Chart Patterns to Watch This Week 8-31-2019


Chart Patterns to Watch This Week 8-31-2019 — with David Moadel hello and welcome to looking at the
markets with David Modell we’ve got another trading week coming up yes it’s
a holiday it’s a short week you can still make money with it though I’m
planning on making money next week all right and if you have not subscribed to
my channel yet by the way please do that right now and don’t forget to hit that
notification bell a lot of people forget that that way you can get notified
whenever I put out a new video like this one now let’s take a look at the charts
and these are provided by fin viscom I’m looking at Ford ticker symbol F we have
an ascending triangle a very gradual ascending triangle but at least we have
one because we have two data points here actually three if you include this one
and this one they’re very close together though I don’t love the fact that
there’s such a wide space or such a large amount of time between the data
points here and here that kind of makes it less significant or meaningful to me
but still it is starting to form that it did bounce off of it with a nice sizable
large green candle there this week I like that and it is continuing with that
upward trajectory before it’s at a pretty good price any time Ford is under
10 and definitely under 950 like it is now I would say Ford is at a pretty
darned good price not a terrible time to start scooping up shares with an eye
towards 10 50 because of that double top there as the profit target let’s go with
a matte applied materials love the way this bounced off of that trendline this
support has more data points on it for sure it’s got one two three four five at
least here nice pretty strong solid support line there and a rising channel
I like rising channels don’t you okay more than falling channels that’s for
sure and the way it just bounced right off of that nice momentum there I would
say can you buy here is it the cheapest price you’ve ever seen for a Matz no but
not a terrible price either where do you sell well I mean it could depend
where it hits the resistance line in the channel and since it is a rising channel
that resistance line is going to change over time it’s going to get higher and
higher until it finally hits it now going in the other direction
unfortunately as canopy CGC is the ticker symbol in the United States and
you know they drew this broken support level here on Finn vis but it’s been a
while since it broke through it and it’s gone down so much that this line isn’t
even very meaningful anymore is it I mean it’s not even close to that line
anymore so we could just look this as it seeps
as a cheap stock I mean compared to where it used to be this thing was at 52
and a half and now it’s 2358 my goodness I would consider this a bargain just
based on fundamentals I know we’re not talking about charts right now but it’s
still the biggest most well-known Canadian and probably global you know
stock in this sector so if you want to buy this just based on fundamentals I
don’t blame you all right I’m not gonna look at this as a valid trendline
anymore General Electric GE I mean this a lot of
this was news based between the the trade war and the scandal about this guy
who made this website dedicated to trying to take on GE try to scandalize
it make it look scandalous trying to make it into the next
I don’t know Enron or whatever worse than Enron that’s what some people are
saying but you know what it’s turning right around I like that hook there I
like to see the fish hook okay a downtrend and then a fish hook coming
back up I like it here I think eight was a good price 825 still
not a bad price at all maybe with an eye towards selling at this resistance line
which again since its rising you don’t know where it’s gonna be when it reaches
it might be around 11 maybe even 1125 something like that that’s a pretty good
price to sell at if you bought it around eight eight and a quarter
okay so I’m looking at that one in a positive light right now of course you
have to make your own decisions do your own due diligence don’t buy something
just because somebody told you to in a video for goodness sake
now what about Microsoft MSFT well you’ve got a rising wedge here but it’s
getting skinnier and skinnier as wedges do over time so the difference between
the the bottom line and the top line isn’t even that big of a difference I
mean what’s the big difference between you know 137 50 and 145 not a huge
difference I mean you know you could you could say there’s a difference there and
you could play the channel or not Channel but you can play the wedge but
it won’t be as meaningful when it’s so tight so I do like the way you know the
wick here it’s just this candle from Friday just bounced right off of that
that bottom you know support line there and it has a number of data points one
two three four five now six maybe if you include this latest one yeah six
possible data points there okay it’s pretty pretty solid support there it’s
just you know what are you gonna do by here and then sell a few dollars dollars
later at the resistance also it’s just overall expensive I mean I wouldn’t buy
it here I’d like to see it at much lower prices that’s just me t-mobile TM us is
the ticker symbol this is an interesting and kind of funny one because yeah you
could say it broke below the support level here but usually when something
breaks it goes down I mean this just kind of broke the support level in this
rising channel by going sideways so not a super significant breakage of a
channel here i I don’t usually even call it breaking down unless it’s actually
going down it’s just going sideways and meanwhile the channel was rising so yeah
the price is below the channel if it gets back into it that could be bullish
for sure it’s a lot more expensive than it was at the low the Christmas low as I
call it but yeah you know you could buy it and then sell it at the top of the
channel wherever it is I’m not against that I wouldn’t call it super cheap
either though so you have a symmetrical triangle here that’s been going on for a
little while in Nvidia and das the ticker symbol it came you know
it hit its head against the top of that resistance level there look at the wick
there came right off of it and this resistance level has you know some some
validity validity to it one two three four now five data points me if you
include the most recent one so you know what I buy at the top of this
symmetrical triangle I would not I know what they say technicians say if it
breaks and closes above it that’s bullish with symmetrical triangles but
it has not done that it failed on Friday at that line so you know I’m not
touching it Facebook at the bottom of this rising wedge that’s been forming
since the beginning of May and of April beginning of May
you know it’s clinging to that support level there Facebook is is it cheap is
it expensive in the long term it’s expensive look how much higher it is
since the Christmas low but on the other hand it did it does have a swing low
here so short term cheap long term expensive I don’t own it but if you
wanted to you know play the not the channel but the wedge here you know buy
at the bottom it did hold here whatever that’s worth and sell it at the top of
the wedge you could just be really careful respect your stop losses if you
use them Netflix broke down below this ascending triangle but it’s it’s been
below the ascending triangle for all of August now yeah almost all of August so
it’s starting to go sideways here yeah I know it ended Friday with the red candle
but only down one percent that’s not huge for Netflix so could you buy it
here I don’t know I kind of see it as long-term in the middle somewhere and
I’m not super bullish on it but it does have a swing low here and you know I
want to see where it goes it’s starting to look interesting and finally Amazon
very similar I mean broke below similar to Netflix
broke below the rising wedge starting to go sideways chopping around
too much chop here recently and I’d like to see it find a direction as they say
okay so there you go I mean Amazon just with this thing p/e
ratios don’t even matter what this one do they really not much I mean this is a
it was a – it was never meant to be a 2,000 dollar stock so whoever bought it
at 2,000 has a loss right now and that’s what you get when you buy it the highest
so you know take it as a lesson learned hopefully that’s not you all right but
if I’m bullish on anything you know it’s it’s Ford Applied Materials CGC canopy
and General Electric all right am i giving strong recommendation
recommendations on anything in this overpriced stock market no but if I had
to buy something it might be one of those four all right I hope this was
helpful to you and by the way I do offer coaching if you’re interested in that
for your trading or investing you can email me for the coaching at David
Modell at gmail.com all right hey if you if you like this then go ahead and
please give it a thumbs up on YouTube all right thanks a lot I’ll talk to you
again soon

8 thoughts on “Chart Patterns to Watch This Week 8-31-2019”

  1. I sold my MSFT…just got to the point it wasn't staying up and coming back much, almost trading down w market. Still gonna trade volatility and have been. I haven't been watching videos lately, robust w life otherwise. Watching CGC but…hmmm. Thanks David. Thoughts on tech in general? I would be glad to see that worked in to a video. Um, impulsively been trading leveraged QQQ's. Not a bad last 2 weeks. Went short even…I never short stocks.

  2. Happy Weekend David 🍷🍷.Im certainly Watching FORD Im very bullish on the Company for a Long term play.They are cutting alot of bad meat of the Bone.
    Some Collection of Great Charts right there John.Thank You 👍👍

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