There is no shortage of charts with actionable setups. Pickens are not slim. There is a veritable abundance of issues, especially during this earnings season, and here are four.
META has been a hard nut to crack. If it is going to crack, purple reigns in the near term.
Price is above the Ichimoku Cloud (thin as a rail, it is), and in a short term downtrend from what may be a double top.
A formidable bearish rising wedge broke the highs in September 2021.
How formidable is the current rising wedge? The negatively diverged indicator would have price falling.
Earnings are October 25.
META monthly.
With earnings today, GOOGL is on the cusp of having a chance to go higher, or not.
A large rising wedge from the 2020 low broke the high of 2021. A second rising wedge formed from the 2023 lows. The break of this wedge has formed a third wedge, through backtesting the most recent break. Price ticked down to the top of the Ichimoku Cloud (green horizontal) yesterday and bounced off. Either it rides above the 2007 red trendline or we’ll see downside.
A strong rise off the 2023 lows, but can GOOGL overcome resistance? The Advance/Decline indicator of the monthly chart suggests it will not be successful.
NFLX has had two nasty spills in its life. The first in 2011, which lasted a year before recovery. The second was in late 2021 which took eight months before price regained its mojo.
If NFLX is going to take a third nasty spill, it needs to buck up (or rather, down) and do it soon. There are two important trend lines drawn that speak to the bearish case of resistance and both are purple. Plus, I added a nitty-gritty, do it now or die, turquoise line. I don’t think it’s got what it takes to get past the resistance directly overhead. But we never know.
Since the price jump of earnings last week, there’s a lot going on right now, concentrated in one place. Note the purple trend lines, price over one, under the other. You can’t see it, but the bottom of the Ichimoku Cloud (red horizontal) is precisely where the horizontal purple line is. Top of the Cloud is well overhead, the green horizontal.
MMM is having a bad year so far.
On the daily chart there is an h, with a breakdown. Earnings are this morning, with a lot of resistance overhead.
Welcome to Fall.
