Nike has lagged the broader market this year. Some traders may see an opportunity to push the downside, especially with weak quarterly results and slowing growth in China.
The first pattern on today’s chart is the 200-day simple moving average (SMA), which the footwear stock broke in mid-May. It tried and failed to reclaim it last month – a potential sign of the...
Salesforce rallied along with other software and growth names between March and May. Is it poised for more upside after a June pause?
The first pattern on today’s chart is the falling trendline along the recent highs. A break of that resistance could make traders expect the uptrend to continue.
Next, CRM has been stuck near the 50 percent retracement of its drop...
Big tech stocks have gotten a lot of attention lately, but another theme has been cyclicals rallying off intermediate-term lows. Some of June’s bigger gainers, like Carnival and Delta Air Lines, advanced from these patterns. Today’s idea considers whether Chevron could follow a similar path.
We’ll start by identifying the two potentially key ingredients preceding...
Visa has barely moved since February, but traders could look for that to change as a new quarter approaches.
The first pattern on today’s chart is the series of higher monthly lows since December.
Those have been followed by higher daily lows since May 31. Prices were trapped below a high from April 2022 until jumping yesterday. That broke the top of an...
The Russell 2000 small cap index has lagged all year, but it may be showing some signs of coming to life.
The first pattern on today’s chart is the rally in early June, a potential sign of the bulls taking charge.
RUT proceeded to retrace half the move before rebounding. That could mean the bulls are staying in charge.
Third, the bounce occurred around 1820....
Honeywell has been dormant since March, but now some traders may think bulls are gaining traction in the industrial conglomerate.
The first pattern on today’s chart is the falling trendline along the highs of April and early June. HON ripped above that line two weeks ago and is now attempting to bounce at it. Old resistance may have become new support.
Second,...
Solar-equipment provider Enphase Energy has been sliding all year, and some traders may see risk of further downside.
The first pattern on today’s chart is the falling trendline along the highs of December, April and June.
Second are a series of instances where old support became new resistance. For example, ENPH made a low of $262.60 in November and peaked...
Bank of America has struggled since the plunging in March, and now some traders may see more downside in the lender.
The first pattern on today’s chart is the June 13 high of $29.80 -- below April’s peak of $30.93. The broader S&P 500, in contrast, made a higher high this month. That lack of relative strength may suggest fewer investors are accumulating...
The U.S. housing market is taking off -- at least according to yesterday’s data (starts and permits). However one of the biggest companies in the sector is still negative on the year: Home Depot.
The first pattern on today’s chart is the bearish gap on February 21 after sales and guidance disappointed. HD has recently started probing the $305.55 opening price...
HSBC pulled back along with other financials in March. It played a role in the crisis by absorbing Silicon Valley Bank’s British operations, and now the global bank could be drifting to new highs.
The first pattern on today’s chart is the rally between November and February. HSBC retraced almost exactly half that move the subsequent month before bouncing.
Next...
Bath & Body Works rallied after strong quarterly results and now it’s pulled back.
The first pattern on today’s chart is the high-volume bullish gap on May 18 after earnings, revenue and guidance surprised to the upside. The retailer pulled back a week after the event, followed by a sharp rally. It peaked around $43 before revisiting $39.
The current location...
Tesla just enjoyed a historic run, and now traders may think the EV giant is running out of juice.
The first pattern on today’s chart is the price zone around $260, which could have a double importance. It’s near the high of last June and lows from late July and September. The price area also roughly corresponds to a 50 percent retracement of the entire selloff...
Alphabet has been on the sidelines since a big rally in May. Is it time for traders to think about more upside?
The first pattern on today’s chart is last August’s peak around $122.43. GOOGL chopped on either side of the level for three weeks but has mostly stayed above it. Last Wednesday’s pullback brought prices back to the line and it’s stayed there since. Has...
Uranium miner Cameco rallied on June 1 as U.S. Senators advanced a nuclear-energy bill. Now, after a pause, some traders may see the potential for continuation higher.
The first pattern on today’s chart is the sharp rally above February’s peak of $29.73. CCJ probed $0.01 below that level on Wednesday before rebounding. Has old resistance become new...
Some traders may see upside potential in the euro with a big Federal Reserve meeting next week.
The first pattern on today’s chart is Tuesday’s low of 1.06668, slightly above the May 31 low. If EURUSD remains above that level today, it will break a streak of five weeks with successively lower lows. That may suggest its short-term downtrend is ending.
Next, the...
It’s sometimes useful to view the market’s current position in the context of longer-trend trends. So today’s chart uses quarterly (3M) candles of the S&P 500 to examine multiyear secular bull markets.
First consider the secular bull run between 1982 and 2000. It lasted 76 quarters. If the current run began with the breakout above 1576 in 2013, a similar duration...
Cyclical stocks like United Airlines have struggled since the banking crisis in March, but now the carrier may be regaining lost altitude.
The first pattern on today’s chart is the series of higher lows since early April. They’ve formed a potentially bullish ascending triangle in the last three weeks.
Next, Bollinger Bandwidth has tightened. Will movement expand...
Carnival has been stuck in the doldrums since last summer, but now some traders may think it’s ready to cruise higher.
The first pattern on today’s chart is Friday’s last price of $12.18. While the level was slightly below February’s peak, it was the highest weekly close in a year. That could make traders expect a breakout if CCL manages to inch further...
