Did You Capitalize On This Earnings Call?
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. He also noted a potential catalyst in the company's upcoming Thursday July 23 earnings release, writing: "If the current chart set up is whispering to us about a directional outcome ahead of or in reaction to earnings, the message is HIGHER."
By Wednesday, EW had thrust above the resistance line to a multi-month high at 78.56, and on Friday it got to as high as 80.50 (+8.6% above its price at Mike's Monday alert) in reaction to an earnings beat on EPS, in-line Revenues, and raised EPS guidance for Fiscal Year 2020.
Where is EW headed next?
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More Top Calls From Mike
Back on June 26th, when nearby WTI Oil futures were circling $67/bbl, Mike Paulenoff issued a heads-up to MPTrader members about a potentially opportunistic technical setup developing in OXY (Occidental Petroleum), writing:"OXY pressed to a low at 55.58 this AM, which marginally violated the 5/11 low at 56.16, BUT held above the more technically significant March 2023 low at 55.51 prior to pivoting to the upside into positive territory, now trading at 57.47.
On Monday August 28, we posted a heads-up about FCX (Freeport-McMoRan) to our MPTrader members, writing: FCX (Copper, Gold, Oil) producer has the right technical look (and a positive momentum divergence at Friday's low) of a completed pullback (44.70 to 37.74) within its larger bullish multi-month Coil formation. Last Friday's (8/25/23) low at 37.74 represented a very healthy 15.6% correction off of the 7/31/23 rally peak at 44.70 and also amounted to an exact Fibonacci 62% retracement of the 5/24/23 to 7/31/23 advance from 33.06 to 44.70.
Top Call: NVDADuring the afternoon trading session of August 23, 2023, prior to the release of NVDA's (Nvidia Corp.) highly anticipated quarterly earnings report, we alerted our MPTrader members to our near-term forecast for NVDA, derived from my technical setup work heading into earnings.
A week ago Friday, August 10, with SPY (SPDR SP 500 ETF) trading at 446.05, Mike Paulenoff posted a chart commentary to MPTrader members indicating that his technical setup work on SPY was at a critical pattern inflection point.Mike wrote:"Based on today's action, I have come to the conclusion that the "orthodox low" of the decline from the 7/27 high (459.55)... ended at Tuesday's (8/08) low (445.27), and that an intervening counter-trend rally ended at today's (8/10) high (451.
This past Tuesday morning, August 8, Mike Paulenoff responded to a concerned statement from one of our MPTrader members about the TLT (20+ Year T-bond ETF) possibly having turned up in a significant way, especially if weak China data and an "off-sides" crowded hedge fund short position in bonds gets scared (and runs to cover its shorts).