NFLX shares recently completed a double top near $190.00, short of the $200.00 round number and have dropped elow $180.00 to test their 200-day average near $177.95. Meanwhile the RSI is retesting 50. Breakdowns from here by either the share price or the RSI would signal a downturn with next potential support near $169.55, a 23% retracement of the previous uptrend...
Upward momentum in FB shares has been slowing for the last two months but it now appears that a downturn may be starting. The shared broke down below their 50-day average near #$168.95 on increased volume, signalling the start of a new downturn. Today, the shares have been unable to retake $165.00 a round number, establishing a previous support as new resistance...
Apple shares recently completed a descending triangle peak breaking down below $158.00. The price has been testing uptrend support dating back to Election Night last November near $155.00. The shares have also started to fill in a gap that opened back in August. Next support could appear at the bottom of the gap near the $150.00 round number.
CSCO shares fell off a cliff back in May but after an initial decline, the shares spend the summer base building. Last month, the shares successfully retested support near $30.50, completing a double bottom. Since then they have been under renewed accumulation, as shown by the trend of higher lows and formation of an ascending triangle below $32.00. The shares...
The NASDAQ 100 has a big round number test underway today at 6,000 which could end in a double top or a breakout. The result of the test may depend on today’s action in the index’s largest component, Apple, and how traders react to Apple’s product launch today. After leading the index upward in August, Apple has started to falter in September a potentially...
Despite beating the street, Home Depot shares are selling off this morning as traders book profits against the news. Falling from a lower high near $156, the shares are testing the $150 round number. A failure to hold that level would signal the start of a new downleg with next potential support at the 200-day average near $144.00.
General Motors shares have broken a two month trend support line today and also fallen back under their 50 and 200-day averages. 14-day RSI breaking under 50 confirms momentum downturn.