Charts To Watch!

Author

Noah
October 27, 2024

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Hello Traders,

Apologies for not getting out a newsletter last week. I am only a few weeks out from my wedding, and my time has become extremely restricted. I will not be putting out a newsletter next week unfortunately. Once all the wedding festivities are past, I will get back my regular weekly posts.

Clearly the markets are experiencing a bit of turbulence. Not unexpected given the amazing run we’ve had. Very normal for the market to take a breather as we are beginning to see:

SPY

-0.95%

QQQ

+0.17%

DIA

-3.0%

IWM

-2.66%

There haven’t been as many set-ups that match my style/criteria as of late. So, I have a pretty short list of stocks I’m interested in. Hopefully new set-ups begin to emerge in the coming weeks.

Tickers:

SG, TEL, UHAL, NVDA, CIGI, CPRX, IGV

Let’s get into this weeks charts:

SG: SweetGreen testing the horizontal resistance zone. I’m interested if we can get a break above the line.

BKR: Baker Hughes consolidating just under resistance. On watch for a breakout over the line to signal the next let higher.

TEL: TE Connectivity in a nice consolidating as it works on the right side of what looks to be a massive multi-year base. I like an entry right around where it sits with a stop just below the $140 area. Good risk to reward opportunity.

UHAL: U-Haul failed the first breakout. I’m watching for a entry on this pull-back. Waiting for price to find some support and intend to scale in below resistance and add on a breakout if we get it.

NVDA: Nvidia is tightly trading over resistance. As long as it holds over the line I am interested in being long.

CIGI: Colliers International with a beautiful multi-year base breakout. As long as we hold over the line I am interested being long.

CPRX: Catalyst Pharmaceuticals tightly trading at resistance. I’m looking for price to push over the line to signal the next leg higher.

IGV: Software ETF broke out of a massive cup & handle pattern. We are getting slight pull-back which overs a decent entry. As long as price holds over the line I am interested. If it breaks below, all bets are off.

A lot less charts than normal. This comes at a time the markets are experiencing a pull-back after a strong rally, which all makes perfect sense. We need to remain patient for new set-ups with good entries to emerge. As we see more and more set-ups emerge, the likeliness of getting follow through will increase. I remain cautious in the short-term but bullish in the long term. As always let price dictate your decisions. Patience pays.

Have a great week!

Together We Trade

Noah