Uranium miner Cameco rallied on June 1 as U.S. Senators advanced a nuclear-energy bill. Now, after a pause, some traders may see the potential for continuation higher.
The first pattern on today’s chart is the sharp rally above February’s peak of $29.73. CCJ probed $0.01 below that level on Wednesday before rebounding. Has old resistance become new...
Some traders may see upside potential in the euro with a big Federal Reserve meeting next week.
The first pattern on today’s chart is Tuesday’s low of 1.06668, slightly above the May 31 low. If EURUSD remains above that level today, it will break a streak of five weeks with successively lower lows. That may suggest its short-term downtrend is ending.
Next, the...
It’s sometimes useful to view the market’s current position in the context of longer-trend trends. So today’s chart uses quarterly (3M) candles of the S&P 500 to examine multiyear secular bull markets.
First consider the secular bull run between 1982 and 2000. It lasted 76 quarters. If the current run began with the breakout above 1576 in 2013, a similar duration...
Cyclical stocks like United Airlines have struggled since the banking crisis in March, but now the carrier may be regaining lost altitude.
The first pattern on today’s chart is the series of higher lows since early April. They’ve formed a potentially bullish ascending triangle in the last three weeks.
Next, Bollinger Bandwidth has tightened. Will movement expand...
Carnival has been stuck in the doldrums since last summer, but now some traders may think it’s ready to cruise higher.
The first pattern on today’s chart is Friday’s last price of $12.18. While the level was slightly below February’s peak, it was the highest weekly close in a year. That could make traders expect a breakout if CCL manages to inch further...
Netflix has climbed along with most other major Nasdaq stocks. Today we’ll consider some longer-term patterns on the streaming giant.
First is the February 3 high of $379.43, which NFLX broke last week. Clearing that level could make some chart watchers expect further moves to the upside.
Next is $458.48. Prices topped out there sixteen months ago as the stock...
Vertex Pharmaceuticals broke out to new highs last month, and now it’s pulled back.
The first pattern on today’s chart is the price area around $325, near the peaks in December and January. VRTX has dipped to revisit that level. Is old resistance becoming new support?
Second, the drugmaker is attempting to hold the bottom of its Keltner Channel.
Third, some...
Drug developer Eli Lilly shot to new highs earlier in the year, and now it’s finally pulled back.
The first pattern on today’s chart is the high-volume bullish candle on May 3. The move followed positive Phase 3 data for donanemab, its potential Alzheimer's disease treatment.
Second, prices are trying to hold the rising 21-day exponential moving average. That...
Eaton has flirted with record highs, and some traders may be looking for a breakout.
The first pattern on today’s chart is the price level around $175 where ETN peaked in late 2021. The industrial stock inched above the peak in March before pulling back. In the process, it made a higher quarterly low (for the fourth straight quarter). That tightening price action...
Crude oil futures have gone pretty much nowhere since November. But how long will that remain the case?
The first pattern on this weekly chart is the price level round $64.31. Highs occurred there in 2019 and 2020, representing peaks for the pre-Covid bear market.
CL1! spent most of the following year breaking that resistance before surging in early 2022. It...
Alibaba rallied sharply between November and early this year, but now it may be showing signs of continuation to the downside.
The main pattern on today’s chart is the series of lower highs since January 26. The Chinese e-commerce stock bounced around $81 in March and April. The result could be a potentially bearish descending triangle. (That $81 level could be...
Exxon Mobil began the month with a pullback, but now it’s holding a spot that’s offered support before.
The first item on today’s chart is the 200-day simple moving average (SMA). XOM bounced at this long-term trend indicator in September and March. Will buyers defend it again?
Second, you have a rising trendline along the same lows.
Next, XOM appears to have...
Semiconductor stocks have been moving lately. Today’s chart focuses on memory-chip producer Micron Technology.
The first pattern to consider is the level around $64.30. MU peaked near this price in November, January, March and April. A breakout followed in mid-May followed by a pullback on Monday. Will buyers step in near the previous high, looking for old...
Small caps have lagged bigger indexes like the S&P 500 and Nasdaq-100 so far this year. But now, there could be signs of a turn.
The first pattern on today’s chart of the E-Mini Russell 2000 futures is the falling trendline along the highs of February, March and April. RTY1! has squeezed through that resistance in the last two weeks, which may suggest it’s...
Energy is the worst performing sector this year, according to TradeStation data. Oil-field servicer Weatherford has bucked the trend so far, but will it continue?
Notice how the May 1 high of $66.52 was lower than the March peak. Combined with the March low below $52, this potentially creates two downside patterns.
First is a falling price channel. Second is a...
The S&P 500 is forming another tight range. Will it break out or break down?
Today’s chart of the E-mini futures considers patterns that could argue either way. We’ll begin with some potentially bearish points.
First is the May 1 high, slightly above the April 18 peak. Prices failed to clear this resistance and quickly fell back into the range. That’s a...
Interest rates have been a major driver of stock prices since early 2022, and today something noteworthy happened with the key 10-year Treasury note.
The first pattern on this yield chart is the 50-day simple moving average (SMA) marked in red. On Wednesday, it slid below the 200-day SMA (in green) for the first time since November 2021. Commonly known as a...
Amazon.com may be showing signs of weakness after another post-earnings drop.
The first pattern on today’s chart is the rising trendline along the lows of March and April. AMZN fell to that support last week after issuing so-so guidance and has remained there since. That could make some traders expect follow-through to the downside.
Next, the e-commerce giant...
