LONG: Rare Element Resources (REE) – Nice ascending triangle ready to breakout at around $6.63. Careful with the declining 200-day moving average, and look to take profits before then.
SHORT: Jetblue Airways (JBLU) – Bear flag after an initial hard sell-off. If oil can bounce here, expect for futher decline in this name.
LONG: Global Sources (GSOL) – Nice upward channel that GSOL is trading in. Try to get in as close as possible to the bottom, and try riding it back into the $9’s.
SHORT: Universal Display (PANL) – Just as I was posting this article I’ve initiated a short position in PANL after it confirmed the textbook head and shoulders pattern. Looking for a few more bucks before taking profits.
LONG: United States Oil Fund (USO) – Oil is working nicely with the aforementioned JBLU. If Oil breaks out of this bull-flag look to get short JBLU as well – makes for a nice pairing.
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