Agricultural Stock Sets Up Opportunities For Scalpers And Swing Traders
Share
After an eventful week last week, we are shaping up for another week full of surprises and trading opportunities. To start the week, we have another pretty straight forward setup to take advantage of that should give our traders some decent price action to work with, depending on what the rest of the market decides to give us.
As every sector finished the week in the red last week, the market sentiment seems to remain overwhelmingly bearish. However, we are at some key support levels across our major indexes that could give us some bounces as we kick this week off.
Despite all the noise from the FOMC meeting last week, upcoming economic data, and a slate of Fed speakers set to make remarks regarding the economy and interest rates, our trade today should be able to give us some A+ setups.
For the trade of the day, we have a lesser known stock making its way across our screens. Today, Bunge (BG) is the stock in focus as it establishes a pretty well-defined channel between 110 as support and 116 as resistance. Obviously, a break of either one of these levels could signal more follow through in that direction.
However, for those of us that are comfortable with scalp trades, you could look for calls at support and puts at resistance levels. These would be quick trades with the average hold time for contracts being a few minutes as opposed to our customary strategy of swing trading.
For either the swing trader or scalper, be sure to keep this trade high on your watchlist, but also keep in mind all the data and speakers coming out throughout the week. These data points and speeches will undoubtedly have an effect on the rest of the market, as they have in the past.
If you like The Profit Machine (TPM), then you will really like my Wednesday Profit Room trading service. Same high-quality options action, as well as more world-class trading education. As I say, the more screen time and education you expose yourself to, the better. Give it a try for one month here and if you don’t find even more value, cancel anytime. Your success as a trader is on the other side of hard work and education, will you be willing to put in the work with me as your guide? Give it a try today!
