There are no coincidences in the financial markets. Stocks reverse their trends for a reason. The best traders know this and it’s why they make money.
These traders understand that price levels that have been important before can become so again. And if, and when, a stock eventually returns and gets back to one of them, there can be opportunities for low-risk trades.
As you can see on the chart of Super Micro Computer, Inc. SMCI the $68.50 level and the $50 level have been important. This is why our team has decided to make it our Stock of the Day.
It isn’t a coincidence that Super Micro ran into resistance at the $68.50 level in August. And it isn’t a coincidence shares have just run into resistance at the important $50…
