W took off on Monday as the company talked up its performance. This online furniture retailer is clearly benefiting from competitors being closed -- deemed nonessential. Gap-fill resistance at the $100 level isn't crazy if $80 gets beaten.
USO has been beset by terrible obstacles as the OPEC-plus structure breaks down, and Russia and Saudi Arabia look for ways to get the US into the global oil policy fold. The "Bounce of Hope" is up against tough odds here, and the COVID-19 lockdown theme continues to destroy demand. Be wary of hope.
NFLX continues to curve toward the potential of a bullish ascending triangle breakout. There is every reason to understand how the current environment of home sheltering can explain a booster here, so we would take it seriously. We have pointed this potential out several times in recent weeks. Watch for $400-plus.
TDOC continues to trend higher in an accelerating parabolic curve, with an Ichimoku Cloud trend indicator that is screaming for extension of that trend. The consolidation in play now is a bullish symmetric triangle as volume mounts given the deregulation of the telehealth space to combat the coronavirus pandemic threat.
ZM is swinging within a wide trading range as the Coronavirus outbreak intensifies. The trend is very much still in place as a leading virtualization solution during the lockdown phase. A deeper pullback could be advantageous as an opportunity at the convergence of support around $120.
APT is taking off again as the US contemplates mandating mask usage. The key level to watch is $20.
APRN shares found pullback support in the $10 area, and has started back higher in response to that support, and in response to more states turning to stay-at-home protocols. The target for longs should be $16-plus.
RXMD has double-bottom key support lined up with a major MACD buy signal after breaking above its recent downtrend line in yesterday's action. This is a Coronavirus play at the leading edge in both telehealth and home pharmacy delivery. • Telehealth regulations have been dropped to allow it to brace our healthcare system against exponential COVID-19 case...
ABT shares are ripping higher in recent action as the company achieves the vanguard in COVID-19 testing with its 5-minute results method -- which looks likely to set the new standard and redefine how we track this tragic disease. This comes off a massively oversold low, and now we are back in the prior long-term range with supports in place.
TEVA shares are popping to start off the week as the company gets into the middle of the chloroquine emphasis to battle the COVID-19 outbreak. The longer-term picture is defined by the potential for fresh momentum after successfully holding key support.
JNJ just entered the fray as the newest bona fide COVID-19 "play" given its claim to have a serious vaccine candidate. The stock broke above range and MA resistance to kick off the week, and still has a bullish trend on a long time frame according to the Ichimoku Cloud indicator.
SPY is bouncing into the zone we forecast. We would really like to see $273 before signaling the all-clear for the fade. We may not get that level, but the facts are so dire, the catastrophe so apparent, and the fixed-weight portfolio rebalancing so large into month-end, that the fat-tail squeeze would be both plausible and juicy.
CCL conjures up two key levels as we look at this bounce: if gets through $20, watch out for $30. The short interest here has to be quite crowded. But that's the case for a reason.
TLRY is not a company we have been fans of, generally speaking. The debt-servicing costs are astronomical, and the company seemed to hit the public markets as a kind of cardboard cut-out fashioned for the show ahead of some big catalysts. But the bounce from $2 appears to be somewhat more substantial. Maybe $300 to $2 was enough of a pullback for now?
BABA dove to key sloped top-side support from its triangle breakout in late 2019. The stock is also now testing that support with a bullish MACD divergence in place.
NFLX continues to sport a textbook bullish ascending triangle on the long-term chart, and the company likely continues to benefit from the coronavirus lockdown, and people look for more at-home entertainment. $380-$400 is the bullish pattern breakout trigger.
TSLA shares triggered an RSI buy signal at key chart support (former range resistance) outside the lower Bollinger band with a bullish trend in place on Ichimoku Cloud. That represents strong footing for the bounce. But range resistance sits above in confluence with the 50-day simple moving average at $625-650.
JNUG is the levered junior gold miners ETF. This has been torched from $100 to under $5 in a matter of weeks because these are heavily indebted companies that can no longer mine for gold because of virus concerns even as the price of gold surgest to test multi-year highs. But even a brief reprieve could produce big gains if well-timed.