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BKR & ED: Keep an eye for multiyear breakoutBaker Hughes Company The stock was earlier caught in a prolonged consolidation phase, during which it established an Inverted Head & Shoulder pattern. After the breakout, the price experienced a sharp rise but underwent a correction following the formation of a Double Bottom pattern. Subsequently, the stock entered another period of consolidation, gradually trending upwards. During this time, an Ascending Triangle pattern formed, and the price has recently achieved a successful breakout. If it maintains its position above the breakout level, the uptrend is expected to persist. Consolidated Edison In the weekly chart, the price initially moved downwards and created a Falling Wedge pattern. Typically, when this pattern emerges, the price surges higher following the breakout. In this case, the price indeed soared to its record high around the 102 mark post-breakout. However, the stock couldn't sustain the upward momentum and swiftly dropped from the all-time peak. Subsequently, a consolidation phase began, with the price consistently finding support at the 200 EMA. At present, the price is poised for a breakout, potentially leading to an upward rally upon confirmation.
NASDAQ:BKRLong
by NaranjCapital
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US Banks & Financial Sectors are ready for another fabulous riseNasdaq Banks The bank index has been on a rollercoaster ride, witnessing numerous price fluctuations. Following the breakout of the double bottom pattern, the index surged and formed a Rising Wedge pattern. However, once the pattern broke downwards, the bank index experienced a significant decline. Upon hitting a support level around 2,650, the index established a Double Bottom pattern, signaling a potential trend reversal. Subsequent to the breakout above the neckline, the bank index began consolidating within a tight range. Most recently, another breakout has occurred, setting the stage for a potential upward rally. S&P 500 Financials After the market crash in 2020, the index fell into an oversold zone and stayed in a period of consolidation within an Ascending Triangle formation. Following this breakout, the financial index experienced a strong rally to the upside. However, it struggled to break above the 700 level and began to decline. Subsequently, the index went through a lengthy consolidation inside a Box formation. After another breakthrough, the index surged once more and created a bullish Pole & Flag pattern. With a recent breakout, the financial index is poised for another upswing.
BLong
by NaranjCapital
Nasdaq & RTX Charts Suggest Promising Growth AheadNASDAQ After a powerful uptrend, the stock encountered a significant resistance around the 72 level and plummeted sharply thereafter. Finding stability near the 47 level, the price surged within a Rising Wedge formation. Typically, following the appearance of this pattern, a decline occurs post-breakout. This scenario unfolded exactly as expected. Subsequently, the stock price consolidated and established an Inverted Head & Shoulders pattern, signaling a potential reversal in trend. With two successive breakouts, the stock is currently advancing with strong volume backing. RTX We have observed a period of price consolidation within a Symmetrical Triangle pattern in the past. After the breakout, there was a noticeable price surge, propelling the stock to reach its previous all-time high. However, the stock faced a significant rejection at that level, leading to another consolidation phase and the formation of a symmetrical triangle pattern. Once the pattern broke down, the price dropped back to its previous support zone. Since then, the stock has been steadily moving upwards and recently experienced a strong breakout, surpassing its previous resistance level. At present, the stock is trading at a new all-time high and is anticipated to continue moving even higher.
NASDAQ:NDAQLong
by NaranjCapital
DHI, BX & CG - Charts Suggest a Possible Upward MovementD.R HORTON After analysing the historical stock price, it is clear that the stock has been on an upward trend. Following the market crash in March’20, the price began its upward movement. During this uptrend, the price initially formed a Bullish Pennant pattern, leading to a surge after the breakout. Around the 107 level, the stock faced resistance and started to decline. However, the stock found support near the 60 level and started to climb again. During this consolidation phase, an Inverted Head & Shoulder pattern emerged. After the breakout of this pattern, the stock price consolidated above the breakout zone and recently experienced a new breakout. It is anticipated that the trend will continue upwards and the price will reach new highs. BLACKSTONE After a powerful rally, the stock price experienced a notable correction. It rebounded from the support around the 72 level. Following an upward movement, the stock reached its trendline resistance area and faced rejection. However, instead of dropping, the stock price began consolidating just under the resistance zone. The stock recently achieved a new breakout. With the RSI above 60, it suggests bullish sentiments in the market. CARLYLE GROUP The stock had been on a strong uptrend, hitting an all-time high at the 60 level. However, it later plummeted by around 60% from that peak. Following the drop, the price stabilized at a support level and consolidated for a while. Now, the price seems poised for another breakout, potentially leading to a new rally. With the RSI slightly above 60, it suggests bullish sentiments in the market.
NYSE:DHILong
by NaranjCapital
NYSE Composite - Price Action Consolidated In A Triangle Pattern(1) The price was in an upward trend before reaching the 17,500 level. (2) Following that, the price began to decrease, experiencing a drop of nearly 21%. (3) After finding support near the 13,300 level, the price rose and broke through the neckline of the Inverted Head & Shoulder pattern. (4) Subsequently, the price increased and is currently consolidating within a triangle pattern. (5) If the price successfully breaks out, the potential resistance level will be around 19,650.
NYSE:NYA
by NaranjCapital
The US Small Cap Stocks Are Gearing Up for a Bull Run After a sharp decline in March 2020, the index showed resilience and made a significant upward move, approaching the 3,250 level. Following that, Russel 2000 went into a period of consolidation and traded within a narrow range. A bullish Pole & Flag pattern was identified on the chart during this consolidation phase. Despite breaking out of the pattern, the index faced strong resistance and subsequently declined. After finding support around 1,650, the index consolidated around this level for an extended period. With a recent breakout, Russel 2000 appears to be strong at the moment and preparing for the next upward movement.
CAPITALCOM:RTYLong
by NaranjCapital
Watch out FDX, ZION and HLNE - Prices are ready to soar!FedEx The stock price has been following a downward trend within a parallel channel. After reaching a base near the 145 level, the price started to move in an upward direction. With the support of a trendline, the stock managed to break through its trendline resistance with strong volume. As long as the price remained below the 50 EMA, it faced resistance from the 50 EMA. However, once it broke above the EMA, it found support from the 50 EMA multiple times. The current RSI is above 60, indicating the strength of the buyers. The MACD line recently crossed over the signal line from below, signalling a bullish sentiment. Zions Bancorporation After the Symmetrical Triangle pattern breakout, the price surged and reached a high near the 75 level. However, the stock failed to sustain the uptrend and dropped to its support zone. A Head & Shoulder pattern emerged, signalling bearish sentiment. When the neckline was breached, the price significantly dropped to its previous support level near 22. The stock then moved up with higher trading volume. It later formed an Ascending pattern and recently experienced a sharp breakout. The current RSI is above 60 and trending upwards, indicating buyer strength. Hamilton Lane Before, the stock price made an Ascending triangle pattern and after breaking out, the price consolidated before going up. The stock price encountered a sharp rejection around the 115 level and fell significantly. Following a substantial consolidation, the stock formed a Cup & Handle pattern. When this pattern appears on the chart, it typically signals a continuation of the trend. After the breakout, the stock price is on the rise. The current RSI is above 60 and the RSI line is also trending upwards, demonstrating the strength of the buyers.
NYSE:FDXLong
by NaranjCapital
NASDAQ Composite - The Momentum Will Continue Till 19,250(1) After a notable increase, the price reached the 16,200 level before facing a sharp decline of approximately 37%. (2) Following this, the price found solid support near the 10,150 level and started to climb again. (3) After a two-year consolidation period, the price finally broke through its resistance level and surged upwards. (4) A Cup & Handle pattern emerged on the weekly chart, suggesting a continuation of the upward trend. (5) Currently, the price is at its all-time high, nearing a potential resistance level around 19,250.
NASDAQ:IXIC
by NaranjCapital