Market outlook 1/3/2021
Why am I here? Recently I have witnessed many novice traders rushing into the market to simply buy penny/speculative stocks at very high prices. Causing them to lose their hard earned money or worst their life savings. This breaks my heart and as a very experienced investment bank trader, I believe that it is my duty to teach the public the right way to day trade.
Tech stocks like Dataprp, Itronic, Dnex, Dnex-WD, strong QR stocks GFM, GFM-WC, and MSM are trending strongly.
I expect them to trend strongly this week, if they do not break their support. That being said it is very important not to simply charge into those stocks as they have limit up a few times and have risen few hundred % in a very short time.
As per time of writing, the Dow Jones future are up 300 points if it stays like this, I am expecting the tech trend to continue.
I also receive a few requests to cover steel especially Lionind.
I mentioned in the group before i don't like steel counters, they are very volatile on the down side with limited upside causing many who go in to get trapped most of the time.
Lionind dropped from its high of 97c after testing 96.5c twice. It failed to hold its support of 89.5c and dropped all the way to a low of 80c today. The nearest support would be the 79.5c, 80c area with a further stronger support at 72.5c. While resistance is at 89.5c and 97c.
Disclaimer: All information shared here are strictly for educational purpose only. There is no buy or sell recommendation for any counters mentioned in this channel. We hold no responsibility for your trades. You should make your informed decision by consulting your licensed remisier or investment advisor before making any investment decision.