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 »
Just last week it looked like Caterpillar (CAT) had broken above the rim line of a bullish cup and handle pattern. The pattern projected an upside price objective that targeted a new all-time high. It was a very strong looking chart and all the technical indicators were tracking higher. The MacD momentum indicator had made… Read More »
The decline in Home Depot (HD) shares this month has been dramatic, but the sell-off may have reached an inflection point. The $175 level has been tested three times this month, the last being the central candle in a morningstar bullish reversal pattern. A morningstar pattern is a three-period formation that consists of a large… Read More »
Bitcoin has broken above the downtrend line drawn off the lower highs that followed last year’s $20,000 high. It is currently being skewered by the 38% Fibonacci retracement level of that memorable 2017 high and this year’s reaction low. This is a big breakout from a technical perspective but there have bee a lot of… Read More »
There is a particular importance to the appearance of the weekly candle. It is “blended” candle or an amalgam of price action over the week, and as such, it contains more information. A candle reversal pattern on the weekly chart is more significant than a similar pattern on the daily chart because it implies a… Read More »