Hi Everyone
Continued Strong Surges In Advance of Earnings
Last week was huge as we ran into the 4th July holiday weekend. We really do need a rest soon but we’ll go through a few charts to highlight what’s been going on.
QQQ
A huge move over the last few days but strangely the OVI turned negative on Friday. This could be an aboration but I do feel the markets need a rest after such a surge.
SPY
Looks similar to the QQQ but the OVI is positive.
Now for a few interesting stocks to consider.
AAPL
A great looking Bull Flag plus a positive OVI made AAPL a comeback candidate. As I mentioned in my PTC webinar on Thursday, the only thing holding it back was the negative OBV spike from Wednesday, but the OVI dominated and up it’s surged from the Bull Flag.
AMZN
A straightforward cup and handle pattern with a positive OVI … doesn’t get too much easier than this.
ANF
OVI is just above the neutral line, but there’s something nice about this pattern if it can break June’s highs.
BIDU
Such a straightforward stock this … Positive OVI and nicely trending … just look for the breaks of resistance for new entry points and use the trendline to manage your profits.
C
Breaking through resistances with a surging OVI … needs a rest now.
CVX
CVX looks ready to rock again … Positive OVI and resistance nearby, ready to be broken.
IBM
We covered IBM in our Private Webinar and sure enough, the next day it burst through resistance. But as you can see, with a surging OVI and it approaching the May highs, it was ready to pop.
X
A Bull Flag would be nice here … it’s broken the May highs already, the OVI is surging, but a small rest here would be most welcome before the next up-move.
Earnings is starting next week … be on watch for that … I’ll be in contact before then!
More soon.
All the best
Guy
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