Don't Ignore This Chart

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About this blog: The blog contains daily articles with intriguing or unusual charts selected by one of our Senior Technical Analysts, along with a short explanation of what exactly caught their attention and why they believe the chart is worth noting.

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Don't Ignore This Chart

AstraZeneca (AZN) Surges! Are All Time Highs Next?

by Greg Schnell

AstraZeneca has not made all time highs for the last three years. However, this current setup looks like it could be the trigger point.  With everything surging and the MACD coiled, a sudden surge here could bring a whole new look to this chart. Happy New Year! Greg Schnell, CMT, MFTA. Read More 

Don't Ignore This Chart

Regional Bank ETF Winds Up before Next Move

by Arthur Hill

The Regional Bank SPDR (KRE) surged to a 52-week high in late November and then formed a bullish continuation pattern as it consolidated the last few weeks. First and foremost, the long-term trend is up for KRE because of the breakouts in September and November, and the 52-week high in November. The bigger uptrend dictates my trading bias and it is clearly bullish right now. Since the breakout, KRE consolidated with a pennant, which is a continuation pattern. The prior move was up and this makes the pennant a bullish continuation pattern. Note that pennants are short-term patterns that Read More 

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Copper Miners (COPX) Might Start The New Year Hitting 52-Week Highs

by Greg Schnell

Commodity charts are breaking out left and right. Today, the Copper Miners ETF (COPX) tried to break out and make new 52-week highs. This might give a pullback as you can see the ballistic move up to retest the old highs. It should definitely go on a watch list. The Steel ETF (SLX) broke out to new 52-week highs last week. The Aluminum chart also broke out. Gold and Silver also had a good week. Gold and Silver have made significant seasonal lows in December the last few years. All of these metal related stocks are just starting to break out. This looks like a great setup for Read More 

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Diamonds For Christmas? How About Diamond Offshore (DO)

by Greg Schnell

Diamonds are always popular this year. Perhaps its time to think about a relationship with the unloved energy services sector. Diamond Offshore Drilling (DO) has broken above a beautiful head/shoulders base this week. The SCTR has soared above 70, the relative strength has broken to new 9 month highs and the MACD has recently pulled back to reset at the zero line and just started to turn up. I also covered a lot of other Oil Services stocks on the Commodities Countdown with Greg Schnell 2017-12-21. It looks like the Oil Services could kick off the new year with a Read More 

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Schlumberger Ends Downtrend, Now Looks To Confirm Price Breakout

by Tom Bowley

The energy ETF (XLE) has been blistering hot this week and today its three largest holdings - Exxon Mobil (XOM at 23%), Chevron Corp (CVX at 17%) and Schlumberger (SLB at 7%) - all had some form of a breakout.  XOM surged to its highest close since January.  CVX closed at its all-time high.  And finally, SLB broke a serious downtrend and looks to clear overhead price resistance.  Check out SLB's chart: Look for a bit of hesitation as SLB approaches the 69.50 area, but accumulation appears to be taking place as SLB has risen over the past couple months with volume Read More 

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Amgen Goes for a Pennant Break

by Arthur Hill

Amgen (AMGN) is one of these stocks that is leading year-to-date, but lagging over the last three months. Year-to-date, the stock is up around 25% and the S&P 500 SPDR is up around 22%. Over the last three months, the stock is down around 4% and the S&P 500 SPDR is up around 7.5%. It has been a rough quarter for Amgen, but the overall chart looks bullish and the recent correction may be ending. AMGN hit a new high with a big surge in September and then fell all the way back to the August low in November. The stock ultimately held this low and the 50-day EMA remained above the Read More 

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Halliburton (HAL) Heads For Higher Ground

by Greg Schnell

Halliburton has been basing for a few months now. Today, Halliburton climbed out of the valley and started rising higher. With the price action searching for higher ground, the stock is also starting to outperform on the SCTR. This is the first time the SCTR has moved above 50 in 9-months. The Relative Strength to the $SPX is trying to move above a downtrend. The price action is very bullish, as it has broken through resistance and breaking to $46. Volume has been heavy most of December and the MACD is trending up with the two lines separated. A look across other Read More 

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Analog Devices Turns at Key Retracement Zone

by Arthur Hill

There is a certain ebb and flow in an uptrend where the advances consistently outpace the pullbacks. Think of it as two steps forward and one step backward. The chart for Analog Devices (ADI) shows a big move to new highs from August to November and then a 50-62% retracement with the decline back to the 84 area. The move to new highs represents the two steps forward and the retracement represents the one step backward. It looks like the step backward is ending because ADI broke above the 50-day EMA with a two day surge and MACD moved above its signal line.  Read More 

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Teekay LNG Partners (TGP) Imports A New High

by Greg Schnell

Teekay LNG Partners (TGP) Broke out to new two year highs this week. This marked the highest close in two years when the week settled out. The chart has all kinds of bullish technical signals. The RSI has a bull market pattern of staying above 40. The Relative Strength broke out to new multi-month highs.  Price action has been consolidating nicely and this week marks a definitive breakout. Volume expanded by 30% on the breakout and the MACD just gave a bullish cross above zero. Holding above $19.00, this chart looks like a nice breakout. Good trading, Greg Schnell, CMT Read More 

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Did Mylan's Shooting Star Candle Mark A Near-Term Top?

by Tom Bowley

We'll soon find out.  But, as a short-term trader, I'd have sold Mylan (MYL) into the close today.  A close above 40.09 on heavy volume would confirm a breakout.  Today, MYL hit 41.59 intraday, but fell all the way back to close at 40.01 as it failed to hold its breakout into the close.  Given that nearly 20 million shares changed hands - one of the heaviest volume days of 2017 - that false breakout, reversal and long tail to the upside is quite ominous.  The rising 20 day EMA looks like a short-term target to the downside: It certainly had the prerequisite Read More 

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