ChristopherCarrollSmith

ChristopherCarrollSmith

Pullback to the bottom of the channel could afford a buying opportunity. This one's nice because it's a China stock, so it isn't vulnerable to the Fed rate cut decision like US stocks are. Due to the nature of its business model, it's also likely to be more resilient to trade war concerns than many other China stocks.

ChristopherCarrollSmith

Wish I'd seen this yesterday before it jumped 9%! But there may be more buying opportunities ahead if we pull back to the bottom of the channel.

ChristopherCarrollSmith

I think NVDA will likely step higher through resistance tomorrow, with more upside ahead. Pullback to the bottom of the channel offers a buying opportunity.

ChristopherCarrollSmith Updated 

Lyft is in the middle of its upward-sloping channel, and this week it's been following an even steeper upward trend line toward the top of the channel. Right now it's at the trend line, looking bullish for late today and tomorrow.

ChristopherCarrollSmith

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.

ChristopherCarrollSmith Updated 

Omnicell has failed a couple attempts to break upward out of of the triangle pattern it's been in. But it's still well within its upward trend channel, so until it breaks that channel, I'm still fairly bullish on the stock. Omnicell has good analyst ratings and an earnings date coming up July 25. However, the stock may fall to the $79 resistance level, so wait...

ChristopherCarrollSmith

AMD appears to be on its way up after breakout from a downward-sloping channel.

ChristopherCarrollSmith

Hibbett Sports is at the bottom of a downward sloping channel, but it's at a support in the 19.15-19.29 range, so I think we'll see a short-term rebound. Hibbett has pretty good analyst ratings and is undervalued based on its P/E and expected earnings growth.

ChristopherCarrollSmith

Lululemon is looking like a good long bet, with a recent earnings beat, bullish analyst ratings, and an upward-sloping parallel channel. I think its current upward curve is hitting trendline resistance, however, so hopefully we'll see a pullback to the bottom of the channel that will afford a buying opportunity for a long position.

ChristopherCarrollSmith Updated 

Coffee Holdings Co. (JVA) reports earnings Monday. JVA's earnings have beaten estimates about half the time and missed the other half of the time. Historically, earnings beats have led to at least a few days of strong price performance for JVA. Stocks whose share price has recently declined tend to get the biggest bump from earnings beats and the smallest drops...

ChristopherCarrollSmith Updated 

Despite ongoing concerns about oversupply and threats to demand, crude has some upward catalysts after a long bear run. Global contracts are up in the month of June, according to a report yesterday, and China's oil appetite is increasing. Also, Iran attacked a couple oil tankers and the US government appears determined to go to war in order to bolster the...

ChristopherCarrollSmith Updated 

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...

ChristopherCarrollSmith Updated 

Recognia is flashing am Elliott Wave 3 extension for Rio Tinto, with a price target of $73.86. I'm skeptical that we'll get that high, because it's outside the current trend channel, which I expect to break after RIO reports earnings on August 1. However, I do think it's likely that there's upside ahead as we approach the half-year earnings date. RIO has a low P/E...

ChristopherCarrollSmith Updated 

Omnicell is testing support this afternoon around the $81.50-$81.70. This has been a fairly high-volume level this week, so it should provide fairly solid support. Without catalysts in either direction, Omnicell may trade for a while in a range between the $81.50-$81.70 support level and $83.70-$84.00 resistance level. The healthcare sector as a whole appears...

ChristopherCarrollSmith Updated 

Restoration Hardware, which gapped upward on an earnings surprise a few days ago, has been in a sharp downward triangle ever since. Today it's testing a support zone from about 105.30 to 109.60. I wouldn't be surprised to see an upward breakout from the triangle, especially considering the strong retail sales report the Commerce Department released. To be honest,...

ChristopherCarrollSmith

Darden Restaurants (DRI) is on the lower side of its upward-sloping diamond pattern and thus likely to make some modest gains leading up to earnings on June 20. Working as an upside catalyst is Darden's 1.6% earnings surprise prediction from Zacks. 1.6% isn't a huge ESP, but the market reacts well to any positive ESP number. You may want to sell off your position...

ChristopherCarrollSmith Updated 

Revolve has formed a triangle chart pattern since its IPO a few days ago. On upside breakout, look for confirmation above $41.61 resistance level. On a downside breakout, look for confirmation below $36.74 resistance level. Tomorrow is a historically bullish date for stocks, so perhaps Revolve will break out upward simply on seasonality. Citron, the only analyst...

ChristopherCarrollSmith Updated 

Stitch Fix appears to be in the process of breaking out above the top of the triangle it's been forming since it gapped up after its recent stellar earnings report. Look for confirmation above 29.36 resistance level.