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Todays Big Stock Wealthpop News

This Is The Type Of Trade That Can Boost Your Portfolio ⎯ Find Out How


Soon after surging more than 50% in the last three months alone, Immunovant (IMVT), has put together a seemingly straight forward setup for us to take a look at. This setup isn’t quite like the rest of the setups we find in our Daily Smart Reports, but this one still offers a lot of intriguing risk vs reward.

Normally, when biotech companies experience such a move, there is some pullback as investors and traders try to decide on the price of the stock. If the move was news driven, these gains could be short lived. However, we have our levels to watch, so whatever story price begins to tell us, that will be the lead for our trade.

As for our levels, we have a major support level around 32.5 where price has already tried to test several times and failed to go lower. That’s good news in the short term as this could still act as support and supply us with a bounce level to watch.

To the upside, we do have some resistance that it will take some significant volume to get through. the 37.5 mark is the one you want to keep your eyes on for an uptrend entry. If either of these levels were to break with price holding above or below the corresponding level, that is the side of the trade you want to be on.

This is the type of trade where patience comes in to play more than most other trades. A trade like this will have traders thinking they know what will happen next instead of letting price dictate the trade for them. Don’t get sucked in to chasing a breakout or breakdown. Be patient, see how price action is responding to levels, then from a cool and calm state of mind, make your trade with your risk management already worked out.

Learn even more about my trading strategy when you join The Profit Machine. There, I’ll teach you all about my favorite stocks, setups, strategies, and plenty more to make sure you can take your own trading to the next level. You’ll also be invited to weekly webinars where I answer questions and go over important trading lessons, like the one in today’s article. The best part, you’ll also receive live trade alerts. Not only will you get a world-class education, but you’ll earn while you learn.

This year is drawing to a close, make sure you’re turning the corner on your trading to position yourself to win all 2024. Sign up today! Until then…

Good Luck With Your Trading!

Christian Tharp, CMT

Christian Tharp

I am an expert stock market coach having helped over 4000 beginner and advanced traders & investors from around the world take control of their financial futures. I also write stock market related articles for the Adam Mesh Trading Group. My Chartered Market Technician (CMT) designation substantiates me as an expert in areas such as the technical analysis of stock trends, market indicators, cycles, price patterns, Elliot Wave principles, Candlestick charting, analyzing financial trends and behaviors, portfolio strategies, and forecasting future price movements. With my straightforward approach to simple, systematic trading, students learn how to strategically assess buy signals and market entry timing, establishment and management of stop losses, and how to employ a simple and disciplined trading approach that creates profits.

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