Exxon-Mobil is teetering at a critical support zone that buyers must hold… or else a monthly downside target could come into play. Price is currently in an ascending trading range with clear support and resistance levels. Let’s take a look at the weekly and monthly chart of Exxon-Mobil (XOM) to see these critical levels to watch.
I wanted to highlight a strange conundrum that sometimes happens with classic technical analysis price patterns. Let’s take a look at a predicted “Bear Flag” pattern described on Friday that hit its target immediately upon this morning’s market open.
General Electric (GE) gives us a great example of how the patterns in technical analysis (charting) are fractal, and are applicable to all timeframes. Let’s take a look at perhaps the most massive bear flag I have seen, which serves as an ideal educational example of the “Enhanced Flag” concept.
We’re seeing a very similar situation in IBM’s Weekly and Daily charts that I highlighted in a prior post on RIMM (RIMM: Bullish or Bearish? Depends on Your Timeframe).
If you look in isolation at IBM’s Daily chart, you might want to get aggressively short right here right now thanks to a breakdown of support; however, if you look only at IBM’s weekly chart, you might want to get aggressively bullish thanks to confluence support. What does a trader do? Let’s take a look.
Just a moment ago, an ideal bear flag trade completed on the intraday chart of the SPY. Let’s take a quick look at it and learn how Fibonacci could have helped time entry into this trade.
The US Dollar Index completed its large-scale Bear Flag on the Daily Chart and I wanted to highlight this development to you and discuss what it might mean going forward.
The US Dollar Index appears to be continuing its journey downwards out of a confirmed break-out of a bear flag. Let’s see this structure and identify possible downside targets.
It appears that the US Dollar Index broke to the downside out of a Bear Flag formation, hinting that lower prices are yet to come (and perhaps higher prices for certain commodities). Let’s take a look at the Daily Dollar Index. The whole Dollar price structure appears to be forming a larger bearish pattern, with…
I renamed today “TICK Divergence Tuesday” in honor of the numerous TICK Divergences that gave valid trading signals on April 14th’s intraday trading (in the SPY). Let’s look at these TICK Divergences, two bear-flags, and a 5-wave Elliott Pattern that guided the structure of the day. (Click for full-size chart) The main purpose of this…
A reader asked me to take a look at Las Vegas Sands (LVS) and I found some fascinating patterns, including a complete Elliott Wave Count, Cradle Trade, and Bear Flag. Let’s see these in action! Las Vegas Sands (LVS) Weekly: Las Vegas Sands is a Gambling/Recreational Company famous for their casinos. Price made an all-time…