Chartimistic

Chartimistic P

We just barely closed below the weekly AVWAP level going back to May 2020. We are also at a gap up level from early April 2021. This level has seen successful bullish bounces on three prior occasions (June 2020, September 2020, October 2020). This level may hold again as we still have four trading days left this week & it just feels like a bullish bounce needs to...

Chartimistic P Updated 

Today's market action created a "Dark Cloud Cover" candlestick on the close. This is a bearish reversal formation. For confirmation, we would like to see continued bearish movement tomorrow. The close today was right at the rising trendline, perhaps even just below & the market began pulling back near a previous gap down level (dotted pink line). It's important to...

Chartimistic P

The markets saw an automatic rally bounce off the lows from all the panic selling caused by the COVID-19 issues impacting the world & shutting down the economy. I was targeting a bullish bounce of around 50% which would have taken price to the $265 range. The highs hit $262.80 before Friday's inside day candle. Japanese candlestick analysis would label Friday's...

Chartimistic P

The SPY is down just over 5% from its recent high. The candle formed today is an Inverted Hammer candlestick (ignore the tall upper shadow that appears on the chart. These levels occurred during pre-market & never came close to those prices during the trading day). This candle needs confirmation tomorrow with preferably a higher open & definitely a higher close...

Chartimistic P

The close on Friday left was appears to be a "Hanging Man" candlestick. With this occurring during an uptrend this could potentially be a bearish warning sign. We must wait for the confirmation of the CLOSE of trading on Tuesday to find out whether this candle is bearish or not. For confirmation to occur Tuesday's closing price must be below the LOW of Friday's...

Chartimistic P

The market broke down on January 24th. It opened below the rising trendline on January 27th. Since then, it has been choppy but basically consolidating & I was waiting for some evidence of which way this thing was going to break before commenting on long or short. Today (February 4th) looked like the day it would provide that evidence that the bulls have won. Of...

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Wyndham Hotels is looking poised for its next bullish leg higher. The stock broke down through a bullish trendline but was able to find support along the 50-EMA line. The daily volume is showing that buyers are showing up as the price seems to be rounding out of a bottom & the RSI has risen above 50 as it exits an oversold condition. My price targets are noted on...

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The stock price has been rising since a double bottom in early October. It broke out of a downtrend today with the price finding support on a level where the price gapped up. This area is also where the 200-EMA line is. Today's short float on this stock was 11.71%. Price targets are noted on the chart.

Chartimistic P

Look for biotech stocks to start performing well. Price targets are noted on the chart. Bollinger Band shows a squeeze in this area as well.

Chartimistic P

Qorvo gapped up on an earnings announcement & has held the level. The RSI seems to be bouncing off the 50 level as the slow stochastic exits an oversold condition. The recent low candle had a higher than average volume accompanying it which I noted on the chart. Good relative strength in this name too. This is a tech company within the semiconductor industry,...

Chartimistic P

The weekly chart for Mylan has broken out from a bearish trendline this week. We can see from the VPVR that there is not much volume resistance at these prices either. There is also a bullish divergence on the RSI. Relative strength has begun to improve too. The price still needs to clear both a 50-EMA & 200-EMA & bulls would want to see a golden cross occur in...

Chartimistic P

Fastly has been consolidating on the weekly chart since early November. We are now seeing the Slow Stochastic exit an oversold condition while turning positive for the first time on the weekly chart. I would like to see the RSI finally get back above 50 & hold but I placed a Note icon to point out how to potential bottom had a lot of volume behind it. The price is...

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Church & Dwight has been in a descending channel since early September immediately following a bearish divergence signal. The slow stochastic is showing that the stock may be getting ready to roll over again at the bearish resistance line of the channel. The last time this stock began to pull back with the RSI & Stochastics at this level, the stock did not pull...

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Valero Energy has been consolidating since early December after a pullback. The support level from a prior high established back on April 25th continued to hold as the price is just starting to break out from the level established on November 2, 2018. A purple dotted line will mark where a previous break out attempt failed so all longs will want to see the price...

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Amarin popped up on my daily scans that are showing bullish momentum following an oversold condition & I do like the look of its daily chart. A gap up on November 12th which has since been held. A Golden Cross occurring around the same time as well. I have a few price targets noted on the chart based on the Fibonacci Extension tool. What really interests me about...

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Charles Schwab gapped up back on November 21st, I believe that may have been related to the news that they were looking to buy TD Ameritrade. Since then, the stock has consolidated but managed to hold its gap level. The stock seems ready to exit an oversold condition while the RSI level held its 50 mark. The gap up in November has allowed a Golden Cross to occur...

Chartimistic P

The weekly chart for the iShares Silver ETF shows how it has been pulling back from its recent highs back in early September. The stock broke down in early November but was able to find support along the 50-day EMA line. It has managed to break out again this week as it nears volume levels that will not be able to hold much resistance against the price. Continued...

Chartimistic P

The daily chart of Splunk broke out of a bull flag pattern yesterday & has seen its bullish momentum continue in today's trading. The stock is also trading above heavy VPVR levels which can allow it to continue to run higher. My first two price levels are based on a Fibonacci Extension. The third target is a combination of both the Extension level & the bull...