Continuing our look at particular charts and patterns in the context of today’s sell-off.
Goggle (GOOGL) broke through an uptrend line drawn off the lows since May, and returned to its 50 day moving average, just above the 62%retracement level of this year’s range.
In March, shares of Exxon Mobil (XOM) took out the neckline of a cup and handle formation, and over the next several months moved up to the target projection price of the pattern. The stock price fell over 4% today, taking the stock below its 50 day moving average and the 2013 high.
The action in Wal-Mart (WMT) took it below a long term trend line on the weekly chart, and may be confirming the bearish divergence we have been following in the MacD and the decline in money flow.