Hey, Ross here:
And let’s start the day with an actionable trade idea that’s already bearing fruit.
Chart of the Day
Redfin (RDFN) is a powerful stock, but it also has a history of 15-20% pullbacks throughout its up moves.
We bought RDFN in my Alpha Stocks service on June 27 when it broke out above resistance at $11.50.
It then rallied 50% over the next three weeks – but by last Friday, it had pulled back to a level where I would consider adding to or taking a new position.
You can see the 21-day exponential moving average is acting as a support.
On Friday, I told my paying members to consider buying in here with a stop loss near $13.
That recommendation has paid off, with RDFN surging to close at $15.27 on Monday.
But I still think RDFN is buyable here if you act fast.
Insight of the Day
Even with the Fed meeting coming up, studying the price action has never been more important.
The consensus is that the Fed will hike rates by 0.25% tomorrow.
I believe that consensus is right – and has already been priced in.
A 0.25% hike by itself won’t have much of an effect on the markets.
But what will have an effect is what the Fed says about its future rate trajectory.
Markets will be scrutinizing Powell’s every word, looking for clues as to the Fed’s future moves.
What he says will matter, sure – but for me, studying the price action can tell us a lot more.
As I’ve said before, if you know how to interpret it, the price action can often tell us what’s going to happen before it actually happens.
I’ve seen it time and time again.
And that’s why I’m going LIVE right now to explain what the price action is telling me – and my top strategy for taking advantage of the situation.
So click here to join me in the live room now…
And prepare to get ahead of the pack.
Embrace the surge,
Ross Givens
Editor, Stock Surge Daily
