Chart Patterns to Watch This Week 8-25-2019


Chart Patterns to Watch This Week 8-25-2019 — with David Moadel hey everybody it’s David Modell looking
at the markets it is Saturday night and I just read this in the world news China
to fight back against you f tariff move according to the people’s daily I’ll get
to the charts in a minute just got to read this to you
Beijing Reuters China will fight back against the latest US step to increase
tariffs on Chinese goods the ruling Communist Party’s people daily said on
Sunday it’s Saturday night I guess it’s Sunday in some parts of the world right
now amid an escalating trade war between the world’s two largest economies so Wow
things could get ugly on Monday we will find out let’s look at the charts but
whatever you see on these charts you might want to expect a red candle on
Monday all right AMD look at the size of that red candle
I think it’s the biggest red candle on this entire chart going back months down
almost seven-and-a-half percent on Friday a lot of stuff was down on Friday
and it is almost at the bottom of this ascending triangle could that be a buy
point well on Monday if it closes far below this support line then you might
not might not even want to touch it ok wait until the markets calmed down
because Tech is going to be one of the biggest victims of a trade war between
the United States and China if it escalates or if it continues to escalate
I should say so and look how much higher the price still
is compared to where it was so the most expensive equities or assets have a
tendency to crumble the fastest in times like this so even though it’s about to
hit a support line I won’t take the support line too seriously right now you
got snap which snapped on Friday down three and a
third percent or there abouts and it’s still not cheap it’s in the middle of
the channel and it’s a kind of a tight channel wouldn’t even touch it you’re
gonna hear me say don’t touch it a lot today because I’m expecting possible
trouble on Monday Apple you know it’s in the middle of this ascending triangle
and this resistance line is just getting stronger and stronger one two three data
points now bout you know hit its head right off of that resistance level at
2:15 so you know came down hard down over four and a half percent on Friday
and it’s not even really cheap not yet at least get it below 200 before you
start to accumulate or sell possibly a cache covered put option if you can
afford that Foot Locker Wow down almost 19% Wow
falling below the support line on this falling wedge here it is falling down to
34 dollars exactly interesting what’s that all about coincidence maybe is it a
good price I suppose so but please exercise the three trading day weighting
rule when you see a candle of this size for goodness sake stay out of the way I
like the price but I don’t know if I want to catch a falling knife right now
let’s see we got Facebook falling out of a rising wedge and I don’t like it I
like the price better but it’s still not cheap I mean keep in mind this thing was
near 120 not that long ago you know around Christmas when everything was
down but still I mean this thing could go much lower I don’t like this don’t
like it at all right there Walmart it’s cheaper I like Walmart below 100 I mean
look at the line there and that’s really though you know the line in the sand
there at least according to thin viscom that’s where they drew a line but
they’re right I like Walmart when it goes below 100 you can start
accumulating there if you want to and and it generally has popped back above
100 whenever it has gone below it recently so it has further to fall I
want to see it well it bounced off a 105 but I want to see it go down to 100 it’s
not even close it’s only in the middle of the channel also yeah not feeling it
Amazon cheaper a lot of things are cheaper you know 3% or so down sizable
red candle but it could it could go much lower at least go down to 1,700 that
seems to be the line in the sand here for Amazon at least that’s what’s drawn
here I agree with it though below 1700 would be nice that’s a better price and
it fell out of that rising wedge there a little while ago so that I’d say this
rising wedge has been invalidated for two weeks now
shouldn’t even be there anymore on the chart you got Shopify tight tight
channel here and it’s at the top and falling down from the top of the channel
that’s not when you buy that’s when you sell or if you want to you got to make
your own choices here the only thing I might be bullish on at a halt right now
is canopy you know it sits at a really good price it’s right where it bounced
off of at around Christmas time it’s at that low point and it didn’t go down
that much on Friday because it’s down so much compared to other things in other
sectors being down around one percent on a day like Friday that’s not even that
bad so this could be a bottom yeah this could be the bottom of the summer you
know some are suffering the summer of suffering for canopy and other stocks in
that sector all right so yeah a lot a lot of red and there might be more on
Monday unless there’s something that happens between today and Monday morning
this this could bring the markets down don’t be surprised at all but who knows
right so I’ll be watching it and I’ll be reporting on it so thanks a lot for
watching my channel I appreciate it talk to you soon

8 thoughts on “Chart Patterns to Watch This Week 8-25-2019”

  1. Happy Saturday Night David 😊 The Tarriff War is not travelling well.My stop losses kicked in with the oil trades I was in.But Naturally My Gold/ Silver trading that got me in the Green all up 😊
    Im expecting trouble Monday too.

  2. David, I had hoped for your sake, and you being a cool guy with a stable of beauties would have more to do on a Saturday night than comment on charts. So sorry for sake, Dude. LOL

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