MS-16 is Hot on CNP

Welcome!

Happy Friday folks. Another week in the books and I truly hope it was a splendid one for all. Let’s go ahead an launch straight into the signal on CNP. Post-haste!

CNP Buy Signal

MS-16 is looking for a bounce on CNP.

MS-16

CNP has been extremely bullish over the past few months, moving higher with few opportunities to enter on higher lows. But now we have that chance thanks to a pullback, which is using the 50 SMA as support and has formed a double bottom reversal! Nice. It is oversold to boot, which as we all know, makes it a prime buying candidate. If we do see this move materialize, we could be looking at a pop back up into the $29 zone.

The strategy that fired this signal is our old friend, the MS-16. MS-16 works by using two different momentum based systems and filters based on trend. MS-16 also uses an indicator called Days to Earnings which helps traders avoid trading into earnings reports, offering a extra layer of safety. MS-16 scans for stocks that are outperforming the current market but have also undergone significant pullbacks against its prevailing trend. This leads us to great reversion opportunities like we see here in CNP. This could be a mover and a shaker so keep a close on it CNP and MS-16.

SW

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About the Author

Ryan has been with Nirvana since 2012 and has been manning the trading desk since Day 1. He was one of the founding members of Nirvana's Trading Lab and also TraderSource.com along with Ryan Olson and Russell Casperson. Ryan logged more than 3,500 hours trading and educating live in the Lab. He is also the lead author of SignalWatch.com. Ryan is a seasoned educator and has conducted numerous educational webinars and is an OmniTrader University instructor. Ryan prefers swing trading and position trading. Outside of the market, Ryan has passions for the outdoors, baseball, exercise, coffee, pop-culture and spending time with his family.

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