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 »
The Intel (INTC) chart looks like it is rolling over. A high wick shooting star candle formed last Tuesday which was followed on Thursday by a large bearish dark candle. The stochastic oscillator has made a bearish crossover and has moved below its overbought border, and the accumulation/distribution line is pointed lower. Intel has been… Read More »
The broader market indices finished the week looking weak. The bounce off the February low has been impressive, but it’s been a process and part of that process requires pullbacks. Next week we could see some retracement which could either be healthy for the market, or could take the indices down through some important levels… Read More »
Shares of CommVault Systems (CVLT) bucked the broader market weakness in Wednesday’s session. The enterprise data back-up and recovery services software company was up 1.4%, forming a strong bullish hammer candle on its daily chart. But it was more than a one day event. The price momentum and money flow indicators have been sending bullish… Read More »
Tom McClellan, formulator of the McClellan Oscillaotr and McClellan Summation Index, and publisher of mcoscillator.com, posted this on Twitter today: “Here is an extremely simple but useful indicator, which I featured last week in my Daily Edition. It says gold prices are making a meaningful bottom.” The technical picture on the gold chart is improving… Read More »
Cramer’s charts show FANG stocks can stabilize amid market volatility from CNBC. On the “Off the Charts” segment of Tuesday’s Mad Money show, Bob Lang of ExplosiveOptions.net defended the Four Horsemen stocks that go by the FANG acronym he coined and Jim Cramer made famous. Facebook (FB), Amazon (AMZN), Netflix (NFLX), and Alphabet (GOOGL) were… Read More »
The daily chart of BlackBerry (BB) is a good example of positive technical price action. Shares are currently consolidating under resistance in the $12.60 area, which is being reinforced by the 50 day moving average. But all indications are the stock will break above this resistance and continue higher. Let’s take a look at the… Read More »