Been staring at it all week since it left an open gap Friday, finally decided to play it this morning as noted in my ES1! post.
PCAR always fills open down gaps, so I figured it's the best play I can find on a whipsaw day. looking at how MFI went up, I'm thinking it might go overbought again on the daily which means this could be a bull flag.
So I posted 3...
I was looking at the chart today thinking PCAR hasn't moved like this since the COVID bounce.... then I realized last year was a bull flag.
So funny thing is, the target here is the same as my daily chart, $81 - 82 range, maybe slightly higher. Might not hit the target until next earnings though, which is April 24th.
I day traded the gap fill yesterday, so gap fills are still a valid play, but I'm bearish on PCAR because it always seems to be weak after Q4 earnings. The market is "selling the news" on the stock split as well.
I overlayed the 2022 chart to show expected pattern, it won't be exactly the same but I plan to do only short term trades (day trade or 2 days) until summer.
I had this plotted as a H&S pattern but it looks more like an ascending wedge. If it breaks out I might day trade it.
Not holding it for the Fed meeting though, not sure which way Powell goes.
Whipsawing now that the earnings short squeeze is over. Looks to me like a H&S type pattern, expecting weakness before the Fed meeting next week.
Looks to me like it'll back test the old resistance next week, note that this chart is NOT dividend adjusted. What happens after will depend on the Fed, so I will wait until after the press conf to play this again.
An interesting chart, GM and PCAR has historically moved in the same direction, PCAR makes semi trucks. The past year there has been a major divergence between the two stocks.
Something has to give though.... either we go into a recession and PCAR goes down or we don't and GM goes up. Expect this gap to close in one direction or the other. I still think a...
PCAR has a tendency to gap up and then sell off on earnings then whipsaw back up. Something to watch out for if the numbers are good tomorrow.
Obviously gonna tank if they don't beat, it's basically at ATH.
Anyways, earnings tomorrow. No position yet since it tends to whipsaw on earnings. Wish I had played the pre-earnings pump though.
It broke out on earnings but it's also almost overbought. I think it goes overbought this week and dips on the Fed meeting next week.
If you're not in already, I'd wait to play that dip.
Still playing this on days where I expect the market to gap up, but I think it goes down in Jan so be careful. Chart looks like it wants to roll over and test support which is the old resistance line.
This stock will gap up but tends to fill any gaps down, so I think it's a safer play in a down market then most stocks.
Note: This is a dividend adjusted chart.
PACCAR might potentially enter downtrend where it break the support line 101.10 USD previously and formed head and shoulders pattern at the historical high price area.
Always a good opportunity if considering trading short position when just near break out line (refer to the history position of "break out" in the chart) .
Now the price is just near the...
Played the gap fill once again today on PCAR, lol.
Decided to hold because ES1! needs to fill the gap above, plus according to my calendar, PCAR should announce the special dividend on Tuesday. Reviewing the last few press releases, always seem to be the second Tuesday in December.
Later year:
www.paccar.com
Ex-dividend date was Dec 20th, doubt I hold that...
Way overbought on the daily and this is the first time in a while that it's gone red when the market is green
Kinda why I didn't play the rally the last couple of days, my favorite play appears to be played out. Probably should've bought AAPL instead, lol.
I think it gets a bounce at $101 if it does go down
Played the gap fill yesterday for a decent profit, but it's overbought on the weekly now.
My favorite stock of the year, but waiting for it to come down. It;s still a good gap play so watch for that, especially if ES1! goes oversold on my 3 hr plot.
Looks like a double top to me, still waiting for it to come down before going long around $92...
Weak economic data means we're heading into a recession, but gotta love the way the market pumps bad news on "Fed pivot", lol.
Daily RSI hit overbought with MFI divergence. That is usually bearish.
Made some money off the gap fill play from yesterday, held overnight because ES1! went oversold on my 3 hr chart. Glad I did.
Will wait for the next gap down before going long. I don;t plan on going long until Wed at the earliest though because of elections. As always it will be a one or...
Uptrend prior to wedge
Wedge
Double bottom
77.96 and 77
Pivot at 97.56
CCI Green
Elliot oscillator green
Cons :
Stochastic >79 but no bar on top
Volume good last 3 week
Remarks :
Today close important for entry next week.
Daily MFI way overbought and looks like a topping pattern.
No position, I do not short PCAR, it's been my go to stock for the past year, keeping my 401k green on gap fill plays.
I plan on waiting to go long even if it does throw a gap down.
