[RagingBull Elite](
Undefined,
Some good news...
The Dow, S&P, Nasdaq, and Russell all closed strong yesterday, thanks to earnings reports that were better than feared and a $484B congressional relief package that helped fund small businesses, hospitals, and virus testing.
On top of that, many states are relaxing the quarantine restrictions as the number of coronavirus cases and deaths have slowed, especially in hotspots like New York.
But the coronavirus has caused countless stocks to sell off, and many of them remain tremendously oversold.
So what does that mean for our trading?
It means that we have to be on the lookout forâ¦
A) [Stocks that have found support levels and are getting ready to bounce off](
B) [Stocks that have approached resistance levels and are prepared to break out](
Fortunately, Jason Bond has a pattern to play both of those scenarios.
He calls them the [fish hook pattern]( and the [rocket pattern.](
They work time and time again, which is why theyâre Jasonâs bread and butter setups in this market environment.
The fish hook pattern looks to take advantage of oversold stocks, which is why weâre seeing this pattern pop up so often lately.
In order to identify a fish hook pattern, we look for 3 things:
- A big drop in a stock
- A key support level that holds
- A rebound
A couple of fish hooks that Jason is holding over the weekend are YTRA and SIENâ¦
YTRA is a textbook fish hook here and a good base pattern above $1.
Itâs been a quiet name lately and one he traded already this week and is looking to jump back in.
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SIEN is a good company, which had some bad luck lately that it's likely to come back from.
It found a nice base around $1.60 and is a textbook continuation pattern after the initial fish hook fired.
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The rocket pattern, on the other hand, is based on trying to spot a stock that has been trending higher.
RIOT, a bitcoin play, is a rocket pattern that Jason is eyeing right now.
Bitcoin is getting hot again and volume is building in the name so Jason is looking to take a swing at it.
RIOT is in play above $1.20 for Jason meaning that's his stop loss and where heâs looking to enter above.
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Want more information on how Jason is putting these patterns into play each and every week?
[Jason explains it all in great detail in his Momentum Hunter ebook.](
And for a limited time, it's free.
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Get the book here
[I'm an image]
[AMA: How Do You Trade In This Environment?](
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The RagingBull.com Team
RagingBull, LLC
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