McDonald's Corp ( NYSE:MCD ) may be entering buy territory. Head and shoulders pattern formed before this recent decline, but primary support may be near $218. Given the March 2022 Federal Reserve meeting and OpEx next week (as well as the Russia/Ukraine war), there could be more declines ahead to the primary support (indicators show this is likely, as well). If...
De-SPACs often thrive for a little post-merger and then plummet below $10. I do not think Black Rifle Coffee Company ( BRCC ) will escape this fate. While it is possible it could go higher from its current level ($18.50, 2/26/2022), I see it eventually filling the gap below (between $12.38 and $13.55) and then going below $10. Bearish divergence already started...
Doximity ( NYSE:DOCS ). The algos may have this one set to fall for a while, unfortunately. Fairly new to the market, it made a new low in January 2022 and may need more time to find the actual bottom. The support and resistance lines/angles all indicate a falling wedge down to $10. The thick white lines on the chart show major support/resistance areas while...
Cadence Design Systems ( NASDAQ:CDNS ) doesn't look very strong and is starting to regain downward momentum. If it doesn't break through the resistance line ($156-$158) in the coming weeks, I anticipate it will close the tiny gap between $136.96 and $137.11 and then test support near $125-$126 (if not lower to $120 - dotted blue line). Death cross started in...
The S&P 500 ( SP:SPX ) is nearing two resistance zones: 4,550 and 4,600. I anticipate one of these will be reached (max 4,650) in the coming days before a reversal / continued correction down. If the correction continues, I'll be watching to see if an inverse head a shoulders pattern emerges to give a sign of bullish future move up which could lead to new...
Upstart Holdings ( NASDAQ:UPST ) is likely to *eventually* fill the gap below (between $62.26 and $75.15) and may go for $45 (or lower). Insiders have dumped almost $1.8 billion shares since it entered the market. Is now a good time to enter? That's a hard call. There is a small gap just above the current price that may want to be filled and it could go for...
Cloudfare ( NYSE:NET ) looks weak and ready to fill the gap below and retest support ($80 or below). If it really starts to slip, it may want to go for $70 (dotted blue line). However, caution should be used if this just wants to gap fill and then make a run up to the 200 EMA again. But, in the near-term (with the Federal Reserve meeting and OpEx this week), it...
NASDAQ:SKIN looks like it wants to gap-fill between $13.60 and $14.85 before any strong move up. The gap was due to an earnings beat. If it does move up thereafter, it'll need to break the falling wedge's resistance to show a change in the descending formation. But, in the near-term, the target is to fill the gap below.
Square ( NYSE:SQ ) may not be done its decline in the coming weeks. It currently sits in a falling wedge formation. After an earnings beat on February 24th, retail jumped back in, but the gap-up was quickly filled 8 days later. It continues to show signs of weakness. Last dip to $82.72 may not be the near-term bottom. If Square continues its decline, true...
Origin Materials ( NASDAQ:ORGN ). Based purely on technical analysis, this looks a little weak at its currently level. If the market corrects soon, I anticipate this to follow and go below $6. Using the volume profile, there is support near $5.35 (then down to the support lines). In the near-term, this may be a good short below $6, but if the market melts-up, it...
Gogo Inc ( NASDAQ:GOGO ) is approaching resistance in its channel near $20-$21. It may be a good short opportunity at this level. However... waiting for it to dip and hold below the 10 EMA (pink line) may be a better short entry. The worry here is a squeeze with an 80M float and 37% short interest if the market continues its upward trend (or there is a melt-up)....
Bitcoin ( COINBASE:BTCUSD ) is gaining momentum within a channel and could reach $48,000+ in the coming weeks. From there, it will likely either breakout above or pullback. Overall, bullish in the near-term.
Tesla ( NASDAQ:TSLA ) may have a rough week next week during the March 2022 Federal Reserve meeting and OpEx. While it showed life today, there is resistance at the 200 EMA (green line). If this mini run continues, I expect further resistance at the $890s or near the 50 EMA (low $900s; yellow line). A break through the 50 EMA = bullish run and a break in the...
Arista Networks ( NYSE:ANET ) with a head and shoulders pattern and large gap to fill below. Insiders continue to dump shares. In the past two months, they sold $132 million worth - $75 million of this total just in the first 7 days of March (source: OpenInsider). P/E 45.80x With the Federal Reserve meeting and OpEx next week, this may gap fill and retest...
Moderna ( NASDAQ:MRNA ) is in a falling wedge with no signs of escaping (yet). While it may have a small pop if there is good company news, the COVID-19 buying spree may be truly over. The COVID-19 pandemic will soon be an endemic and the market may shift fully away from "COVID-19 tickers". Insiders continue to dump shares. Since the start of 2022, insiders have...
Switch NYSE:SWCH : Valuation: Price/Earnings: 576.09x Price/Sales: 10.99x Price/Book: 19.69x Price/Cash Flow: 52.83x Based on some of the numbers alone, Switch may not sustain its price above the gap ($20.28 to $22.96) in the coming months as inflation rises. If it breaks resistance and goes on a run to create a new high, thesis is broken.
NYSE:FIGS may continue its post-IPO decline, even after a big earnings beat. It's in a downward fall and shows weakness after the gap-up. With the Federal Reserve meeting and OpEx this week, it may (at minimum) fill the gap between $14.53 to $15.90 as it moves its way down the falling wedge. If it gap fills, it may continue the fall, but I wouldn't be surprised...
Gores Gugghenheim ( NASDAQ:GGPI ) has a very weak chart and in a falling wedge formation. In the near-term, if it starts to break below $10.25, it may quickly move to support below $10. This is a classic formation where bulls may get caught in a slow bleed as it move down the falling wedge. If it breaks resistance in the near-term, bulls are likely to take over...