Looking at the weekly chart we can see the initial consolidation following their IPO. We finally saw a bullish breakout at the end of February which led to an ascending channel that held until August. The recent pullback could've been interpreted as a bull flag pattern that just had a bullish breakout last week as they were preparing for earnings. After releasing...
Fans of Disney are excited by the debut of the Disney+ streaming service tomorrow (I'll be watching The Mandalorian) but a bull flag seems to have been taking shape on the weekly chart since March. We have to see if it can break out of the flag pattern or if it needs another bit of consolidation first. Also, notice how the stock has found support along the 200-day...
Here is a dual chart showing the weekly chart on top along with the daily chart below. On the weekly chart, you can see how the price has remained within an ascending channel since the Christmas Eve low. The price recently hit and broke through the 61.8% Fibonacci Extension level in early September. The recent pullback has the price sitting right in-between the...
XLI is a sector that has recently broken out, looking within that sector, WM seems to be showing some bullish potential. The stock is trying to successfully bounce off a test of the 200-day EMA line. Any continued strength will push the price back above the 10-day EMA line. The stock is also exiting an oversold condition. I am targeting the $115 & the $120 price...
The stock price is currently overbought & VIX was around 12 going into today's trading, suggesting increased volatility in the near-term. Bulls want to see this support hold to continue their momentum but we may see another pullback that takes the price back into the ascending triangle pattern.
CREE has formed a symmetrical triangle pattern going back to the early September low. The price just broke out of the pattern yesterday & is continuing the move today. There was also insider buying by one of the directors yesterday, for those who pay attention to that. The price target for the pattern breakout is $60.
GDX saw a rise in price from June breakout until its top in September. Since that September top, the stock has formed a bullish wedge pattern where it is currently bouncing off the support line. There is also a slight bullish divergence between the price & the RSI indicator. Just waiting for the bullish breakout to occur to activate a potential price target. Any...
WBA gapped down at the beginning of April due to an earnings report. The price continued to fall until the end of May, failed when it hit gap resistance in mid-July, & fell again creating a double-bottom at the end of August. Price has continued to fail when attempting to fill the gap but recent price drops have created an ascending triangle pattern. I'm looking...
BAX gapped down after a poor earnings announcement & has been trying to bottom since. The stock is still oversold but is trying to find some strength. It won't take much to bump into gap resistance but if it can get passed that it can get back to the $87 range.
KSS had a gap down on earnings on May 21st. This is the third time price has gotten near or tested the gap resistance level & it has been rejected each time. Price seems to be falling from this level again as it sits in an overbought condition. It provides a short opportunity with a couple of Fibonacci Extension levels provided with the dashed green lines.
CNC was in a descending channel since the beginning of June. The stock was able to break out on October 22nd. It has since tested the previous resistance line & continued its bullish move. The two green dashed lines mark potential price targets at the 61.8% & 100% Fibonacci Extension levels. The stock price closed around the 61.8% level yesterday & popped this...
AMAT is a rather standard chart. An Ascending Triangle pattern has formed since the Christmas Eve low with only a couple of instances where the rising support line was broken. Each time the line was broken it was by a small amount & each time the line was regained shortly after. A multiple top pattern dating from late July led to the resistance line across the top...
United Rentals has been in this consolidation zone since March. Look at how steady, for the most part, this price action has been. Buy at support, sell near resistance, rinse & repeat. Even when the price broke down out of the range in August it gave you an RSI bullish divergence signal along with a double-bottom pattern just prior to another $20 bullish move. So...
Amarin had a gap down on July 18th that created an Island Reversal pattern. The stock saw another gap down on August 9th. AMRN has pulled back a couple of times after filling the gap creating a double-bottom & a base for the stock. Once again the stock price is testing the top of this fill level but with stochastics reading overbought I would expect another...
Price has been within a bearish channel since the end of April. The primary trendlines are the solid purple lines but there is an intermediate bullish pattern forming which is illustrated by the dashed purple line which is creating a bullish falling wedge pattern. Look for the breakout around $95 on the falling wedge then we would wait for confirmation on the...
We have a clear double top with declining volume on the second top. While this is happening we have a bearish divergence with the RSI indicator. Even with being conservative & stating that the neckline was broken around $15 we still get a minimum price target of $11.49 which I moved up slightly to $11.60 where there are some previous support/resistance levels. I...
CNI has an Island Reversal pattern from a small gap down in early October to the gap up a couple of weeks later. Bullish momentum has continued with a couple of strong volume bullish days to show the transition. If the price can hold above $86.60 then the bullish momentum should continue.
Massive gap down on March 21 & stock spent the last seven months consolidating before the massive gap up yesterday on positive drug news. Can the stock hold this gap up? I want to see it continue to close above $280 as it consolidates at this new level, then you can get another move up...assuming no bad news comes out about that Alzheimer's drug. If the price...