Hey, Ross here:
The stock market is still absorbing the inflation numbers very well – more good news for this uptrend. Here’s your actionable trade idea of the day.
Chart of the Day
FibroGen (FGEN) is a biotech company working to treat anemia, fibrotic disease, and cancer.
The stock is trending beautifully and carries a relative strength score of 98/100 over the last 12 months.
Price stalled near the $26 level last week and has pulled back slightly to again touch its 10-day moving average (yellow line) which has been supporting the stock since mid-December.
If this uptrend is going to continue, buyers should step in here to support the stock.
P.S. If you want special trade prospects and potential market moves sent directly to your phone from me – just text the word ross to 74121.
Insight of the Day
Even if this rally fizzles out, it proves there are always methods of making consistent profits in any market.
The ultimate direction of the stock market in 2023 is still very much up in the air. The evidence tells me it’s the start of a new bull market – but there’s no such thing as 100% certainty in trading.
Surprise Fed moves, geopolitical turmoil, a sudden recession – all these could send the market into another prolonged tumble.
But even if this is just an extended rally, so what? There’s still plenty of profits to be made. As long as we’re disciplined in both managing risk and taking profits, we can still come out on top even if the market goes into another 2022-style decline.
So, instead of worrying about how 2023 will end, focus on grabbing the opportunities that are out there right now. And if you need a little help in spotting the most lucrative ones – be sure to check this out.
Embrace the surge,
Ross Givens
