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Todays Big Stock Wealthpop News

Why This Might Be Our Trade of the Week


As the market attempts to recover a bit from Friday’s bloodshed, there is one stock that looks to be fighting to hold on by the skin of its teeth. Mastercard (MA) has established a strong level of support at the 390 mark, but broke through it on Thursday.

To kick off this weeks of trading SPY and QQQ have both tried to put in a relief rally, however, stopped just short after filling gaps on many of the major indexes. The story is always the same in these types of situations. If the broader market can get a substantial push off these levels, then so should MA.

However, we always have to take into account the broader trend at play. Currently, much of market sentiment is bearish and I can’t say I disagree with that. The end of last week has left a rather bad taste in many of the mouths of the bulls out there, but we are at some key macro levels on the major indexes.

There is a major point of contention MA has with those who look at this chart as bullish. With the break of support from Thursday, that might just be the confirmation the bears needs in order to take this thing much lower. Why?

If you look at the chart in the video breakdown, you’ll find a rather bearish chart pattern I identify… Will this mean a break down is imminent for MA? One trade setup to look out for would be a retest of support, now resistance if MA can’t break and hold above, is the retest and breakdown of support.

Take into account the bearish chart pattern we are seeing and you won’t want to take your eyes off this stock this week. Be sure to have alerts or reminders set in order to be locked in when this trade approaches the make or break point at any time during this week.

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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