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

A Bank Stock With Interest (CSFL)

by Greg Schnell

CenterState Banks (CSFL) showed up on the Parabolic predefined scan today. With a really nice high volume push off support, the stock looks set to break above the table top it has built over the last year. This $26 level has been hard to push through. With the solid volume that was more than double the average, the breakout of this 6-week downtrend is attracting some interest.  As the popular names are continually waved in the press, some of these other companies look to be building solid setups. I have recorded two videos this week. One for Canadian Read More 

Don't Ignore This Chart

More Bad News Ahead for CBS?

by Arthur Hill

The chart for CBS Corp (CBS) is already bad news and the news could get even worse.  First and foremost, the long-term trend is clearly down as the stock hit a 52-week low in early November and remains below the falling 200-day SMA. The stock also broke below the May-June lows during the move to new lows.  The shaded area around 60 marks a resistance zone that could give way to a reversal. First, the broken support zone turns into a resistance zone. Second, notice that the November-January rebound retraced 50-61.8% of the prior decline. Third, the falling 200-day SMA is in Read More 

Don't Ignore This Chart

NCLH Cruises towards New Highs

by Arthur Hill

Norwegian Cruise Line (NCLH) broke out of a long consolidation and looks poised to hit new highs soon. The long-term trend is up as the stock surged to new highs with a 50+ percent advance from November 2016 to August 2017. Also note that the PPO(50,200,0) is positive, which means the 50-day EMA is above the 200-day EMA.  The stock moved into a trading range after the August high and formed a long triangle. This pattern represents a consolidation, or rest, within the bigger uptrend. After testing support in the 52-53 area from October to December, the stock broke out with an advance Read More 

Don't Ignore This Chart

Disney (DIS) Buy Tickets Or Leave The Park?

by Greg Schnell

As Disney (DIS) approaches meaningful resistance, it is a good time to evaluate if the run in Disney looks in trouble here. In other words, should we be buying the toy story or moving to the monorail heading for the parking lot? As price started to accelerate in November, the SCTR is giving us a clue that something is changing in Disney stock. After being mired in the basement with an SCTR of 10, the SCTR rallied up to 65. Now it has pulled back again. This suggests that the stock is weak, but one of my favorite multi point setup signals on the SCTR is: a Read More 

Don't Ignore This Chart

Shopify (SHOP) Extends Above Consolidation

by Greg Schnell

Shopify (SHOP) made new 52 week highs today in the mid-cap area of the market. This is a company that owns software to build websites for selling merchandise through. In early 2017 it made a tremendous move higher and levelled off for 6 months. Now it looks like it is moving higher again. The SHOP chart looks strong and steady as long as it can hold above $117 which was its previous high.  I published a Commodities Countdown video recording covering off some of the major moves in the currencies and commodities. You can follow this link to Read More 

Don't Ignore This Chart

The Mother of All Reversals is Building in the Bond Market

by Arthur Hill

The 10-year Treasury Yield peaked near 16% in 1982 and fell as a secular bear market took hold for over 30 years. After stabilizing the last few years, the 10-year Yield traced out a large bullish reversal pattern and confirmation would end the secular bear market.  Note that the 10-yr T-Yield ($UST10Y) is a mirror image of the spot price for the 10-year Treasury Note. Thus, a bullish reversal pattern in the 10-year Yield translates into a bearish reversal pattern for the 10-year Treasury Note (i.e. Treasury Bonds). The chart shows a massive Double Bottom taking shape as the 10-year Read More 

Don't Ignore This Chart

The Gold Miners ETF (GDX) Sets Up For An Important Test

by Greg Schnell

The Gold Miners ETF (GDX) is at a critical level. This sets up for an important test to break out or fail in the next few weeks. Today, the GDX ETF surged after opening lower. Looking at the chart demonstrates why the next move is so important.  The SCTR has moved up from below 10 back in December, and has since idled between 30 and 50. The price action continues to hover near the line at $24.68. I selected that level as that was the last level to exceed on a breakout. In September we had a failed breakout.  While the volume has levelled Read More 

Don't Ignore This Chart

H&R Block Tests its Breakout Zone

by Arthur Hill

The chart for H&R Block (HRB) shows two corrective patterns, one confirmed and one working. First, HRB retraced around 61.8% of the February-August advance and formed A big wedge. The wedge pattern and the retracement amount are typical for corrections after a sharp advance. HRB broke out with a surge above 27 in early December and this indicates that the bigger trend is up.  A smaller wedge formed over the last few weeks as the stock again retraced around 61.8% of the prior advance. Also notice that broken resistance turns into support in the 26 area. The Read More 

Don't Ignore This Chart

Caesars Entertainment (CZR) Jumps Up To The Winning Table

by Greg Schnell

Caesars Entertainment (CZR) made a beautiful breakout on high volume Thursday. It has continually tested this $13.50 level since July 2017. Today, the chips were all placed on Caesar's side of the table. The volume surged to 25 million shares.  The SCTR looks to be surging back into the top 25% area. The Relative strength compared to the $SPX made one month highs. The chart will probably add momentum if it can start to break out to new 12 month highs in relative strength. Arthur Hill mentioned MGM the other day. Wynn has been performing as well. It helps when the whole industry group Read More 

Don't Ignore This Chart

PayChex Looks to Hit Payday with Momentum Breakout

by Arthur Hill

PayChex (PAYX), which has nothing to do with Chex cereal, ended its correction with a three-day surge and wedge breakout. First and foremost, the long-term trend is up as the stock broke out in early October and hit a 52-week high in December. The stock was quite extended after 30% advance and then took a breather with the wedge pullback.  A small wedge after a sharp advance is a correction and this makes it a bullish continuation pattern. Notice how the stock bounced off the rising 50-day SMA last week and continued with the wedge breakout this week Read More 

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