The daily chart of Coinbase (COIN) may have formed a double bottom. Increased buying pressure after a period of consolidation suggests the current path of least resistance is higher. The May and June lows first stood out to me on the Coinbase chart. There was selling going into the May low and there is buying… Read More »
Last week could have been a transitional period for the major market averages. The Dow Jones Industrial Average rolled over and sliced through its 50 day moving average, accelerating lower in Friday’s session. The decline in the S&P 500 Index began on Tuesday and picked up speed as the week progressed closing below its 50… Read More »
I scan primarily for stocks with a combination of positive price momentum as measured by the Relative Strength Index (RSI) and positive money flow momentum as suggested by the Chaikin Oscillator. You can scroll through the “Chart School Technical Indicator” section of Stockcharts.com for information on these two indicators. Then from that list I drill… Read More »
Funny fundamentals often translate to tricky technicals.
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 »