Facebook (FB) shares closed today above the 50% Fibonacci retracement level of the 2018 high and low range. That is a significant technical level but the price action was equally as important. The stock opened near its low of the day and closed near the high of the day – also the high for the… Read More »
Facebook (FB) shares dropped over 40% in the last half of 2018. They bounced back by about the same percentage so far this year. But as most traders know, it takes twice the return to make up for an initial loss. So, the pop in Facebook’s stock price in 2019 only returned the stock to… Read More »
NVIDIA (NVDA) shares have finally broken above the $170 level. They had been trading just below their $170 to $160 range, and made multiple breakout attempts since November last year. This resistance was created by the large gap lower in November, and it remains unfilled. But it looks like NVIDIA is attempting to close it… Read More »
On February 28 we wrote an article entitled “An Optimistic Look At The Apple Chart.” At the time Apple shares were moving sideways in a narrow range, just below the 38% Fibonacci retracement level of the 2018 high/low range. The piece suggested that the stock might be prepared to make a move higher. Over the… Read More »
The modest gain in yesterday’s S&P 500 Index was notable. The index closed above the weekly and daily resistance area on our chart at 2832.94, for the first time since October 2018. RightView Trading’s take on the broader market was featured on the February 5th “Off the Charts” segment of Mad Money. At that time… Read More »
Canopy Growth (CGC) shares shot up over 80% last August. The volatility continued over the next several months, forming a series of high wick candles. These candles reflected the stock’s inability to hold new highs. Ultimately it relented and shares pulled back below their 40 week moving average, to where the rally began. A similar… Read More »
We saw some signs of life on the Apple (AAPL) chart yesterday. The stock price was only up fractionally, but the close was near the high of the day. This formed a strong looking bullish marubozu candle on the daily chart. The marubozu candle is one with no or very little upper or lower shadow.… Read More »
The Dow Jones Transportation Average has dropped back below its 200 day moving average and is testing an uptrend line that has been in place since the beginning of the year. The 200 day average thwarted the transportation average’s advance several times at the end of last year, and one such test directly preceded the… Read More »
The small-cap stocks have historically led the broader markets. In the past, changes in the direction of the Russell 2000 Small-Cap Index have preceded changes in the direction of the market as a whole. Not always but it has often been the case. So, when a reliable reversal pattern forms on the Russell chart it… Read More »
Activision Blizzard (ATVI) shares have collapsed since the October 2018 high. They retraced more than half of their incredible rally off the 2015 low. The weekly chart shows Activision’s heroic rise and its sudden reversal. The company is reporting earnings after the close today and may announce plans to layoff workers because of slowing sales.… Read More »