My 10-month old laptop crashed this morning, so I might be gone for awhile trying to get that sorted out. UGH.
FCX had TWO pattern breakouts yesterday (The Channel and The Ascending Triangle that we looked at yesterday), so it was a good day for The Bulls. 54.11 is IN PLAY as long as FCX trades above the 51.76-51.77 top of the Ascending Triangle. Targets that are against the trend are less likely to get MADE, and the trend is bearish. FCX also is right at the bottom of Kumo (Cloud) resistance (see yesterday's chart), so that must be borne in mind.
After a 4-day "Knuckle-biter," back below the 19.64 Double Bottom breakout, yesterday NVDA broke out of a Cup & Handle formation, basis the intraday chart, and closed back above 19.64. The upside targets are back IN PLAY as long as NVDA trades above the Double Bottom/"W"-Bottom pivot (19.64).
About Me
- Melf Elf
- Blog Purpose: To share with others what I know about technical analysis and about trading. I am not licensed to give financial advice. I never do so. I don't try to "predict" the market. I try to FOLLOW the market, as best I can. I honestly don't know how high or low a stock is going. I'm not a psychic. I mainly look at chart patterns, trendlines, support and resistance. If a pattern breaks out or breaks down, that gives me a price target that is IN PLAY. That doesn't mean that the target will get MADE. Some do. Some don't. While I try my best to answer questions that are directly related to any of the posts that I make, I don't have time to give individual tutoring. Please check bookstores, libraries and myriad sources on the internet on the subject of technical analysis and take advantage of those resources. Thank you for visiting my blog. I hope that you are able to learn something while you are here.
2 comments:
Hope you get your laptop fixed soon
best regards
j
j,
Thanks. This has been a nightmare. I got a new hard drive, but I can't publish any charts here and my cursor jumps all over the place when I try to type. Hopefully, I'll get things resolved soon. I have a guy coming this afternoon to try to fix the problems.
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