Two Profitable SLW Trades
by Mike Paulenoff
December 4, 2015 • 5:02 PM EST
Mike had two successful SLW trades this week, first closing out of his November 12 entry for a profit of 5.2% (entered at 12.42, exited on Dec 2 at 13.07).
Mike re-entered the SLW on Dec 2 at 13.23, and exited Dec. 4 at 14.01 for a profit of 5.9%.
See point-and-figure chart from Dec 2 below.
Mike Paulenoff is the author of MPTrader.com, a real-time diary of his technical analysis & trade alerts on
ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international
markets, plus key ETF component stocks in sectors like technology, mining, and banking.
Sign up for a Free 15-day Trial!
More Top Calls From Mike
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.
