Hello MarketClub members everywhere. Okay, so what's with Cuda, Woulda, Shoulda?
Well, the first one, Cuda is the symbol for Barracuda Networks Inc. (NYSE:CUDA) which is looking very positive in my eyes. With all Trade Triangles green and trending higher it looks as though this market has every opportunity to move higher.
A little over a year ago Barracuda Networks was trading over $45 a share and currently is trading just below $20. The potential for this stock to move at least into the $30 area is quite high in my opinion as that represents a 50% Fibonacci retracement. Now I'm not advocating jumping and buying the stock today as I would like to see some consolidation. It will be a buy if it pulls back to the $18.60 level which is the monthly Trade Triangle entry signal.
As I always recommend, don't get married to any stock and use good money management.
Crude Oil (NYMEX:CL.Q16.E) bounced nicely from the support area that I pointed out in yesterday’s video update. It remains to be seen whether that's going to be the ultimate low for this market.
Also in today's video, I'll be covering the major indices and making some upside projections which may surprise you. I'll also analyze gold (FOREX:XAUUSDO), which is seeing a pullback.
Stay focused and disciplined.
Every success with MarketClub,