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Todays Big Stock Wealthpop News

Why $70 Is This Stock’s “Magic” Number


Our stock today, Seagate (STX), has tested a key resistance level at $70, a level that has proved to be an important level in the past as you can see by the line drawn on the chart below. This implies that a break through that level could lead to a run up to $75, and beyond.

These levels stand out to us as traders as there has been multiple touches of this lines throughout the past, signaling that there is a lot of activity that takes place at this level. When the price reproaches this level later on, like it is nearing today, traders can reasonably expect that there is a high likelihood that there is some significant price action that will once again take place at this spot.

Traders with a plan to manage risk properly can take the long or short side of this trade, but that is likely to depend on what the rest of the market chooses to do today.

To learn more about how to create a trading plan and manage risk properly, be sure to join The Profit Machine, where my students and I go over countless trade ideas, talk about properly managing your risk and trade, conduct live trading, and much more all with the mission to make you a better trader.

Don’t wait any longer! Sign up today. Until then…

Good Luck!

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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