In this post, I want to share a chart setup. This one has a bearish outlook as Canada Goose Holdings Inc. (NYSE:GOOS) is showing signs of further weakness.
Chart Canada Goose Daily: Market Is Going To “Pluck” It Again
Chart courtesy of tradingview.com
So many times, investors fail in an attempt to predict the top or the bottom of the market. The chart of the Canada Goose can be used to show a textbook illustration of this phenomena as from the end of 2017 the price of this stock was making new high one after another until it reached the $38 mark in February. I guess that investors started to short GOOS from $26 and above as the all-time high streak persisted. Continue reading "Canada Goose To Be Plucked Again"→
Old wisdom says that patience is the key to success. We can see in the charts below that both metals are in a time-consuming consolidation mode. Only patient traders could survive in this situation as see-saw moves play on our nerves.
Chart 1. Gold Daily
Chart courtesy of tradingview.com
The gold hit a maximum at the $1375 mark this July and couldn’t advance higher. It dropped to the $1310 level at the end of the same month. Another zigzag to the upside was deemed to be a continuation of the bullish move, but it stopped below the July top at the $1367 mark. The next drop hit the $1302 level below the July’s low. The metal has reversed to the upside again and shaped another lower top at the $1352 level last week. I put an orange declining channel to isolate the consolidation for the comfort of your eyes. Continue reading "Gold & Silver: Consolidation"→
Hello MarketClub members everywhere. Well, here we are at the end of one extraordinary week for the equity markets. I don’t remember a week where we watched the major market indices rally so dramatically from a bearish position in just three days.
In today's post, I'm going to be looking at the big 3 A's, Alphabet, Amazon and Apple. What these three stocks have in common is that they are all in downtrends and they all formed a negative (bearish) engulfing line yesterday. Should any of these three stocks close lower today, they will confirm that the high on Thursday will be a formidable resistance area for these stocks to overcome in the future.
Alphabet has a negative trend at the moment even though it has been extraordinarily strong in the past several years. It's not to say that it's going to hell in a hand basket, but rather it will begin to reflect a slowing economy that is evident in both the retail and dining sector. I would view a close below $697.34 as a confirming signal that it has put in an interim top and is going to retest its recent lows. Continue reading "Alphabet, Amazon and Apple All Have Something In Common"→
If you follow our blog, then you are definitely familiar with trader Larry Levin, President of Trading Advantage LLC. We have gotten such a great response from some of his past posts that he has agreed to share one more of his favorite trading tips as a special treat to our viewers. Determining the direction of the market can be tricky and just plain confusing at times, but Larry’s expert opinion keeps it simple and straight-to-the-point.
I think it's time for another look at Japanese candlestick analysis. Let's take a closer look at kicking, widely considered a high reliability pattern in candlestick charts.
Kicking patterns are another reversal signal.
Kicking patterns on a candlestick chart are formed when there are two marubozu - one white and one black - with a gap between them. Bullish kicking patterns would present as a black or filled candlestick without any wicks (shadows) followed by a gap higher with a white or hollow candlestick that is also without wicks. These are marubozu. They are formed when the market has a particularly one-sided trading session that closes at the high or low leaving just that real body of the candlestick. Continue reading "Candlestick Patterns – Kicking"→