Chart Patterns to Watch This Week 5-19-2019

Chart Patterns to Watch This Week 5-19-2019 — with David Moadel hello friends and welcome to looking at
the markets with David Modell I want to help you start off your week
in the right way by showing you the chart patterns that I’ve been looking at
and that I’m gonna continue to look at for this week a lot of bearish price
action you’re gonna want to see what I’m talking about okay I left a couple of
bullish ones at the end but I’m gonna show you a lot of bearish price action
for this week at least what I’m looking at all right and by the way just before
I get started if you would like some coaching for your trading or investing
if you want some help putting together a trading or investing plan I do offer
coaching you can email me for that at David Modell at let’s get into
the charts that I’m looking at for this week and if you don’t believe in the
power of chart patterns you’re gonna see a lot of examples this week to show you
exactly what I’m talking about okay for example rising wedges a rising wedge is
traditionally viewed by technicians as a reversal pattern okay so they
traditionally look at triangles as continuation patterns and wedges as
potential reversal patterns especially if you get that breakdown from a rising
wedge when it breaks down through that resistance line there on the bottom that
can be viewed as or is traditionally viewed as bearish as a reversal pattern
because it was up up up and then BAM okay down and John Deere de the ticker
symbol is a textbook example when it broke down that was not a time to go
long as you can see and it’s just falling falling falling sure if you’re a
value investor you could look at this as a bargain I suppose but I don’t want to
catch a falling knife I mean look at that
most recent candle there okay that’s that’s a big red candle I would at least
wait until it goes sideways or better yet starts to hook up words a little bit
just to show that the market is done beating up on it and so this is textbook
of what happens alright you want more examples
I’ve got plenty of them 3m company all right let me look at that it broke down
it bit fell out hard and look at the size of that candle that red candle look
at the gap there and it fell out of that ascending or re the rising wedge fell
hard and get out of the way okay so 3m I’m gonna wait on that one
for sure in terms of a long position another example okay break him down
look out tight look at how tight that that rising wedge guy all right and it
fell out and it’s just going down down down
that’s micron ticker symbol mu FCX freeport-mcmoran okay we have more of a
channel here and it fell out of the channel and that’s that’s no good
alright so it’s still falling I don’t see I mean these are not big candles
like we saw over here with John Deere okay or with 3m all right but and so you
know micron and FCX smaller candles but still it’s kind of relentless here I
don’t see any let-up so I’m gonna wait on that one as far as taking a long
position for a value play we’ve got Baidu people been talking
about Baidu a lot lately yeah I mean you’ve got a tight tight channel here
and just fell it’s relentless and BAM okay
more pain I’m not I’m not getting into this one until the pains till the
bleeding stops as they say all right so I’m staying away from that another
bearish example a lot of bearish action here a lot of caution is advised
another type channel looks uh looks kind of like Baidu maybe not as bad but I
mean you know did well it looks like it’s pretty similar up to this point and
then look what happened okay very similar chart and that doesn’t
necessarily mean the next candle is going to be as painful but you know I’m
waiting until the the bleeding subsides there until I’m getting into that one
Tesla now this is a falling wedge which is traditionally looked at by
technicians as a reversal pattern wedges generally are but you have to have that
break out there for the reversal to really look like it’s going to happen
and what do we have we have you know just falling down all right so bearish
as far as I’m concerned look at the size of that last candle not good so I’m
staying away you know it’s that’s a seven and a half percent drop there in
one day is it a bargain well it could be but I want to see some some reversal of
the trend there it’s not a reversal that is just a continuation going downwards
so I’m staying away from that one target you know not as bad looking but you know
it could be a bargain if it just starts to turn around a little bit I want to
see some sideways and some curling up even better so you got that strong you
know one two three four points on that resistance line it’s obeying it quite
quite nicely they’re not so nicely if you’re long though so I’m staying out of
that so collection is advised all right I want to show you some at least a
couple of positive ones all right so Twilio looking great they’re obeying the
channel quite nicely so but also obeying the the resistance line one two three
four five times so if it gets to you know let’s say one it’s probably going
to be around 152 by the time it gets there might be a time to start scaling
out taking profits okay but definitely obeying that upwards channel there
though so that’s seems to be bullish right now and if it gets to that that
support line there if it gets to let’s say the the 130 level that could be a
buyer there I’m not telling you what to do you have to make your own decisions
always don’t buy something just because somebody tells you it’s bullish you have
to make your own choices here and berrak gol D at the bottom of the
upwards channel there you know that could be a buy if you’re into the minors
and this is one of the biggest minors in the world and it’s obeyed that trendline
there one two three times and I like I like bear I like Barakat twelve I do so
I wanted to give you something positive don’t buy it because I’m buying it okay
you know you got to make your own choices and have a plan and I do help
people put together plans and I want to give you a couple of positive ones so
there you go at the end it’s not all bearish but it is caution advised in a
big way all right so my name is David Modell and if you like this video hey
why not give it a thumbs up that lets me know that you like these videos where I
show you the charts that I’m looking at and you can leave a comment what are you
looking at and you know we can have a discussion in the comment section I do
try to respond to as many comments as possible
and if you haven’t subscribed yet hey why not do that that way you can get a
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much I’ll talk to you again soon

19 thoughts on “Chart Patterns to Watch This Week 5-19-2019”

  1. Hope this isn't a true bear market coming. I think it's political. But what do I know? Seriously, this is a great video and I am anxious for Monday to get here already!

  2. Too bad there is not a "superlike" button here, like on tinder! Awesome content, great trading ideas, the hottest chicks posing next to charts!
    Solid superlike!

  3. Thanks For the Video David.We might see a little more Rising Wedges if the Trade War is not Sorted soon ????

  4. Thank you for a great video, has been accumulating GOLD from $12.02 – $12.25, hopefully it won't break $12 & dive down to $10.

  5. Very well done. Informative as always. When looking at these charts, do you go with daily or weekly time frames?

  6. Wow. So many great videos. It is hard to keep up. I echo the sentiments of Maverick there. We need a superlike button.

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