ColinCieszynski

ColinCieszynski

A rare but very bearish Island Top has formed in IBM shares today. Earlier in the week, the shares gapped up through $65 higher, traded at new highs for two days in the $168-$172 range then gapped back down under $165 today. This combination of an exhaustion gap upward and a breakaway gap downward indicates a major top has formed for the shares. It also means that...

ColinCieszynski

Blackberry gapped higher on the open today, clearing $12.00 for the first time in nearly three years. At the same time, it has broken out of a sideways channel and an ascending triangle, all signaling the start of a new uptrend. The channel measures toward $13.80 while the triangle measures toward $15.60.

ColinCieszynski

Disney shares had a big rally last week on a combination of the latest Star Wars movie opening in theatres and the fox acquisition announcement but now appear to be hitting a wall. With all the big news out for now, traders appear to be taking profits against the news and $112 emerging as resistance. Initial support may appear near $110 then $107.50 or even $104...

ColinCieszynski

CADUSD is soaring up off of $0.7750 this morning on the back of a HUGE 79K November increase in Canada jobs and the unemployment rate falling to 5.9% when 6.2% had been expected by the street. A nice base now appears to be forming, but it would take a breakout over $0.7900 to signal the start of a new uptrend.

ColinCieszynski

CM shares have broken out of a $112 to $115.50 trading range and rallied toward $118.00 after EPS came in way above street. They still face resistance between the $120 round number and $120.80 where they peaked in a double top earlier this year. With other Canadian banks faltering short of their 52-week highs even though the shares have the wind at their back...

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Wow what a day for Bitcoin. Blasts through 10,000 to a new all-time high, runs up toward 11,500 and then gives a lot of it back to finish under the big round number. This feels like a buying climax or a blow off top but the indecision doji makes it hard to say for sure. Volume continues to rise but a negative RSI divergence suggests slowing upward momentum. Given...

ColinCieszynski

The S&P 500 hit a new all-time high on Tuesday but the party appears to be rapidly winding down. The index has levelled off this morning following a surprisingly disappointing 1.2% drop in US durable goods orders. The uptrend in the index has been showing signs of tiring with gains being made on falling volumes, a negative RSI divergence indicating slowing...

ColinCieszynski

VRX shares popped on Tuesday gapping up through $12.00 and rallying toward $14.00. Support has moved up toward $13.65 the top of a breakaway gap. The rally was contained, however, by resistance in the $14.70 to $15.00 area. Should the shares manage to break out again, next resistance may appear near $16.00 or $17.00 both prior support or resistance levels.

ColinCieszynski

Gaps in short term charts suggest that VRX shares may have bottomed out. Earlier this week, prior to the company’s earnings report, the shares gapped down then gapped up forming a small Island Bottom, leaving bears trapped offside. Following the earnings report, the shares staged a big breakaway gap to the upside and have held above the top of the gap, a sign of...

ColinCieszynski

At one point last night, SNAP shares were trading down 16% near $12.50 suggesting we could see a plunge this morning. A break of $14.40 would snap an uptrend support line and cause the ascending triangle to fail. The most significant test today could a retest of the August low near $12.00. Support holding there could form a double bottom, but a failure would be a...

ColinCieszynski

Apple shares broke out over $170 in aftermarket trading last night and rallied to a new all-time high on earnings and guidance. A flurry of activity on the open is likely on this news, the big question is whether Apple shares can sustain the gains through the day and post a positive weekly close, or if some traders could start to take profits ahead of the weekend....

ColinCieszynski

Apple is scheduled to report earnings after today’s US market close, with the iPhone X expected to start shipping Friday morning. Whether the shares can continue their advance may depend heavily on the outlook for the iPhone X. Apple recently broke out of a $150 to $165 trading channel but has been looking a bit vulnerable with the RSI indicator getting...

ColinCieszynski

TSLA shares have been in trouble for a while now. They peaked near $388 at the end of June and completed a double top as a retest confirmed resistance there in September. More troubling, the second peak of the double top coincided with the head of a head and shoulders top. Yesterday the shares were trading near $320. Initial support could appear in the $306 to...

ColinCieszynski

AMZN shares gapped up from near $975 toward $1,050 on the open and have carried on up toward $1,065. The shares are approaching resistance between a measured $1,070 and their July peak just above $1,080.

ColinCieszynski

GOOG shares blasted off from $975 gapping up toward $1,008 on the open then carrying on toward $1,032. Pickup in volume also encouraging. Next measured resistance possible near $1,040 then $1,100 on trend.

ColinCieszynski

Reports that Amazon.com has received wholesale pharmaceutical licenses in 12 states has put pressure on the drug store sector today. WBA shares have been under pressure for about a month with channel support near $76.00 and $72.00 having failed already. The shares have approached $64.00 a potential measured support level with next measured move support possible...

ColinCieszynski

After outperforming through the first part of 2017, GOOG shares have been stuck in a sideways range between $900 and $1,000 for the last six months. The shares have recently reached new highs, but volumes have been falling and $1,000 remains a key round number barrier. The upcoming earnings report could spark a significant move depending on the results and...

ColinCieszynski

Amazon.com’s shares have tended to be particularly active around earnings reports this year. Since the last results, which were a big disappointment, the shares sold off then settled into the $930 to $1,025 range, short of the $1,075 they were trading near before the July report. Recently the shares bounced off a higher low near $960 and have been trading near...