Hi :)
Decided to put out some thoughts for selected US stock charts, to keep the chart analysis part of this blog 'running'.
The below images depict weekly candlesticks and are screen-captures from FINVIZ, an excellent website imo. Do take note of the moving averages displayed and the accompanying legend. (Images are clickable to see each of them up close)
The comments are mostly based on candlesticks patterns and moving averages. Usually, they're sufficient apart from some general knowledge of the stock and keeping abreast of some reliable geopolitical news. I also toggle around with the daily candlesticks whenever suited.
Walmart (WMT):
The sizes of the last few candlesticks are little too rectangular when put together. I'll usually opt to ignore such patterns whereby no significant price action can be derived as volatility continues. On the bright side, they are sitting around (mostly below ik) the 50 moving averages, along a very nice upward trend + noting that WMT has a history of 'unpopularity'/not as hyped as some tech stocks. Right now the last candle is green and has bounced a considerably distance to hit right beneath the 50MA line. If WMT opens higher and stays like that in the afternoon session, there is a chance the price could move higher for a little bit to scrape some profits before letting go quickly. Verdict: 65% chance price moves upward momentarily IF it opens and stays above the 50MA, and then goes sidewards/back down.
JPMorgan Chase & Co (JPM):
This is simpler - the candles broke out upwards and there is a chance it'll go even higher since it is a 'new high'. Bear in the mind this is a weekly chart, and its daily candles are showing significant volatility. Verdict: 71% chance it'll break new high, in 2-4 weeks, subject to fresh status of the US-Iran war since oil prices and interest rate predictions are the hot key terms and regional banks are somewhat 'tied closely'.
Netflix (NFLX):
This seems like a tough one but to make it 'easier' as compared to life, just wait - for another 2/3 candles. Awesome touch and go from across the 200MA as I mentioned before that weekly candles are quite sensitive to 200MA, especially for large cap/famous stocks like Netflix. The only hesitation comes from the 2 last green candles not being large enough, so to be safer - just wait for a nice confirmation. Verdict: 75% chance it'll move higher but maybe not entirely all the way up. Good chance to scrape a decent profit via a relatively low point in the chart.
Do your due diligence, please. Have fun making a steadfast and responsible decision.
Elon Musk - "You should take the approach that you're wrong. Your goal is to be less wrong."
