Technology stocks have been in the news lately, so let’s take a quick look at three very popular stocks showing similar patterns: Research in Motion (RIMM), Apple Inc (AAPL) and Google (GOOG): RIMM Daily: RIMM missed earnings slightly, which sent traders punishing the stock mercilessly, plunging it beneath its strong trendlines and key moving averages. …
Google is currently ‘trapped’ beneath its key moving averages on the daily chart, and finding key support on the weekly chart. Might the recent consolidation pattern give way to a larger breakout sometime soon? Let’s look at the daily chart to see the consolidation: Price is strangely trapped between its key moving averages, and is…
Today’s intraday action began with the promise of another trend day in the market, but ended on a terrible note, reversing the action into the close and causing a cascade off intraday highs for most stocks. Let’s peek at the action via the DIA (Dow Jones ETF): Trend days often start with an overnight gap…
Let’s look at internet giant Google (GOOG) to see if the stock may be at support or resistance. There’s a few patterns to note in the stock. First, look at the triangle consolidation (not shown) that preceded the price reversal at the start of 2008. Second, notice the stair-steps of lower lows that were met…
Microsoft officially withdrew its offer to acquire Yahoo, after Yahoo continued to hold out for a higher offer. The fall-out from this decision has already begun. AP Business writer Michael Liedtke reported Yahoo (YHOO) stock plunged 15% this morning, yet it is recovering some of its gains. “The sell-off wiped out nearly half the gain…
With Candlestick analysis becoming more popular and accepted, I thought it would be interesting to take you inside a Dark Cloud Cover candle pattern. Let’s peek inside the candle. I mentioned that Google recently formed a Dark Cloud Cover pattern. Let’s discuss it before we see it. A “DCC” is a reversal pattern that must…
Google Inc (GOOG) has been on a powerful move up, surging from $440 to $600 in less than a month. Following the upside $80 gap recently, the stock has impressed investors by adding another $80 points since the gap. But let’s look at the current action to see if this is sustainable. The price action…
I wanted to highlight a few key technology stocks that are bumping up against overhead resistance, whether via the 200 day moving average or prior price levels. Let’s start with everyone’s favorite: Apple, Inc ( AAPL ): AAPL is actually trapped between two levels of prior support/resistance, and should have massive support about the $145…