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 »
The SPDR Gold Shares ETF (GLD) has been moving in a triangle formation for the last two months above horizontal support in the $124 area. On Wednesday it broke above the triangle downtrend line and its 50 day moving average. Overall volume jumped higher and the Chaikin money flow index is firmly in positive territory.… Read More »
On Wednesday the broader market averages opened flat and rallied through the morning. Then at about 2:00 PM a double top formed on the ten minute chart and the indices gave up all their gains, closing back down near the lows of the day. The late day drop to opening levels formed long wick candles… Read More »
Last week SunPower Corporation (SPWR) filed a petition to be excluded from tariffs on solar-cells and panels developed in the US. If the company were granted an exemption, it would allow the savings to be spent on domestic manufacturing, which would ultimately be beneficial to the company’s bottom line. The stock has been making a… Read More »
Shares of Starbucks (SBUX) have moved sharply higher off their February lows and managed to close a large downside gap. The gap was formed by a drop in the stock price in January, after the company reported disappointing same store sales. Price action over the last week formed a series of high wick candles. High… Read More »