I've liquidated my long position in Regions Financial after this morning's downward channel breach. RF is still in its horizontal channel, so in the medium term this stock is looking neutral. In the short term, it may head to channel bottom.
Malibu Boats just got some big analyst upgrades on the strength of upward earnings revisions. It's been in a gentle upward channel, but I actually think it could break out and establish a steeper upward channel leading up to earnings in September. Watch for the upside channel breakout and then buy the pullback.
As always, this does not constitute investment...
CERN has been forming a triangle as it decides between two different parallel channels. I expect the longer-term upward channel to prevail on the strength of impressive analyst ratings and the overall strength of the healthcare sector. Look for an entry below 71.63 in the next week, with stops below the triangle.
Ringcentral has moved decisively out of its upward channel and begun to form a downward-sloping one (charted here in a very preliminary way). It's a fairly solid stock, and it should find some support in the 101-104 range. That'll be your buying opportunity for a long play.
After breaking out of its downward parallel channel, AMD is now forming a longer-term upward channel. It's near the bottom of the channel, so it's a good time to buy.
This does not constitute investment advice, just an idea about how the market will move.
Tesla has formed an upward sloping trend channel and is currently at the bottom of the channel.
It's currently at a minor resistance level, so it could break the channel Monday. If it does, look for breach of the 203-205 support zone to confirm an oscillation down to support at 188, forming a triangle chart pattern.
Alternatively, we could bounce off the bottom...
CNN Business - The World is on a brink of a Trade War
US impose tariffs on $50 Billion worth of Chinese Exports
Chinese quickly outlined new import taxes on US Products worth $3 Billion
Result is a drop in the Dollar Index
Benefit of this is when Dollar drops precious metal pop
Gold broke bullish out of descending wedge but too late to enter
Silver has given us...
Currency Pair: USD/JPY
Date: May 03, 2019
This is an application of the few rules I have learned about trading forex.
- Support and Resistance
- Pattern Trading
- Price Action
Some thought on this pair:
The pair is kind of wedging up. It is creating a point of pressure in that price will have to either do one of three things.
With EURNZD Breaking out of a channel after hitting a double Bottom we can see that it has stalled on rather strong support turned to resistance levels.
Feel free to watch our quick 60 second video where we break down the chart here : twitter.com