00 next. Only a sharp decline that breaks its 3/13 low at 1.61 will invalidate my current technical set up.

This past Wednesday morning, just hours after TSLA announced a 5 for 1 stock split, and with TSLA trading at $1448, Mike Paulenoff wrote in his live Trading Room:   "All of the action off of the 7/13 all time high at 1794.99 represents EITHER a high level bullish digestion period ahead of another upleg OR a distribution top in the making.

In his morning report this past Tuesday (see charts), Mike Paulenoff highlighted a set-up in Sorrento Therapeutics (SRNE), trading at $10.61 at the time, noting potential upside projections initially to $14.50-$15. While citing the event risks associated with a volatile biotech name in the Covid-19 space, he wrote:  "The increasingly compelling near- and intermediate-term technical set up spanning the past 4-/12 years represents a massive accumulation period that is occurring for a reason.

A week ago Thursday (July 23), with Grayscale Bitcoin Trust (GBTC) at 10.37, Mike Paulenoff posted a bullish -- and very prescient -- analysis of the stock in his Trading Room, noting: "Coins are the least talked about market or investment vehicle lately, which is just the time when a sudden price move could come out of the blue to alert everyone that Bitcoin is alive and well, and is back!" Mike predicted GBTC would challenge key near-term resistance from 11.

In his Trading Room this week, Mike Paulenoff alerted members to the budding bullish technical potential of Edwards Lifesciences (EW), which was trading at 74.11 at the time of his alert on Monday July 20. He noted a very positive technical set-up challenging an 8-month resistance line that cut across the price axis at 76.10.

In his Trading Room a week ago Friday, Mike Paulenoff mused about whether traders would start to bid up the lagging IWM (Russell 2000 Small Cap ETF) like they were doing Big Tech.   He wrote, "It seems to me that as long as support between 137 and 132.

In his Trading Room this week, Mike Paulenoff highlighted Sonos, Inc. (SONO) on Monday when it was trading at $12.99. Mike liked the stock's powerfully developing 18-month base formation that was propelling it from its March low at $6.50 towards a confrontation with multi-month resistance at $16.00-17.00. As fate would have it, a bullish report was issued by a well known independent research firm, which placed a $30 target on SONO.

In his Trading Room early this week, Mike Paulenoff wrote that Slack Technologies (WORK) looked poised to hold key near-term technical support at 29.50 off of its June 3 high at 40.78, and to turn up to challenge and take out key near-term resistance at 32.75-33.60. Mike's analysis was informed by a combination of the chart and the potential impact of growing Coronavirus cases on demand for work-at-home technology platforms. WORK was trading at 30.

We've been following Telsa (TSLA) closely in our MPTrader Trading Room, particularly in this past topsy-turvy week.

With Zoom (ZM) at a price of 202 and heading into its earnings announcement Tuesday June 2, Mike Paulenoff noted in his Live Trading Room: "Unless ZM breaks and sustains below 190.00, it still has unfinished business on the upside into the 228-232 target zone, which is the next zone from where the bullish intermediate-term pattern should stall, and roll over into a potentially significant correction.

On May 7, as the iShares Silver Trust (SLV) broke out of a moving average cluster just above 14.00, Mike Paulenoff noted that "a big directional move [was] approaching" which would initially challenge the 14.80 prior rally high and beyond that 15.65/85.

This week in Mike Paulenoff's Trading Room, Mike's warning about a breakdown in Bank of America (BAC) came true. First alerting members on May 4 that BAC was challenging its March-May support line, Mike posted again this past Monday May 11 that the stock "is about to initiate a new down-leg after completing a March-May counter-trend rally." BAC went on to drop from $22.75 at the time to a low of $20.10 on May 14, or 11.6%, before closing the week at $21.44.

If your answer was no, you were not alone.   But members of MPTrader were prepared!   Mike Paulenoff, host of MPTrader.

A week ago, we noted to our members to keep a close eye on Freeport-McMoRan Inc. (FCX).   The chart pattern argued for the price to thrust into a new upleg after completing a 3-week correction.   The correction, from 15.27 on July 26 to 13.81 on Aug 11, held key multi-month support, and positioned the chart into a bullish cup-and-handle formation.

  Last week we noted our 5.6% trade in the SPDR S&P Biotech ETF (XBI).  We continued to be bullish on the XBI, and had a target of 79-80.   This week the XBI met our target and then some, reaching 80.89 before closing the week at 77.18.

On June 14, Mike noted to members that the SPDR S&P Biotech ETF (XBI) was exhibiting a "spectacular technical set-up intermediate term."  The set-up was cup & handle, with XBI finishing and emerging from the handle potentially into a vertical assault to targets of 76 and 78.   He was looking for a kneejerk, head-fake pullback in the 71 area in reaction to the Fed announcement that day, which he got, and added the trade to his model portfolio at 71.