T3’s Trades of the Week: Why TSLA Could Rally On an Ugly Day – T3 Live
T3 Live

T3’s Trades of the Week: Why TSLA Could Rally On an Ugly Day


Welcome to the latest edition of T3's Trades of the Week newsletter!

Let's jump right in with this week's trades and analysis:

1) Jeff Cooper's Fabrinet (FN) Long

I am targeting a swing long in Fabrinet (FN), with an entry at $43.65. My stop would be $42.15. I would look to sell half the position at $47, and then move the stop up to breakeven.

Click here to see how Jeff's doing with his Daily Market Report.

2) Scott Redler on Tesla (TSLA)

TSLA still acts very well and is in focus today. News that Elon Musk is in President's “Office of American Innovation” might be helping. It closed on the highs Friday. See if it holds $258. If so, it could clear $264-$265.50.

Click here to get a FREE look at Scott Redler's Trading Screens.

3) Off the Charts on UnderArmour (UAA)

Retail may be a wreck but UAA is showing signs of life.

UAA has been steadily sinking after getting trounced at the end of January following a downbeat earnings report.

What’s interesting about the last ~2 month grind lower, however, is the action on the RSI. While UAA has been trending lower since early February, the RSI has been trending in the opposite direction – bottoming out in the beginning of February and never retesting the lows of that reading, even as the stock put in a new low in the beginning of March.
On a break above 20.10-20.25, UAA looks good for a relief rally up to 22.50-22.75 (just ahead of the 50day sma), while a drop back below 19.50-19.30 (back under the 20day sma) would be the cue to exit.

Click here to learn more about Off the Charts.

P.S. We are now offering special, lost-cost trials to Jeff Cooper's Daily Market Report.

Click here for more information.

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