Two Bullish Charts Tailor Made For This Market

These played out in two big gainers yesterday… ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ Good Morning! In my [live webinar]( yesterday morning I told traders there were almost an unlimited number of ways to trade Carvana Co. (NYSE: [CVNA](. The stock gapped up huge in premarket after announcing [earnings](... But CVNA wasn’t trading over $50 because of the fundamentals or the good business model … It was breaking out because for about the last 2 months short sellers have been guessing tops. And these squeeze setups have been one of the best setups since 2015… That’s why I said you could google bullish chart patterns and then wait for any of them to present themselves in the stock for a potential trade. But you don’t have to google them and waste a bunch of time researching... Today I’m going to show you two bullish chart patterns that presented themselves in two big gainers yesterday — one of them was in CVNA. These aren’t our typical morning dip and rips or VWAP hold, high-of-day breaks… There are many other bullish chart patterns out there, so let’s dive right in so you can see if these [chart patterns]( make sense to you so you can start looking for them today! Bullish Chart Patterns Every Trader Should Know There are so many patterns that can signal a potential trade — reversal patterns, continuation patterns, bullish or bearish patterns… Since day traders hold positions for a short time, a lot of the patterns we look for present themselves on the intraday chart. And all of them can signal [potential entries](. So let’s dive into what they look like… The Flag and Pennant Patterns Flags and pennants (think triangle flag) are powerful continuation patterns. They can be [bullish or bearish]( and can represent a pause in momentum before the stock resumes its trend. This setup typically occurs after a significant price surge to the upside that represents the flag pole… Then the stock experiences a brief consolidation, forming a flag or pennant-like shape on the chart, before resuming its trend. We saw a bullish pennant in Recursion Pharmaceuticals, Inc. (NASDAQ: [RXRX]( as part of its [breakout]( yesterday… The morning spike represents the flag pole, then the consolidation between $14.80 and $15.70 slowly tightens to create a pennant flag … Then the stock breaks out of consolidation and continues to the upside. RXRX chart: 1-day, 5-minute candle — courtesy of [StocksToTrade.com]( [Watch Bryce Tuohey explain how he trades flag patterns like this here](. [See more examples of bull flags and pennants here](. Double-Bottom Pattern The double-bottom pattern signals [a trend]( reversal. The price falls, finds support, and rises. It later tests the support again and bounces back up. This is a crucial level to watch for potential entries for trades. We saw this pattern play out in CVNA yesterday morning… CVNA chart: 1-day, 5-minute candle — courtesy of [StocksToTrade.com]( I’ve liked MSFT as a swing trade on and off for years… And now it has two of the main criteria I like to look for when finding potential swing trades — a news catalyst and a breakout to new 52-week highs. It actually broke out to new all-time highs which can be even better… It means there’s no resistance overhead. The skies are the limit to where this can go. But we have to be smart when selecting our entries and goals for a trade. For entries, I like to use patterns like the [red to green move]( or [breakouts](. When trying to determine a goal for a trade, look back at the chart at past runs to see how big the range is. Compare the volume to what it’s trading now and build a thesis. Use [Oracle’s support and resistance levels]( and whole and half-dollar levels that can be significant psychological levels. Which other stocks have news and a breakout to new 52-week highs? Recursion Pharmaceuticals, Inc. (NASDAQ: [RXRX]( is currently on my swing trade watchlist. The company received [a $50 million investment]( from NVIDIA Corporation (NASDAQ: [NVDA]( to help develop drugs faster using AI. So it has news and it broke out to new 52-week highs after the news was released last week. But it had such a big gap up that it couldn’t hold its gains. Now it’s climbing its way back up, so a breakout is what I’m watching for as a potential entry and one of the main criteria for a swing trade idea. If you want to learn more about swing trading and how you can gain an edge trading ‘real stocks’ — stay tuned for big news hitting your inbox this week! Have a great day everyone. See you back here tomorrow. Tim Bohen Lead Trainer, StocksToTrade   sponsored   One “Small Account Accelerator” Strategy to Rule Them All… Matt Monaco has recently leveraged this weird strategy to boast a 50% return on his small $2,000 account in just 7 trades! And now, because of these impressive results… He agreed to record a detailed training sharing exactly how he did it, the #1 strategy you need to implement… And why it’s a no-brainer for those looking to supercharge their overall trading potential. 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