Chart Patterns to Watch This Week 9-28-2019


Chart Patterns to Watch This Week 9-28-2019 — with David Moadel hello friends and welcome to looking at
the markets with David Modell we’re gonna take a look at some of the charts
that I’m going to be looking at for the coming week to help you plan out your
trading and investing and if you want some more help with trading investing
putting a plan together charting fundamentals and all that good stuff you
can email me for the coaching at David Modell at gmail.com we’re gonna start
with gold Pierre Lassonde from Franco Nevada is asking could we see $25,000
gold by the year twenty forty nine I believe it’s possible there are no
guarantees in the markets in any of the markets but you know with the US dollar
possibly coming to its end as the world reserve world’s reserve currency that
could certainly be a catalyst for gold or any political turmoil any economic
turmoil the global economic slowdown the trade war any of these could cause gold
to extend the latest leg up and I mean China and Russia have been accumulating
gold like crazy apparently they believe perhaps that the
US dollar is not going to be the world’s reserve currency for too much longer
they also want to distance themselves from a deteriorating asset class which
is the US dollar so can you blame them I think they might be on the right track
with that I mean China has been accumulating gold for nine consecutive
months that’s telling me something all right do you want to be with the retail
traders or do you want to be with the smart money I mean think about it
looking at the stock market GE General Electric there’s a lesson to be learned
here I mean when it was bottoming out and there was this GE fraud scandal
scare you know this guy put up this GE fraud website whatever you know I had a
feeling and I expressed this feeling in videos and in articles I wrote an
article for Talk markets.com called no G he is not going bankrupt because people
were saying things like that this is an old company it’s been around for a long
time they have a lot of history and they’re a household name
and I’m not saying household brands never go bankrupt but come on just
because a guy puts up a GE fraud dot-com whatever website that means they’re
gonna go bankrupt I mean come on so right about when it was bottoming out
the CEO of GE I believe it was bought a lot of shares right at the bottom so you
know I had a feeling that it would come back up and it certainly has how about
right now is it worth buying now well it’s kind of at an inflection point the
$9 level really is key is it going to be resistance or support I think I think
you could still buy here with some confidence if your long term but if
you’re a swing trader I would wait for direction again you have to make your
own decisions don’t do something just because I’m recommending it please
micron mu yeah the theme of this video is going to be rejection rejection is no
fun right no one likes to feel rejected and we have a rejection right off of
that resistance level in the channel here I mean it got rejected hard it’s we
started to see a breakdown and then just BAM Friday was really something else for
micron but at least it’s priced better but you know this is a time to wait not
only wait because of the three waiting day rule which I talk about all the time
but just wait till it gets to the bottom of the channel perhaps before you start
making any financial decisions as far as taking along a new long position or
adding to your long position but you know we could get some better prices
soon I hope so because micron was way too high for a while there this kind of
needed to happen I hate to say it Disney D is again rejection this has
been that level right there that 132 level has been so critical so key for
Disney for a long time since the beginning of the summer and right now
it’s it’s not support anymore now it is resistance so we ought to see
what happens it’s a better price but it could fall a lot I mean it could easily
get down to those levels where they were back in you know January February March
April if this thing gets down to 110 that
could be support right there it was comfortable at that level for a while I
think it went up too much to be honest with you so I’d like to see lower prices
for that one no position there Amazon rejection there’s that support level in
the channel I was glad to see it at the bottom of the channel you could have
bought there you’d be down a little bit but not too much though I mean you could
still buy here just be aware that it did get rejected caution is advised but I
certainly like it better at 1725 then and over 2000 that was excessive this
was not meant to be a 2,000 dollar stock at least not right now
Facebook rejection once again ouch right painful it’s just red candle
after red candle with not much of a break in there so we had a rising wedge
there and those could be reversal you know chart formations especially
when there’s a break down below the support there which happened what’s the
next level looks like a little bit below 170 is the next possible support level
if it gets there and holds it yeah might be a time to enter we’ll see what
happens Netflix rejection rejection starting to
recover a little bit but yeah that was pretty painful right there so we have
that’s that declining support level netflix has really been struggling a lot
lately I mean this thing just went up way too much as people were all hyped
and euphoric about streaming you know all the all hype has to come to an end
at some point it’s coming to an end now this was not meant to be a $380 stock
clearly I like I like it a lot better let’s say if it gets to 240 maybe the
the Christmas low as I like to call it they’ll be pretty comfortable I wouldn’t
mind you know buying there if you squint your eyes you can almost see a you know
a formation where there it is rising falling yeah
not liking it too much a rounding top as they say as opposed to a rounding bottom
which is bullish a rounding top would be rather bearish so wait until it calms
down but yeah the Christmas low I wouldn’t mind that that particular price
uber not a lot of price history to go on here there’s a lesson here I tell people
don’t go heavy on buying IPOs oftentimes they spike in the beginning but don’t if
you get any sizable profit just please take profits on an IPO if you have any
because this is just painful yeah I’m not buying this look at the size of that
that recent candle there 4% and that that’s the beginning of possible you
know more decline further decline I’m not touching this one I mean I like 30
better than 45 for sure but I’m not touching this who knows where it’s going
NiO down almost 11 percent in one day this has been quite painful if you
bought this this is just gonna be a long-term thing if you really only if
you really believe that the electrical the electric vehicle market is going to
expand yeah they’re having a cash problem neo so this isn’t even about the
charts this is about the fundamentals of the company so I don’t know how
meaningful the chart is at this point you could say it broke below support if
you want to but this is more news driven this is more fundamentals driven than
anything so am i buying here right now I mean I’d rather buy 175 then a $3 but
small positions only and I would say long-term only I wouldn’t even try to
swing trade this right now I would if I were going to buy this I would just buy
it and and a small position just set it aside and forget about it look at it
again in a year or two or three or ten assuming the company is around for that
long and Altria MO is the ticker symbol
there’s nothing particularly important with the with the chart pattern here I
mean it broke below the support level but that was a while ago this support
level doesn’t even exist anymore this line doesn’t have a lot of significance
at this point I like the way it’s turned a level out here I mean I know it went
down but not that much on Friday it’s it’s you know the bleeding is starting
to slow down I think it’s been beaten up too much this is ridiculous this is a
huge huge company old company been around for a long time brand name
recognition so if I were to recommend anything for this week I’d say Altria is
as good a candidate it as any I mean it’s below the Christmas lows
I’m sorry no I know it’s not below the Christmas low it’s below the the January
low I should say so yeah all tree at 40 is is pretty good if somebody wanted to
on you know on Monday if it’s still at around 40 to sell an at the money maybe
a 40 strike cash covered put option on this with the op you know you might end
up buying $4,000 worth of Altria I recently had a video on getting paid to
buy a hundred you know how do you get paid to buy a hundred shares of stock
well that’s by selling a cash covered put if you can afford it that’s why it’s
called cash covered you’re not using margin for this all right so if I were
to recommend anything it will be that I mean but only use that strategy if you
really want to buy hundred shares of Altria stock alright so I hope this is
helpful to you go gold and shout out to Andrew Trapp Minh I’ll put a link in the
description of this video to his channel he’s one of the champions of gold and
silver puts have great videos also shout out to just all the great youtubers out
there compound interest stock guy I’ll put a
link to his videos as well in the description below this video he puts up
some great stuff I see him travelling around in his car making videos
sometimes you know actually driving by the the headquarters or the locations of
some of the companies that he talks about which is pretty cool
it’s it’s kind of fun I imagine living in Canada and being able to go to the
you know visit the factories of some of these places possibly pretty cool
alright so thanks a lot I appreciate all you guys and gals tuning in and giving
me those thumbs up and subscribing to my channel you guys are awesome thanks a
lot have a great weekend I’ll talk to you
again soon

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