Hey, Ross here: Here's another actionable trading idea for you. |
Allegro MicroSystems (ALGM) is the #1 semiconductor stock in the market. It ranks first among all 31 of its peers in both earnings and relative strength. The stock put in a shallow base from mid-February to this week with three progressively shallower pullbacks. It also made a textbook shakeout move on March 13 to run stops and consolidate shares further. Notice how that candle made a new low then rallied back to close the day in the upper half of the candle. That is a textbook shakeout and usually a bullish sign. This is a market-leading stock that has shown incredible resilience even in shaky market conditions. If the market is to rally here, ALGM should lead the way. I have a position in ALGM with a stop loss near $43.50. |
P.S. Want me to send you special trade prospects and potential market moves directly to your phone? Text the word ross to 74121. |
In uncertain markets, the best move is to cautiously play short-term rallies. |
Markets seem to have no clear direction. Depending on what major news comes down the pipeline, it might rally or it might fall. But over the longer-term period, it seems to have stayed mostly flat. We're still lacking a clear and sustained direction. In such situations, I believe the best move is to cautiously play short-term rallies in individual stocks. Ride the rallies – but always be ready to get out when it starts fizzling out. This "stealth breakout" strategy is perfect for doing that – so make sure you check out the details while you still can. And here's more good news – for a limited time only, you can get your hands on it for just $5. |
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