For the sake of pointing it out but not so much because I want to play this….note the inverse head and shoulders pattern in AMZN. The neckline (resistance) is ust around $192, which by the way is also an all-time high for AMZN. The stock is up nicely today after announcing earnings last night, so […]
INFY dropped 13.42 on Friday after disappointing fourth quarter results and uninspiring forecast. Two Charts to focus on: First the daily chart where we notice a 5 month long head & shoulders pattern that is just now starting play out asthe neckline got broken on Friday….at $65. In a perfect world the ultimate profit […]
Note the potential inverse head and shoulders pattern that setup in the GLD. If this plays out textbook, the final profit target would be near $53 and a stop-loss could be set near $135.
We don't trade a ton of European stocks but the chart of UK retailar Tesco (TSCO on the London Stock Exchange) is looking juicy. The inverted head and shoulders pattern not only put in a nice solid bottoming process in March, it also has a nice and defined entry (above 415), stop (below 400) and […]
As discussed early morning today in the pre-market morning video (http://steadytrader.wpengine.com/video-2/march/), RIMM is in the progress of playing out a classic head & shoulders pattern. See chart below. The target is just north of $51. Several things make this head & shoulders pattern nice in RIMM. Note the consolidation period around the 200 day moving […]
We pointed this out in the weekly newsletter (http://steadytrader.wpengine.com/newsletter/) over the weekend, and today AMZN is off to the races higher again. At some point here soon a pause is due, but just so we've mentioned it…these inverted head and shoulders patterns are pretty to look at but don't work well (as with most things) […]