Energy stocks have led the market all year, but now there are potential signs of fatigue.
This chart shows the tight ascending pattern in the SPDR Energy ETF along with its 2018 high of $79.42. Prices attempted to move through the level this week but failed to hold. Was it a failed breakout?
Next, consider the candles above $79.42: two dojis followed by a...
Like millions of Americans, Airbnb has been cooped up for a long time. But now the room-sharing stock could be planning a trip north.
The first pattern on today’s chart is the 50-day simple moving average (SMA) climbing toward the 200-day SMA. At its current pace, a “golden cross” could take place within a week. That may suggest that the longer-term trend is...
Safe havens like consumer staples and pharmaceuticals have advanced this year as technology struggles . Defense stocks including Lockheed Martin are following a similar trajectory.
LMT broke out to new highs in late February after Russia invaded Ukraine. Notice the series of higher lows in the past month with prices sitting below the high of $480. That’s a...
Avis Budget rallied in the fourth quarter on a value-driven short squeeze. It’s calmed down since but now may be showing some interesting patterns.
First, consider the bounce off the 200-day simple moving average (SMA) on February 24. That could suggest the longer-term uptrend remains in effect.
Second, notice how prices have stayed in a tight channel since...
Tesla had a sharp rally in late March, but now there could be evidence of sellers taking the wheel.
The first major pattern on today’s chart is the trendline running along the peaks of November 4, January 4 and April 5. Each time prices have approached with a bang, only to reverse lower the next candle. The ovals highlight rejections near the highs, suggesting...
Bitcoin and Ethereum have both formed ascending channels this year. Some cryptocurrency traders have worried these will morph into bearish flags, with sellers potentially pushing the market back toward the nadirs of 2021. However, recent price action suggests something different is happening.
Today’s chart shows that Ethereum is trying to hold the midline of...
Bitcoin is stuck at a potential resistance level, but it may not be the worst thing for cryptocurrencies .
Traders may be wary of the level around $46,500 because it was support in late 2021 and early 2022. It’s also slightly below the 200-day simple moving average (SMA). On the positive side, BTCUSD is trying to hold the February and March highs around $45,500....
The S&P 500 ended March with a big bounce, and some new patterns have emerged for the key index.
First is a falling trendline along the highs of February. Prices briefly paused at this level on March 25 and 28 before breaking out. They returned to test and hold the line on April 1, which could mean old resistance has become new support.
Second, this line is...
Tobacco stock Altria has fought higher all year despite weakness in the broader market. Now it may be forming a potential continuation pattern.
Notice the series of higher lows since February 24, combined with peaks around $53.85. That ascending triangle could suggest the uptrend remains in effect because buyers are active at steadily higher levels.
Next, the...
Financials are the second-worst performing sector in the last week, and today we’re considering a difficult chart for mega lender Bank of America.
The first pattern on the chart is the $43.50 level. It was a peak last June, then a low in December and January. With BAC stalling there recently, is the price zone becoming resistance again?
Next, consider how the...
The U.S. Oil Fund ETF has been ripping since December. But now it may be showing signs of fatigue.
The main pattern on today’s chart is the lower high on March 23 versus March 8. That could suggest prices are entering a longer period of consolidation – possibly with an ABC correction resolving below the March 16 low of $67.73.
Next is the high-volume spinning...
Most technology stocks remain well off their highs in 2022, but not Juniper Networks.
The maker of routers and switches closed at its highest level in almost 11 years last week. The breakout followed some interesting patterns that may anticipate a bigger move.
First, notice the three positive news events since early December. First, Jefferies issued an upgrade....
United Airlines has taken off in the last two weeks, but some chart watchers may think it’s reached its highest altitude.
The key pattern on today’s chart is the $40-42 area level. UAL jumped above this price zone in November 2020 when the vaccine news emerged, followed by a successful retest in January 2021. The airline held $40 again in December, January and...
Pfizer has bounced in March after two negative months, and now it’s having a quick pullback.
The first pattern on today’s chart is the 50-day simple moving average (SMA), which PFE recently crossed above. Other times the pharmaceutical giant moved over (or under) this SMA were followed by continuation higher (or lower). For example, last September, November and...
Mattel jumped to multiyear highs last month. Now, after a pullback, some traders may look for the move to continue.
The first pattern on today’s chart is the area around $23 where the toymaker peaked several times last year. Notice how strong quarterly results propelled MAT above that zone on February 10. Prices pulled back this month and briefly dipped below $23...
EBay, along with many other e-commerce names, has skidded lower since the middle of last quarter. But now it’s showing signs of a reversal.
The main pattern on today’s chart is the falling trendline running along the highs of November and January. Prices are now trying to push through it.
Second, notice how EBAY held $50 in February and again this month. Not...
Energy stocks remain the leading sector in 2022. Today we’re considering another pullback in a major name: oil-field servicer Schlumberger.
Like Exxon Mobil yesterday, SLB has retreated from a multiyear high to hold its 50-day simple moving average (SMA).
SLB also made a slightly higher low this week versus earlier in the month. (Notice the trendline starting...
Exxon Mobil has pulled back following a big surge earlier this year.
XOM shot above $90 last week for the first time since early 2017. It then retraced almost all the move and is now trying to hold its 50-day simple moving average (SMA).
Its current price level is also near a high from June and July 2019. Can it turn old resistance into new support?
Third,...
