Chart Patterns to Watch This Week 7-11-2020 -- with David Moadel
hello and welcome to looking at the markets with David Modell let's take a
look at the charts that I'm gonna be looking at over the coming week and
these are all daily candlestick charts which I like to use for swing trading
and we're gonna start with well it's not really a stock it's an ETF that
represents a commodity P a ll which represents the movements in the price of
palladium copper is short term overbought perhaps right now
excuse me silver and gold have had rallies recently palladium not keeping
up as much but I view that as a good thing because these things are cyclical
in nature most of the time one metal or one commodity will be favored for a
while and then the other one will take over but these things do not happen
quickly so this is more of a long-term type of trade but I like the way it's
holding P ALL the ETF I like the way that's really holding that important
$180 support level there sometimes it's support sometimes it's resistance but
it's been pretty significant for a while now for months actually and it's holding
it I see that as a positive thing it's also holding this trendline upward
trending Tran line very nicely and it's been much higher so that is probably the
first thing I would recommend I wanted to look at neo really quickly I'm not
recommending buying here I'm recommending taking profits of course it
could go higher but I was talking about this when it was below three dollars a
share and what I have taken profits at the absolute perfect time I mean who
does right but if you made pretty good profits now I mean look at that
parabolic move now some momentum traders like to buy when something is going up
fast okay I respect that but I'm more likely to take profits if I've made a
hundred percent two hundred percent three four five hundred percent or more
you've done well so it might be time to take some off the table if you want to
you know don't do something because somebody in a video recommends it you
got to make your own decisions do your own research do your own due diligence
always alright there are no guarantees here in
the markets that's for sure so it could keep going up but yeah it
what it is there's a because of Tesla and Nikola there is just a hype
surrounding anything in the electric vehicle market so you know I I don't
like to buy in the hype usually there are always exceptions now the opposite
of hype here okay we've got TBT not everybody knows about TBT proShares
ultra short 20-plus year treasury ok notice that it's sitting at support it's
holding it really nicely it's sitting right on it it's bounced off of that
level here approximately definitely here and now it's there again so if it
reaches 15 that's going to be a pretty good price for this one but be aware
this is ultra short this is not for most people it is leveraged so you don't have
to trade this one if you don't want to you don't have to trade anything if you
don't want to but this one is a mover I'm just pointing out that it is sitting
right at a fairly strong support for a fairly consistent support level alright
so just something to think about I like to point these things out when I see
them but again it's leverage so even if you trade it I recommend very small
position sizes CGC canopy growth Corp alright so you have a symmetrical
triangle going on here and it's holding it it fell it broke below it but it came
it's coming right back up to it that's a good sign and it's holding this support
level I know it struggled a little bit with it but these things are sloppy and
choppy alright and now the the volume is dying out okay I don't know if you can
see it's kind of small but the volume is getting smaller and smaller so that's
that's not great but a big green candle here on Friday is is a good sign because
at least it came back into the Triangle there and it is holding support yeah not
a bad price or you can wait until it gets to 16 16 is not a bad price either
all right so I I believe in the sector in the long term so
something to think about levi-strauss i don't trade this one very often but i
noticed it had a rough week but it is near a support level which i would place
at 12 actually it seems to have held 12 a number of times before in a sloppy way
sometimes but it has seems to be approaching it so if it gets to 12 yeah
that's something to think about it's one of the few bargains perhaps in the
markets right now which are overpriced some sectors are overpriced technology
definitely overpriced overall all right so something to think about that's
holding this upward trending channel here or at least trying to so we'll see
what happens that's Levi's work slack technologies wo
RK I like the way it held this upward trending channel here is it a great
price no definitely not great price I like it at 30 here on fin vis they drew
a support / resistance line at 30 it was pretty hard support here I mean it it
was rejected a number of times at 30 but now it's bouncing off of it nicely so if
it gets down to 30 and doesn't break really strongly below it that could be a
nice support level that's something to watch for Wells Fargo I've talked about
this one before this one yeah I know Wells Fargo has had scandals before but
the price always has rebounded at some point after a scandal so that's you know
that's past performance which is not a guarantee of future performance but it's
held this level before it bounced right off of let's call this 25 once and a dip
below it became but came back above it now it's back below it a little bit
again 2478 but with a 3% up day on Friday so far
seems to want to come back above it so if we can get it just some nice volume
the volume is diminishing as well that could be a problem so if we can get a
decent move on volume on heavier volume just something to let me
know that it's it's gonna hold that it's gonna break above and hold that 25 level
that would be encouraging for Wells Fargo lift yeah you could you could
bring up uber as well but lift is one I don't talk about probably enough I like
I like lift at 30 not bad yeah I know it broke down below this rising wedge here
it broke below this symmetrical triangle but that's old news by now that was a
couple of weeks ago these are daily candles and so that was two weeks ago
when that happened so now is it holding 30 well we'll see
but 30 is not a terrible price of course it was 15 at the worst part of the
crisis of course so it could go much lower if you don't want to buy it at 30
I respect that but just keep in mind it's been as high as almost 55 not that
long ago so yeah it's not a must buy all right but it's something to look at MGM
and I'm also going to look at Wynn Resorts to kind of a similar stock
you'll see the shape is similar and the sector is similar okay so could you say
it broke below this trendline yeah it sure did but it seems to be holding
seems to be stabilizing volumes dropping off that seems to be a theme today but
it appears to be holding 15 or even 16 if this will hold 16 that's encouraging
I want to see the volume pick up and I want to see some green candles several
in a row would be nice just to let me know that hey this thing's ready to
recover this is a recovery trade if there ever was one this and the very
similarly shaped when Wynn Resorts so yeah fall below fell below this rising
wedge I get it interestingly fin vis drew a trendline
here a support line that looks like 42 maybe 43 but that's from a long time ago
now at least for a swing trader that's a long time ago so I'm not gonna wait
necessarily for it to get down here if it even gets to 70 that would be that
would be pretty good for Wynn Resorts because the 60 that would be great
and once again palladium if I were going to recommend anything it would probably
be this you guys and gals should know by now that I do like to trade and invest
in the commodities sector gold and silver would probably be my my favorites
but you know if those are a little bit on the high side at the moment then you
could always look at at others like palladium right now trading the cycles
alright alright my name is David Modell this is looking at the markets I want to
thank you for watching and listening and please enjoy your weekend thanks a lot