Energy is the only sector with a positive return so far in August. Today’s chart focuses on Exxon Mobil, the biggest and most liquid name in the group.
First consider the trendline along the highs of May 8 and July 3. XOM surged after breaking out and has now come down to hold the same line. Is old resistance becoming new support?
Second, last week’s lows...
Only six members of the S&P 500 hit new 52-week highs last Thursday. (It was the fewest since March 17, according to TradeStation data.) Let’s consider Arista Networks, one of that small handful of names.
The first pattern on today’s chart is the bullish gap on August 1 after quarterly results beat estimates. ANET not only held those gains as the broader market...
Netflix has pulled back after a sharp rally, and now some trend followers may see potential for further gains.
The first pattern on today’s chart is the steady decline since earnings on July 19. That slide could be morphing into a successful A-B-C correction pattern.
Next, the second low (C) occurred near $400. That’s not only a “nice round number” where buyers...
Macau gambling giant Melco Resorts & Entertainment surged last winter as China reopened from coronavirus lockdowns. It’s consolidated since, and now some traders may see potential for more upside.
The first pattern on today’s chart is the December 7 close of $10.40. MLCO remained above that level over the next five months. Prices touched support on May 24,...
Coca Cola has done little so far this year, but some traders may see potential for movement to the downside in coming weeks.
The first pattern on today’s chart is the series of lower highs since the last quarterly report on July 26. KO has recently tried to hold roughly $60.50, which has produced a descending triangle. That’s potentially bearish.
Second, MACD...
Caterpillar has been leading a rally in industrial stocks, but now some traders may expect a pullback.
Notice the gap to new record levels on August 1 after earnings beat estimates. CAT pushed to another high the following session but failed to hold and closed in the red. That kind of “shooting star” candlestick is a potential reversal pattern.
Second, the surge...
Real estate investment trusts have struggled this year, and now some traders may look for a bearish move.
The first pattern on today’s chart of the Real Estate Select Sector SPDR Fund is the series of higher lows in May, June and August. XLRE has struggled to hold the line in the past week, which may suggest it’s a bearish flag in the longer-term downtrend...
Technology stocks have retreated this month as the AI frenzy cools. Microsoft, in particular, has pulled back.
The first pattern on today’s chart is the narrowing range since the slide began in late July. MSFT has made lower highs, but lower lows at a shallower pace. That could have produced a descending triangle, which is potentially bullish.
Second, consider...
Merck has done little all year, but now there could be signs of a breakout.
The first pattern on today’s chart is the falling trendline along the highs of June and July. MRK tried to break that resistance on August 1 after raising guidance. Short-term sellers kept it in check but prices managed to stabilize, and last week they closed above the bearish...
Technology stocks have pulled back sharply in the last week, but Hewlett Packard Enterprise is breaking out.
The first pattern on today’s chart is $17.76, where HPE peaked in February 2022. The stock ripped through that level on Tuesday to make a new five-year high.
Next, consider how prices briefly dipped under Monday’s low before rallying. The result was a...
Energy stocks have been running lately. One big name has lagged but may play catch-up: BP.
The first pattern on today’s chart is the $37.36 level. It was the opening price on May 2 when the stock gapped lower. Prices have remained below that line since, which may create the potential for a breakout if resistance gives way.
Second, May ended with a false...
Oracle gapped to record highs almost two months ago, and now it could interest some trend followers.
The first pattern on today’s chart is the $114.34 level. It was both the opening price and low on June 12, the same day earnings and revenue beat estimates. The software company held that zone in late June, mid-July and again last week. Interestingly, it’s exactly...
Apple gapped lower on Friday thanks to a ho-hum quarterly report. Is it an opportunity for longer-term buyers?
The first pattern on today’s chart is $182.94, the previous all-time high from early 2022. AAPL challenged this price on June 5 after unveiling its virtual-reality headset but was initially rejected. The stock kept pushing and made new highs a couple of...
Alphabet jumped to a new 52-week high on strong results last week. Now it may be giving trend followers a potential opportunity.
The first pattern on today’s chart is the bullish gap on July 26 after revenue beat estimates and its Cloud business surprised to the upside. GOOGL has retraced half that move, which could attract dip buyers.
The current level is...
Morgan Stanley jumped to a four-month high after earnings beat estimates in July. Now it may be giving traders a pullback opportunity.
The first pattern on today’s chart is the basing pattern around $82 after the collapse of Silicon Valley Bank in March. MS’s ability to hold that price zone may reveal the presence of long-term buyers of the investment...
The Dow Jones Industrial Average has been moving lately, and today we’ll consider index member Cisco Systems.
The networking giant spent about a year trapped below the $52 area. That zone marked a top in April, June and early this month. However CSCO broke above it on July 19 and ran to a new 52-week high. It retreated on Friday to hold the earlier peak. Old...
Marvell Technology has squeezed in a tight range for two months, and now traders may see potential for continuation to the upside.
The first pattern on today’s chart is the bullish gap on May 26 after earnings, revenue and guidance beat estimates. The chip company also predicted quick growth in Artificial Intelligence (AI). MRVL proceeded to move sideways...
Delta Air Lines rallied in June as travel recovered leading into the summer. Now after a period of consolidation, some traders may look for the uptrend to continue.
The main pattern on today’s chart is the $46.30 level, the high during all of 2022. DAL broke above it after raising guidance, tested it on July 14 after reporting results and is trying to hold it...
