Ep 149: Reviewing 20+ Stock Charts [Technical Analysis]

August 24th, 2017

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Today I'm going to cover at least 20 different stocks that I have on my list. They're not in any particular order, but they are the more popular ones.

You'll see a few things that caught my attention. A lot of these things people ask questions about. I figured I'd give some insights to these stocks. Answer the questions like how they're moving, acting, behaving, and the overall market.

Disclaimer

None of these trades, stocks, charts are recommendations to buy, sell, or trade.

That's because I don't know your risk tolerance and your goals. That means that they may or may not apply to you, and our strategies might be different.

It's important you always look at your risk tolerance and your risk levels. And if you have any questions about investments then contact your financial advisor.

Everyone's situation is different. But what I'll do is give you some insights into some charts, looking at some technical analysis. That way you get a bigger perspective of what I see in the charts from my years of experience.

Overview of S&P

When we look at the S&P, you can see these pullbacks, and that's always a great opportunity. Pullbacks like in 2009, 2007 these calm bubbles as well.

When you look at this, here is a great buying opportunity. Same thing in 2000, 2003 excellent buying opportunity as well. Later things can go much higher and then when you get these pullbacks again they're an excellent buying opportunity.

If we get another slight pullback, it's going to be another excellent buying opportunity. The market, in general, continues to go higher. That's with time, and that's nature. Think of its inflation. With time prices naturally go up, cereal boxes get smaller. That's the way things work.

I like when things pull back (even if they pull back 10%, 5%, 3%, 1%) because then I can buy more.

The question is: How far are they going to go?

And one thing that I look for when I'm looking for a change is I always look at the volume.

Overview of SPY

If we take a look at the SPY, it's a little easier to see on the volume — especially people that were cheering the bounce. So we had a significant sell-off with a massive volume of about 120 million on the SPY.

Stocks continue to go higher, but the volume was a lot weaker. When you look at that volume much weaker, maybe right around a 77 million then we started to roll back over. Again with more massive volume even more so than the previous time. Now that stabilized things, and then we got a little bounce. But still light volume.

We're consolidating a little bit sideways. But what I'm watching is that we're creating lower highs. You're looking at building lower highs. I wouldn't be surprised if this bounce is into this resistance level and then rolls over. Once you get two points, you create a line. Once you get three points, it's a confirmation.

We can get another little couple of days of bounces and roll over on lighter volume. And we roll over on higher volume. All of that is good.

That's good for the downside. It's not good if you're bullish, but it's good for the downside. Then allows you to buy more somewhere around maybe the 240 or $2,400 level. Then you'll see if you get a bounce here or there. That's one of the price ranges I'm watching, and that was the key.

Overview of IWM

You can do the same thing with the IWM. When you look at IWM, there's a lot of people that talked about that bounce after that massive sell-off day.

Yeah, but the bounce was on lighter volume. When you have low gas in the gas tank, you can't go that far. Can you keep pushing the car if you get outside of the car and push it? Yeah, you can, but you get tired. The same thing here.

You notice we get tired, we sell-off. Then we try it again. We might get tired. When you watch the market, and you watch the daily activities you notice the market is tired.

Summer season, that's partly due to the lack of volume, the traders. Things will probably pick up soon. The problem is what you're watching for is the risk is will we get trader stepping up to the sell side or the buy side.

That's the big question. You start looking at famous companies. Where is all the money in? It's not in the penny stocks, and it's in these big favorite companies.

Then you look at how those companies are behaving. If those companies break down, then the market is going to break down. Notice how this stock has been consolidating for about two years. Right now, it's at that support level, but it's been selling off on these heavier of bearish volume bars.

If we break lower on this stock, then you could probably see this market roll over.

Overview of Amazon

Take for example Amazon as well. Looking at this one coming into this consolidation area we used to be at an about 1080, and this stock right here's at 950. And we broke 950 today, even 945.

This starts to roll over the next day. We start looking at it. We begin to roll over, and we go under it even more with more volume. Then you could see things yet continue to pick up to the downside. And it might even hit that $900 level.

That's what you're watching in the stock and then these other companies.

Overview of Google

Let's take a look at Google. I'll rifle away here show you some key lines I'm watching and what I'm looking at. Here is your line of support on Google right around 900 level. If you want to try to buy the dip 900 might be nice. But the problem is if we break that 900 you have gaps.

It could fill the gap, get into that level and even the 850 level. The volume has been slightly decreasing as far as the bearish volume goes. And it seems to be somewhat stable her. It's about $20 bucks above that level.

So far it looks like a fairly decent value. However, keep in mind we're rolling over on this moving average. You also do have a double top.

There's your line in the sand is the 900 level. Usually, it's given about 5-10 points on this one. There's no significant selling volume and pressure on this one at the moment when you compare it to Amazon.

As we look into Amazon, you can see that we have a bearish volume that starts to kick in. We got a little too far stretched. You can see we're creating lower highs in this stock. If we break above that price level that might be an excellent buying opportunity.

Especially as we're forming a little triangle consolidation pattern right there. If you look at this stock out wide, you could get into the 840 price level.

Overview of WYNN

Take a look at WYNN: This one's moving in a stair-step pattern as we take a look at this breakout point.

Here was our consolidation. There is a stair-step again. Next level stock is now moving a little sideways. Your next entry point would be on this bounce right here.

Right now stocks doing okay, but the volume is contracting. Keep an eye on, see what happens.

Overview of Foot Locker

Foot Locker is doing horribly. There is a major double top, triple top, quadruple top. The stock got into the support level. It broke into that. You could also see this upward pattern broke down here. There is a little consolidation tried to get back into it, rejected it, continued to sell it.

It couldn't even hold support there and continues to act weak on accelerated volume. That volume continues to pick up my prediction. It will probably go even lower. Here we're trying to get a little bounce.

I would say it is if we get a little bounce, maybe to 37, and then roll back somewhere perhaps around that 20, that's probably where it'll stop. Remember, things get oversold anyways in the marketplace with time. That's the case because of the short step pilon. Otherwise, this one's acting quite weak.

Overview of CMG

If you look at CMG - same thing, you can look at the weekly. There is an ABCD pattern. You can draw lines and make a pattern. There is a lot of support level there so somewhere around the swing lows of 2012 that'll be about two hundred thirty-six dollar price level. The stock may get a bid. It's a huge company.

Overview of GoPro

GoPros have been toast for quite a while. There is ABCD pattern to the downside. I don't see it coming out of the gutter anytime soon. It continues to make lower prices.

You did have a little bit of volume there kick in, but otherwise, this stock is dead. It's flatlined. You can see the heartbeat. It needs to get up about $18 to probably get any insight on there.

That means a lot of new product developments and many things. I like the products but stocks I don't like it.

Overview Buffalo Wild Wings

This one we had in the critical charts. There is a breakdown here at the 150. You can see some resistance levels right here. They didn't work out correctly. But you could see a little a few of them tried to break out. And we also had this upward supporting trendline break down right there. Bearish volume is picking up even as we break this other vital levels of support.

The stock now continues to move lower, somewhere around $90. That would be a potential support level. You can see how some of these stocks are selling off in a big way.

Overview of Facebook

Take a look at Facebook. It's been consolidating since those earnings reports. This is why I say don't chase the earnings. Look what happens right here. It goes sideways, and you could buy it lower after the earnings. That's why you don't buy into the hype.

That's emotional trading. And now you can see you got same opportunity light bearish volume, not anything substantial. So it's just consolidation. If we break below that level, it would be 165. If we break lower than 165, this stock could pull back.

Look at the weekly. We are stretched. If you want to do something like the Bollinger Bands and you start looking at Facebook on the weekly. Then we are up near those higher levels.

Overview of Netflix

It's the same concept right here. A couple of days of earnings, great for a day trader a couple of days swing trade stock starts selling off.

It fills this gap right here, and you get it in at better prices then even at earnings. Everything's great and then later about a month later you could get it lower prices than earnings.

That's why you don't have to worry about earnings and what they say. Don't buy into the hype. You're buying it at a reasonably good deal when you're looking at a moving average. And when you're looking at this Q line of support.

However, stocks been acting a little bit weak. There's also some pressure with Disney removing its content and those kinds of things. Watch this essential line of support. If this starts to break down wouldn't shock me if this thought got into 148, 149, 150 level.

That would be about 20 points down. That's not that much when it comes to the stock. Sometimes it'll move $10-$12 in a day.

Overview of Apple

Apple's been holding up well since breaking this line of resistance. That's the earnings right there. I like the stock when it comes to Apple. I don't like the products. That's opposite of GoPro.

It's exciting and fascinating, but I don't care too much for the product. But the stock has always been doing very well. A lot of other people love it. Here it's holding up well.

I would watch this line right there on that support that'll be the 155 level. If it breaks this, I won't hesitate to short it, especially if the market rolls with it. Remember when you short stocks you're only holding them for a few days usually.

Shorting is always faster right then holding long. If you hold long, it could be for weeks months or years. If you're shorting things, it could be for a day or two. Or a couple of days, but we're not in a bear market yet.

Look at the SPX and see what I mean. When you short things and you're short companies, it might be only for a couple of months. Then things pick back up. And that is because when you short things they're faster. Everything is faster.

Shorting opportunity (with CMG) it was just a month or two. But when you're in the stock, you might be holding the stock for two, three years,

Whereas when you're shorting it - it's for a smaller time frame.

Overview of Priceline

This is trying to hold this level. The problem with a lot of stocks they're trying to bid and bounce at these levels. And they've done it multiple times.

 

As you can see in the past, they've held these levels perfectly fine. When you get volume, price action that keeps hitting and pounding, eventually it breaks through. That's what happens. Be careful.

Sometimes it builds for the upside, but other times if you notice the action and the behavior stocks acting sluggishly that's where things can be trouble.

Especially with an administration that's a little bit clueless. You have government potential shutdowns. There's a lot of negative news and PR. The thing with this market is that they've been brushing it off.

However, it wouldn't shock me if you get another 40 points down day on a random Tuesday or Wednesday. You have to be prepared for these kinds of conditions.

Overview of Duke Realty Corp

You can look at potential breakouts. It's reasonably new right there. You can see the resistance level caught my eye. You can see that the only issue here that I'm noticing is that you can see a little pullback here. The volume also is not anything amazing.

Other than that, there's not anything huge or unusual when it comes to the overall breakout.

Overview of Autozone

We've talked about this in the critical charts. Here are multiple resistance levels. Here was a breakdown again stock sold off in a significant way. That happens after a ten-year colossal run-up.

Five hundred seems to be a nice big area that things are catching on. If you take my verticals course, you could get possibly something way out wide. But it's a lighter liquidity stock. Be careful on this one.

If you start looking at Fibonacci retracement levels, you're starting to get almost in that 50% level. Depending on where you use the swing point here you're getting close to a nice potential pullback. Healthy at least from a nice eight-year span of time.

Here we could still get a little bit lower, but after that, it might be extended. I think 400 would be an excellent price level.

Overview of Alibaba Group Holding

Very explosive to the upside and it continues to power high. I think it's stretched.

Can it still go higher?

Absolutely. I think it's stretched on the short term. I wouldn't short it, because you don't short stocks that are exploding to the moon.

You don't short stocks that still have fuel in them. And that is trading on emotions. That is something you do after you wait for consolidation and then a rip down. That's what you're waiting for.

If you're looking to short these things you're looking for testing and weakness. But this right now does not have that setup.

Overview of NVIDIA

When we look at things like Nvidia again, this is what you're watching for when you short a stock. A sideways price action.

This is still a powerful company. You can see some bearish volume picking up right there. And if this broke down at about $95, that's where I would short.

And of course on volume. You had more volume, so we explode it to the upside. If we consolidate sideways and we see more volume picking up (that's bullish again), the stock will go higher.

Consolidation is what you're watching for on these. Especially with like Alibaba. It continues to go up. Nvidia - same thing. This thing is a monster. I would not short this yet. Wait for some sideways price action even on the Bollinger Bands. It's fair valued, but volume is still there.

Could I get to 250? Yeah, absolutely. But don't short it until you see digestion. You want digestion, so just because things went up high or too far too fast doesn't mean you would short it.

It means things are stretched, but it doesn't mean I would go in and short it. Always be patient, be disciplined, watch for crucial signals.

Overview of Shopify

This one continues to power higher. Volume is picking up as well a little bit. I wouldn't say it's enormous.

It passed a hundred-century mark. Also is a definite vital sign for a stock. That's always positive. We had proper digestion and then sideways action breakout.

Overview of Square

Also when we take a look at this, we're creating a rounding. We're even at that moving average when you look at the daily. Volume is contracting a little bit when you look at. It has me a little bit concerned but when you look at it. It's trying to break out, but there's not wide price spread.

That's what concerns me. The wide price spread is a bar. Look at those bars. I would much rather have a big wide price spread bar than a shorter bar.

Overview of AMD

This one is trendy. It's looking at the $12 range. It has put a lot of different trend lines on this because people were asking me to evaluate this.

Overall the critical line in the sand for this one is the $12 range. You also have some resistance, double top almost at the 15,50 level. You have some support at 12 you also have some support at 10.

Those are your critical levels if you look at this stock. You can see there's some distribution. It has me slightly concerned. The reason is if it breaks that $10 level I wouldn't be surprised at pickup back into the %5 range.

Could it go higher? Absolutely. If it comes back, holds its support at 10, and then goes higher and breaks the 15,50. There's a lot of distribution here. And the stock from A to B, B to C, C to D pattern is a little bit stretched.

Overview of Liberty TripAdvisor Holdings

This one stock continues to move down and lower. You can see this one if you're looking for a bid it's trying to go higher on a short term play. Long term the stock is toast. You can see it. You always check the monthly, the weekly, the daily.

If you're looking for a day trade, the answer is maybe. This one's caught my eye for a shorter term play. The reason is perhaps a day or two holdings.

Once it gets into $15 range, I'd instead short it. That is because of the bigger longer-term picture. Look at a backtrack into the weekly. You could see the stock continues to go down.

Overview of Tesla

The last one is Tesla. This one continues to be very strong. We sold off a little bit and then we are doing a slight little bounce.

This little bounce we're doing is on lighter volume. And that's what I want to talk about. When you start seeing these big companies that are bouncing on the light volume, you more than likely will see these things roll over.

The same thing happens with the indexes, and the same thing happens with stocks. When you see the larger volume you can see where you got the pot. But here this is what shows me the behavior is a little bit weaker.

I'm starting to see this movement to the upside. But I do not see the volume. That's why if this continues to move to the upside on lighter volume and then we sell-off those are the things that wouldn't surprise me.

Once you start back checking this into the weekly, it also begins to create things like slightly lower highs.

It's only two points right now which creates a line. I wouldn't get too excited on that this stock is rolling over. But if you get a third point now, you start building a little trend in that direction.

These things are so loved. They usually get bought out again. If you get into the 300 range, you might get a short-term pullback to the 300. Get a little pullback and then a bounce.

Conclusion

When you're shorting companies when you start creating a trend to the downside they usually don't last long.

If you're doing it a couple of days, a couple of weeks at most depending on market conditions this market is still abiding the dip market. That's what it's been doing. Continue to trade the trend that we have.

Author: Sasha Evdakov

Sasha is the creator of the Tradersfly and Rise2Learn. He focuses on high-level education speaking at events, writing books, and publishing video courses on business development, internet marketing, finance, and personal growth.

I'm Sasha, an educational entrepreneur and a stock trader. In addition to running my own online businesses, I also enjoy trading stocks and helping the individual investor understand the stock market. Let me share with you some techniques & concepts that I used over the last 10+ years to give you that edge in the market. Learn More

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