Chart Patterns to Watch This Week 8-18-2019


Chart Patterns to Watch This Week 8-18-2019 — with David Moadel hey everybody welcome to looking at the
markets with David Modell gonna get right into it today
first a bonus chart before we get into the stock charts gold-backed ETFs
reaching the highest holdings in over six years because of the strong
safe-haven demand be careful and cautious out there folks you know just
because I show you some charts doesn’t mean you need to load up on blue-chip
stocks right now necessarily you got to make your own decisions but I believe
this is a sign not really of retail investment as much as institutional
investments not only central banks around the world but some really smart
people like Ray Dalio Jeff Gundlach the bond King and others
are leaning very bullish on gold because of the potential turmoil on the horizon
so please be safe be cautious and be aware but I think that’s pretty cool all
right so let’s start out with neo and I oh and I wrote an article about neo I’m
gonna put a link in the description below this video so I encourage you to
check it out it’s an article about neo that I wrote for market realist calm and
I go into a lot more detail there than I could possibly right now but just
looking at the chart I believe that this falling wedge has been invalidated for a
while now I mean yes it broke above the wedge but the angle on this wedge was
just so sharply downward it broke above the wedge and yet how could you break
above something while also going down it’s a very strange thing so I don’t
even look at this wedge is really important or significant anymore I just
feel that three or anything below three it’s a pretty good price for neo yes it
could go to two ish but you know if you hold on for a while I think you might be
alright considering it’s been to 10 and above not that long ago to be honest
with you so I still like neo again check out that article if you want to learn
more about they’ll snap well there’s a situation
where you have an arrow upward channel okay I kind of like that it tried to
break out of the channel but right back in and you can see it bounced off of
that resistance line pretty much almost perfectly so it’s back in the channel
you can play this channel again but in order to do that if you don’t already
have a position then you’ll probably want to wait until it hits the bottom
part of the channel you don’t know but because it’s not a flat or horizontal
channel then that support line is going to keep changing over time so we don’t
know where it’s going to hit the bottom of the channel if and when it does it
could be at 14 could be at 1450 15 we don’t know so it’s just a wait-and-see
kind of thing but if it hits the bottom of the channel well it’s a legit channel
once again right back in there something to think about
applied materials a matte I haven’t talked about this one much I probably
should talk about it more it’s a huge company famous company and this one
again back in the channel I mean it tried to break down through the channels
the the short sellers and the Bears tried to push it down but it came right
back into it and it’s a pretty solid support line there one two three four
data points on it I mean look at that candle there look how perfectly almost
it’s not an exact science but look how almost perfectly it bounced off of the
bottom of the channel there right around 45
so could you buy it here to play the channel and then sell at the top of the
channel you could I’m not against that it’s a pretty good company so you know
I’ll give you that possible bullish suggestion there but
yeah you know just because I give you a suggestion doesn’t mean you should take
it you need to make your own decisions of course do your own research alright
so let’s take a look at Intel we’ve got a support line here at 44 I would say
and another one at 43 so it depends how you look at it and you’ve got yeah a
descending triangle but I I don’t know if I put a lot of significance to that
you know this is two data points on this resistance line here this upper line on
the descending triangle I’m looking more at the support lines than anything else
and it’s 4650 now I want to see it get down to 44 43 would 3 would be even
better but if you wanted to start accumulating at 44 I wouldn’t blame you
that’s a pretty good price for Intel right about now doesn’t mean I’m buying
it now though Walgreens WBA I haven’t talked about
this one in a while and this thing has just gotten beaten all to heck and I
think it’s overdone it’s being stubborn well put it this way yes there’s a
downward channel here but I think this downward channel has been invalidated
for a while I mean for it to for this thing to get near the bottom of this
channel if you extrapolate it down to here right now to get to the bottom of
the channel it would have to go to like 40 something like that which would be
pretty extreme so I don’t even know if I take this channel too seriously anymore
so I kind of view this thing is just kind of deciding you know where where it
wants to settle it doesn’t want to settle at 55 or it closer to 50 there’s
a bit of price discovery going on right here with Walgreens just after this
horrendous waterfall here this horrendous downward channel it’s not
really sure where to go but either way keep in mind this things have been as
high as 85 not that long ago before the 20% correction and the markets happened
it never quite recovered from that but again I think this is overdone so if
somebody wanted to start buying here even though it’s near the top of the
channel this channel doesn’t this channel doesn’t even make sense anymore
to me so it’s not a terrible price to be honest with you for a long position
Salesforce CRM haven’t talked about this one for a while either there’s a lot
going on here symmetrical triangle sort of I don’t know I’m looking more at the
downward channel here and some really interesting price action going on here
it’s like a magnet in the last week week and a half at this support line here
seems to be holding I don’t like to buy into downward channels too much but this
thing I mean look at the angle on the downward channel it’s barely downward
it’s almost horizontal and notice that one two three four
different wicks balance bouncing their you know hitting their head against this
this I don’t know light medium blue line here which could be considered a
resistance line so I want to see a break through that before I make any decisions
not a terrible price for Salesforce but it would have been nice to get at 120
right that would have been a lot better so I mean it’s just a wait-and-see kind
of thing I want to thank Finn vis by the way for
providing all these charts today you got Netflix breaking down through the
ascending triangle not great price action I mean you know decent candle on
Friday over to 2% 2% this way or that way it’s not even that big of a move
look at the size of these candles you’ll see that a 2% move is no big deal for
this thing for Netflix okay did it break down through the ascending triangle it
did on the other hand I’d rather buy a read rather buy this a2 on a 300 then
you know 350 and definitely sell it at 380 no matter where you get it I would
say I’m not gonna buy right now AM D you got an upward channel here okay fair
enough multiple top though you know don’t lose
sight of that that’s a pretty strong multiple top one two three four data
points on that so you know whatever you do is sell it at 34 I would say is it
closer to the top or the bottom of this channel here it’s closer to the bottom
not as close as I’d liked it I’d like it to be I’m gonna wait until it hits
probably at the bottom of the channel wherever it may be will it be at 30 when
it hits the bottom will it be at you know twenty nine and we’ll find out I’m
looking at it and Caterpillar I like caterpillar pretty much anytime it goes
below 120 which it is so if I’m gonna make any recommendation for this week
I’d say caterpillar is not a bad one just kind of a buy low sell high thing
based more on fundamentals than technicals I mean if you’re afraid of
this this decline here it was pretty Swift but on the other hand it is
starting to come back up a little bit or or is it I’d like to see more
green candles at least one more you can abide by three day three trading day
waiting rule if you want to that’s cool I get it I mean you could say oh it
broke below support I don’t know how strong the support level is one two
three data points I suppose if you count this one and there’s a lot of space
between these two I’m not so worried about it I’m thinking about just buying
this at a lower price again below 120 I like it
you want to sell it at 140 eventually if you’re a long term kind of person not a
terrible idea all right but hey go gold hey I want to thank you
for watching and listening to this channel I really appreciate it
so feel free to check out my article in my in the description of this video it’s
on neo and if you like this channel if you haven’t subscribed yet go for it
want to do it right now and hit that notification bell on YouTube because
otherwise you’ll be subscribed but you won’t know when the next one’s coming
out and I want you to get it sooner rather than later thanks a lot everybody
I’ll talk to you again really soon

8 thoughts on “Chart Patterns to Watch This Week 8-18-2019”

  1. Waiting for this one every week David, thanks as always!
    Are you watching the argentinian stocks at all now after the crash, like PAM and TEO?

  2. Happy Trading this New Trading week David 😊 Thanks for the video 👍👍 Go Gold 😛

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