Originally published on TheTechTrader.com.
Slope of Hope Blog Posts
Slope initially began as a blog, so this is where most of the website’s content resides. Here we have tens of thousands of posts dating back over a decade. These are listed in reverse chronological order. Click on any category icon below to see posts tagged with that particular subject, or click on a word in the category cloud on the right side of the screen for more specific choices.
Chart on Amazon (by Mike Paulenoff)
It is interesting that into the Valentines Day recovery rally high at 193.57, which peaked just shy of fully testing a significant resistance line at 195.00 (at the time), Amazon (AMZN) pivoted to the downside and attracted the ire of a Wall Street research analyst (MS), who downgraded the stock to Equal Weight from Overweight.
Be that as it may, from a technical perspective, let's notice that the sharp decline nonetheless has not violated the lower zone of the 8-week base pattern, in the vicinity of 172.00 to 168.00, at least not so far. Thus, the acute weakness still must be considered another test of support within a still-developing base formation that remains very much intact.
That said, I do not yet have confirmation that the decline from 193.57 to 175.14 is a completed leg within the base. My micro pattern and momentum work suggest strongly that AMZN still has unfinished business on the downside that will retest the Feb 1 low at 172.00 prior to my expectation of a powerful upside reversal.
Bottom Building in Natural Gas (by Mike Paulenoff)
The bottom-building processing in natural gas and its related ETFs continues. The ProShares Ultra DJ UBS Natural Gas ETF (BOIL) pattern begins to round to the upside towards a confrontation with its Jan-Feb resistance line, now at 13.95, which if hurdled and sustained should trigger upside follow-through directly to test the prior rally peak at 14.55 (hit on Feb 7).
Right now, my near- and intermediate-term work argue strongly for upside continuation and acceleration. That said, the patterns and anecdotal evidence are potentially so bullish that I am expecting the next up-leg to be accompanied by a fundamental catalyst that is so compelling from the long side — and such a game-changer for the shorts — that the latter group has to cover and perhaps reverse its polarity.
Harry Boxer’s Charts of the Day
Originally published on TheTechTrader.com.
Big-Cap Tech Stocks to Watch (by Mike Paulenoff)
Cisco (CSCO) reports earnings after today's close. With that in mind, let's have a look at the comparative patterns (and my intermediate-term analytics) on some big-cap technology names.
Intel (INTC) is on a technical buy signal (since Jan 4) and will remain so unless it breaks 26.30 (1st warning), but must break 24.97 to damage the chart structure. My next upside target is 27.50/80 and then 28.50.
Cisco (CSCO) is on a technical buy signal (since Jan 4) and will remain so unless it breaks 19.61 (1st warning), but must break 19.25 to damage the chart structure. My next upside target is 21.05/25 and then 21.40/50.
Microsoft (MSFT) is on a buy signal (since Dec 28) and will remain so unless it breaks 29.70 (1st warning), but must break 28.80 to damage the chart structure. My next upside target is 30.60/80 and then 31.50/60.
