Don't Ignore This Chart

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About this blog: The blog contains daily articles with intriguing or unusual charts selected by one of our Senior Technical Analysts, along with a short explanation of what exactly caught their attention and why they believe the chart is worth noting.

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Don't Ignore This Chart

Will Price Follow Volume for Broadcom?

by Arthur Hill

Broadcom (AVGO) fell on hards time in December with a decline to the breakout zone, but this zone ultimately held and it looks like the uptrend is ready to resume. First and foremost, AVGO is in a long-term uptrend after the big breakout in October and the 52-week highs in November. This long-term uptrend means I am focused on bullish setups and pullbacks within the uptrend.  The December pullback looks like a classic correction because the stock bounced right where it should. Notice that broken resistance turned into support and the stock held the throwback to this breakout zone Read More 

Don't Ignore This Chart

Symantec (SYMC) Looks Well Supported Heading Into 2018

by Greg Schnell

Symantec (SYMC) spent 18 months rising off the lows of 2016. But since February of 2017, it has continually tested, found support at and held $28.00. This week the stock pushed off that level one more time. There are good reasons to look at a trade here. The relative strength of SYMC has been beaten down as shown by the SCTR ranking. However, this week it closed at 2 month highs with the SCTR moving out of the bottom quadrant and now sits at 25.8. While that's promising, it still points to a pretty weak stock. I find two particularly interesting places on the SCTR rankings. One is stocks Read More 

Don't Ignore This Chart

BlackBerry (BB, BB.TO) Back To The Future!

by Greg Schnell

Blackberry (BB, BB.TO) looks like it is Back To The Future. The stock has been associated with a massive fall from grace in the wake of the Apple iPhone. But a couple of things have happened since those days. Blackberry built some serious tech infrastructure at the Waterloo university campus and started some exploratory ideas much like Google. Under John Chen's leadership, this company is starting to get some legs.  Technically, the RSI gave us a new bull market signal in May of 2017. The stock has consolidated since then and broke out of a Read More 

Don't Ignore This Chart

FAANG Starts the Year with a Baang

by Arthur Hill

The five FAANG stocks, Facebook, Apple, Amazon, Netflix and Google (Alphabet), started the year strong as three moved back above their 50-day SMAs on Tuesday. Alphabet and Amazon were already above their 50-day SMAs so this means all five are back above these key moving averages. The chart below shows all five with the patterns at work. First note that all five are in long-term uptrends because they recorded 52-week highs in the third quarter and are above their rising 200-day SMAs. The top window shows FB breaking out of a triangle consolidation. We can then see AAPL bouncing near Read More 

Don't Ignore This Chart

Is Square (SQ) Setting Up A Move Off The Triangle?

by Greg Schnell

Square had a fabulous 2017. It ended the year with a bit of a pullback, but it might just be a nice opportunity. Square has formed a nice triangle right at a nice support level from early November. All of the payment system stocks had a good year last year. With the pickup in retail through the holiday season, this may just be the calm before the storm. I'd let someone else own it if it hits a stop just below $34. Good trading, Greg Schnell, CMT, MFTA Read More 

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AstraZeneca (AZN) Surges! Are All Time Highs Next?

by Greg Schnell

AstraZeneca has not made all time highs for the last three years. However, this current setup looks like it could be the trigger point.  With everything surging and the MACD coiled, a sudden surge here could bring a whole new look to this chart. Happy New Year! Greg Schnell, CMT, MFTA. Read More 

Don't Ignore This Chart

Regional Bank ETF Winds Up before Next Move

by Arthur Hill

The Regional Bank SPDR (KRE) surged to a 52-week high in late November and then formed a bullish continuation pattern as it consolidated the last few weeks. First and foremost, the long-term trend is up for KRE because of the breakouts in September and November, and the 52-week high in November. The bigger uptrend dictates my trading bias and it is clearly bullish right now. Since the breakout, KRE consolidated with a pennant, which is a continuation pattern. The prior move was up and this makes the pennant a bullish continuation pattern. Note that pennants are short-term patterns that Read More 

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Copper Miners (COPX) Might Start The New Year Hitting 52-Week Highs

by Greg Schnell

Commodity charts are breaking out left and right. Today, the Copper Miners ETF (COPX) tried to break out and make new 52-week highs. This might give a pullback as you can see the ballistic move up to retest the old highs. It should definitely go on a watch list. The Steel ETF (SLX) broke out to new 52-week highs last week. The Aluminum chart also broke out. Gold and Silver also had a good week. Gold and Silver have made significant seasonal lows in December the last few years. All of these metal related stocks are just starting to break out. This looks like a great setup for Read More 

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Diamonds For Christmas? How About Diamond Offshore (DO)

by Greg Schnell

Diamonds are always popular this year. Perhaps its time to think about a relationship with the unloved energy services sector. Diamond Offshore Drilling (DO) has broken above a beautiful head/shoulders base this week. The SCTR has soared above 70, the relative strength has broken to new 9 month highs and the MACD has recently pulled back to reset at the zero line and just started to turn up. I also covered a lot of other Oil Services stocks on the Commodities Countdown with Greg Schnell 2017-12-21. It looks like the Oil Services could kick off the new year with a Read More 

Don't Ignore This Chart

Schlumberger Ends Downtrend, Now Looks To Confirm Price Breakout

by Tom Bowley

The energy ETF (XLE) has been blistering hot this week and today its three largest holdings - Exxon Mobil (XOM at 23%), Chevron Corp (CVX at 17%) and Schlumberger (SLB at 7%) - all had some form of a breakout.  XOM surged to its highest close since January.  CVX closed at its all-time high.  And finally, SLB broke a serious downtrend and looks to clear overhead price resistance.  Check out SLB's chart: Look for a bit of hesitation as SLB approaches the 69.50 area, but accumulation appears to be taking place as SLB has risen over the past couple months with volume Read More 

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