Workday (WDAY) rallied over 65% from its November 2018 lows to its March 2019 high. Since then it has been consolidating in a lateral triangle pattern. Support is situated in a zone between $177 and $175, and resistance is being supplied by a downtrend line drawn off the 2018 highs. Last week Workday shares tested… Read More »
Happy 95th Birthday to one of the great minds of modern physics, Professor Freeman Dyson! Professor Dyson has authored many books, but my favorite is his most recent, “Maker of Patterns: An Autobiography Through Letters.” It is a fascinating accounting through correspondence with his family, of a life well lived.
A follower on Twitter suggested we take a look at the Alibaba Group (BABA) chart. The stock is in a severely oversold condition and diverged sharply from its Amazon (AMZN) counterpart. The weekly chart shows just how much selling the stock has experienced after making a June high this year. Since then it has retraced… Read More »
The SPDR Gold Shares ETF (GLD) have been tracking steadily lower for the last six months. There have been attempts to stabilize along the way, but they all failed and the erosion in the precious metal continued. Over the last month, however, the ETF has stabilized and formed a pattern on the daily chart which… Read More »
Bitcoin is nearing an intersection of key resistance. The integrity of this level could determine the intermediate term direction of the cryptocurrency. The trend for the last month has been lower. A steady series of lower highs and lower lows can be seen on the daily chart. They have delineated a well-defined downtrend line that… Read More »
Shares of Red Hat (RHT) saw a 7% upside gap at the open in Tuesday’s session. The stock price price reversed direction quickly but closed up on the day, and the daily volume bar recorded upside volume that was 350% greater than the 50 day moving average of volume. But the price action and the… Read More »
The SPDR Gold Shares ETF (GLD) dropped 45% from its 2011 high to its 2016 low. It has been basing under the 38% retracement level of that range for the last five years. This extended period of horizontal consolidation has formed a “W”-bottom with resistance situated in the $132.50 to $132 area. There is a… Read More »
It was a rough week and there will be more downside. But how much lower could the market go and how long could the decline last? It is, of course, impossible to tell either metric with certainty. But we can make educated guesses, by using technical tools to look at past periods of volatility and… Read More »