Stocks inched lower yesterday, but not Wells Fargo.
The first pattern on today’s chart is $58. WFC was trapped below that level since March 12, but closed above it on Thursday and reached its highest level in over two years. That may suggest the bank stock is breaking out.
Second, Bollinger Band Width highlights the narrow consolidation since early April. Will...
First Solar has been fighting higher, and some traders may see further upside.
The first pattern on today’s chart is the December 28 closing price of $173.22. FSLR jumped above that level early in the month and has now pulled back to hold it. Has old resistance become new support?
Second, prices are above the 200-day simple moving average (SMA). The 50-day SMA...
Marathon Petroleum has been running since late January, and now it’s pulled back.
The first pattern on today’s chart of the refinery stock is the March high of $203.02. The stock tested that peak today. Traders may watch to see if it can turn old resistance into new support.
Second, MPC has pulled back to the rising 21-day exponential moving average. It offered...
U.S. Treasury yields have dominated sentiment since early 2022. Today we’ll return to the important chart of the key 10-year note.
This chart uses two-week candles to show the bigger picture. The yellow line illustrates the upward trend.
Four levels are also highlighted.
First is the October 2018 peak of 3.248. TNX held that level in April 2023 following the...
Homebuilder Lennar has been grinding higher this year, but some traders may expect a breakdown.
The first pattern on today’s chart is the rising trendline along lows in January, February and March. Prices have sat there for the last four sessions with little sign of a bounce, which may suggest it’s losing relevance as support.
Second, the 50-day simple moving...
Drugmaker Merck has been pushing to new highs, and now it’s pulled back.
The first pattern on today’s chart is a pair of gaps. On February 1, earnings and revenue beat estimates. The second jump on March 27 followed approval of a lung-disease drug. Both of those gaps pushed the stock to record highs.
Next, MRK held last year’s previous all-time high in...
Snap plunged two months ago. Now, after a period of consolidation, some traders may see further downside risk.
The first pattern on today’s chart is the bearish gap on February 7 after revenue missed estimates. The social-media stock tried to recover a month later but quickly reversed. That may confirm resistance is in place.
A descending triangle developed in...
Big technology stocks have moved sideways for the last month. Now there could be some important levels for names like Nvidia as investors digest today’s higher-than-expected inflation report.
The main pattern on today’s chart is the March 11 low of $841.66. This level has provided support since the chip giant’s peak on March 8. (It’s also a weekly low.) Closing...
Vulcan Materials broke out earlier this year, and now it’s pulled back.
The first pattern on today’s chart is the move to record highs at the start of February. The provider of gravel and concrete jumped further after earnings and guidance surprised to the upside. Pricing helped fuel the beat, which may indicate strong fundamentals.
Second is the March low of...
Ingersoll Rand has barely moved for about six weeks, and some traders may look for its uptrend to resume.
The first pattern on today’s chart is the February 16 high of $92.32, immediately after the last earnings report. The industrial stock remained below that level for more than month. It pushed higher for about two weeks before coming back to hold the same...
Regional banks had a big surge in late 2023. Now, after a period of consolidation, some traders may expect further gains.
The first pattern on today’s chart of the SPDR S&P Regional Banking ETF is the falling trendline along the highs of January and early March. KRE is trying to clear that resistance, which may suggest a breakout is starting.
Second, price...
The greenback might be showing signs of a peak -- despite strong economic data and a favorable macro environment.
The first pattern on today’s chart of the U.S. Dollar index is the price line around 105. DXY stalled at this level in mid-February and again this week. Some traders may view that double top as a bearish reversal pattern.
Second, the resistance is...
Apple has lagged for months, but some traders may expect a recovery.
The first pattern on today’s chart is the emerging double-bottom around $168.50. AAPL bounced at that level in early March and is trying to hold it again. The kind of price action may suggest the downtrend is slowing – at least for the time being.
Second, the tech giant is expected to report...
Salesforce more than doubled between late 2022 and early 2024. But now some traders may think the provider of marketing software is stalling.
The first pattern on today’s chart is the November 2021 high of $311.75. CRM rallied above that level on March 1 but couldn’t stay there. Such a failed breakout is a potentially bearish reversal pattern.
Second is a trend...
Cheniere Energy has been sinking as the broader market advances. Now some traders may see risk of another push to the downside.
The first pattern on today’s chart is the series of lower monthly highs and lower monthly lows since early December. This contrasts starkly with the advance in the S&P 500, potentially reflecting bearish sentiment in the tanker...
Palantir Technologies has advanced as investors embrace AI and non-government customers embrace its products. Is its current pullback offering an opportunity?
The first pattern on today’s chart is the pair of rallies after the last two quarterly reports. Those may reflect increasingly bullish sentiment toward the software company.
Second, PLTR jumped to its...
Pure Storage jumped to a new record high on strong earnings last month. Now, after a few weeks of consolidation, some traders may expect further upside.
The first pattern on today’s chart is the bullish gap on February 29. The data-storage company has remained completely above the gap, which may suggest there are few sellers.
Second, prices held the rising...
Best Buy has moved sideways since December, but some traders may expect a breakout soon.
The first pattern on today’s chart is the pair of falling trendlines. One ran along the highs of July and December, which BBY crossed in late February. A second along the March highs was broken this week. That may suggest downward pressure is fading in the retailer.
Second,...
