What Would Gandalf Do?

 

As a short term swing trader, the bloodbath we have experienced in the equities markets over the last couple of weeks has obliterated practically all of the setups I favor.  For the most part, my watch lists are now littered with broken charts that will need a long time to repair themselves.  However, for position traders that look for stocks at sharp discounts, now is the time to begin bargain shopping.  While I personally don’t take many position trades, I do look at the weekly charts during times like these and see if I can find some charts that are approaching long term support.  Basically, I look for a strong battleground the stock is approaching, and wait for Gandalf to hold off the bears and shout:


“YOU SHALL NOT PASS!”

Below are some of the charts I have found that are near Gandalf levels.

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Posted in Charting & Analysis, Charts, Stocks, Watchlist