Hello Traders,

Hopefully everyone’s enjoying the weekend. I don’t think anyones complaining about the past weeks gains across the indexes. All of which are printing solid positive figures across the board:

NYSE breadth improving during the second half of the week as net new highs spiked as we closed the week:

There are a lot of charts on this weeks watchlist, so, I’m not going to waste any time and get straight into things.

Tickers:

ACVA, AMZN, AYI, BX, COPX, DHR, DOV, EFX, EASEA, FCX, GD, GOOGL, HOMB, IGV, INTU, IYT, KNF, MA, MELI, META, MORN, NUVL, OTIS, PAYX, SCVL, SLNO, SLV, SSB, TCHEY, TGB, TSLA, TTD, UBER, WAB, WFC, WSR

Let’s get into this weeks charts:

ACVA: ACV Auctions has been consolidating for over a year, and is now beginning to breakout over resistance. This chart looks actionable right where it sits. I’ve overlaid some fibonacci levels as targets to trade around.

AMZN: Amazon is approaching its long standing upper resistance level as we close the week. It attempted to breakout over this line once a couple months back but failed. I will certainly be getting long if this can breakout over the line on this next attempt.

AYI: Acuity Brands broke out of a multi-year base in January, and after a nice run, it pulled back to retest support, consolidate and digest the recent move. It’s now starting to show signs that price may be ready for the next move to the upside. I’ve overlaid some fibonacci levels as price targets to trade around.

BX: Blackstone was shared with readers weeks back when this was trading around $128. Since then we have powered our way all the way back up to former highs, and are now pushing to new all-time-highs. This chart is actionable right where it sits, despite the solid gains its provided over the past weeks. I’ve overlaid some fibonacci extensions as price targets to potentially trade around.

COPX: Copper Miners ETF made it onto the list this week. After failing to follow through on its multi-year base breakout in May, price pulled back under resistance and has come into contact with the 0.618 fib level. I would like to see the August lows hold. If this plays out, this offers a solid risk/reward opportunity where it sits currently.

DHR: Danaher was on our list last week, and is beginning to curl up as it closes the trading week. Price is pushing through a multi-year basing pattern as we speak, and looks to be setting up for the next trending move to the upside.

DOV: Dover Corporation has been on our list for multiple weeks as its been consolidating sideways right under resistance. Price is hugging that upper bound as it closes the week. A breakout to the upside feels like it could be close.

EFX: Equifax is breaking out of a multi-year basing pattern. As long as it can stay above the line, I am interested in being long.

ESEA: Euroseas with a nice retest of support after breaking out several weeks back. The original breakout was shared with readers prior to the breakout, and now being shared for the retest. As long as price holds over the line, I am interested in being long.

FCX: Freeport continues to bounce along this lower support zone. As stated in previous weeks newsletters, as long as the bottom line holds I like this trade on the long side. If it breaks below this level, a short trade could be considered.

GD: General Dynamics is breaking out of a multi-month base making a new weekly closing high. As long as price holds over the line, I am interested in being long.

GOOGL: Google is pulling back to its support line after breaking out from this exact level back in April. If price can manage to hold the line, I would be interested in being long. If it breaks below, all bets are off.

HOMB: Home BancShares has been on our list for a while now. It continues to consolidate after breaking out and testing those former highs. I want to see this continue to trade over $26, and start to build back up to those former highs.

IGV: iShares Software ETF has been shared with readers for a long time. The same price development continues as we build a nice handle on this multi-year cup & handle pattern. I’m looking for a breakout over resistance to signal the next trending move.

INTU: Intuit forming a multi-year cup & handle pattern. A breakout over resistance will signal the next move higher.

IYT: iShares Transports has been shared with readers for multiple weeks. Price is forming a nice consolidation after testing those former highs and pulling back. I’m looking to see if this can continue to curl higher and retest those former highs once again and make a breakout to new all-time-highs.

KNF: Knife Riv Holdings is on the brink of breaking out of its IPO base. Testing the upper resistance zone for the 3rd time this year. If price breaks over the line, I am interested in being long.

MA: Mastercard with a multi-month base breakout to new all-time-highs. As long as price is over the black line, I am interested in being long.

MELI: MercadoLibre was shared with readers when it was trading around $1,700 a share. Its since pushed all the way up to former highs, and this past week made a new weekly closing all-time-high. Despite the recent move, it looks to be at the early stages of a larger trending move.

META: Meta has been in the process of basing for months. Having several attempts to push to new highs, but not getting the follow through needed. Price recently pulled back and tested the anchored VWAP along with the 0.618 fib & 50 day moving average (not outlined on chart) and is now pushing back up to the upper resistance zone once again. I’m interested in getting long on the next breakout over the line.

MORN: Morningstar with a very similar look to BX before it broke out. Price is tightly consolidating along resistance. First breakout attempt failed several weeks back, but price has held up very well since. A push over the line and I’m interested in being long.

NUVL: Nuvalent with a clean 8 month base being formed. Price is testing that upper bound. A breakout over the upper resistance line will signal the next leg higher.

OTIS: Otis Worldwide has been on my list for weeks. Price continues to hold over support after breaking out of a multi-year base back February. Very good risk/reward play as price is trading right at support. As long as price holds over the line, I’m interested in being long, and if price breaks and closes below, all bets are off.

PAYX: Paychex Inc has formed a multi-year base and is currently testing the upper resistance area. This level has been tested multiple times over the past couple of years. I’m looking for a breakout over the line to signal a trade on the long side.

SCVL: Shoe Carnival with a nice multi-year base breakout. Price is pulling back into that old resistance line, which is turning support. As long as price can manage to hold over that line, I am interested in being long.

SLNO: Soleno Therapeutics with a nice multi-month basing pattern. Currently testing that upper resistance area as we close out the week. A breakout over the line will signal a long trade and the next leg higher.

SLV: iShares Silver Trust was shared last week. Up almost 10% on the week, but it really has only reclaimed resistance and looks like it could be at the beginning stages of a much longer move. Chart looks actionable right where it sits.

SSB: SouthState monthly chart looks amazing. Riding the anchored VWAP up to the upper resistance zone of this massive multi-year base. Price is now consolidating right around resistance. I’m looking for the next push higher to signal a new directional move.

TCEHY: Tencent looks to be forming what looks like the handle of a cup and handle pattern. I typically have steered clear of most Chinese stocks for some time now. But this name is shaping up quite nicely. A long trade agains the August lows which coincides with the 0.618 fib level is an option. Otherwise a wait for a break above the upper resistance bound.

TGB: Taseko Mines broke out a massive multi-year base in April, but since then it has traded lower. Price tucked back under that resistance zone, and is putting in a higher low around that 0.618 fib level. As long as we can hold the August lows, I like this trade idea to the long side. I find catching these very normal pullbacks can prove to be a profitable and offer lower risk entries.

TSLA: Tesla has essentially been going down since the later half of 2021. Its followed this well defined slanted resistance line for years. We had one attempt to break above it in July, but that quickly reversed back under resistance. We are now making a second attempt to push over that line. If this follows through, I think there could be a substantial move to be had. I imagine this could take time to play out, so patience may be required.

TTD: Trade Desk is casually pushing higher as it moves further away from this long standing resistance zone. This chart looks actionable right where it sits. I’ve overlaid some fibonacci extensions as potential price targets to trade around.

UBER: Uber is back on the list. After breaking out of a massive base back in January, it had a nice run but a bit short lived. It retraced the full breakout and has been consolidating ever since. It’s starting to shape up and look like it may want to push higher after a very normal and healthy consolidation.

WAB: Westinghouse Air Brake is forming a nice multi-month base. Price is testing that upper resistance zone as it closes out the week. I’ll be looking for a push over that line to signal the next move higher.

WFC: Wells Fargo is developing what looks to be a potential cup & handle pattern. As price pulls back off of resistance and forms the handle of this pattern, I am interested in a taking a long trade within the lower end of this handle. I will manage risk using the recent lows as a general area to cut the trade if can’t hold this level. This zone coincides with the 0.618 fib level as well.

WSR: Whitestone REIT looks to be shaping up for a potential breakout of a multi-year base. It attempted this once several weeks back, but failed to get follow through. Price is currently consolidating right under resistance. A push over the line will signal a new leg higher.

There you have it!

There are plenty of individual names showing strong technical characteristics. Hopefully this list was able to help you generate some trade ideas going into next week. As always let price dictate your next moves.

Have a good week!

Together We Trade

Noah