The Canadian Technician

I'm Watching For a Low Now

Greg Schnell

Greg Schnell

Chief Technical Analyst, Osprey Strategic

The Nasdaq is already down 12% and is testing the September highs. Nothing goes straight down.

This is a support/resistance area that is currently being tested.

Watch for the right price action on the stocks you like. Some of the big movers have corrected 50%.

I like to watch for places to make a bounce. Ballard (BLDP) is a good example, with horizontal support at $21 and uptrend support there. If you're wrong, you can set your stop relatively close.

We've been declining for three weeks. It is not uncommon for a downtrend to last 4-6 weeks. I don't want to be too negative here. At some point, we bounce.

Good trading,
Greg Schnell, CMT, MFTA
Senior Technical Analyst, StockCharts.com
Author, Stock Charts For Dummies


Want to stay on top of the market's latest intermarket signals?

– Follow @SchnellInvestor on Twitter
– Connect with Greg on LinkedIn
– Subscribe to The Canadian Technician
– Email at info@gregschnell.com

Greg Schnell
About the author: , CMT, MFTA is Chief Technical Analyst at Osprey Strategic specializing in intermarket and commodities analysis. He is also the co-author of Stock Charts For Dummies (Wiley, 2018). Based in Calgary, Greg is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the CMT Association and the International Federation of Technical Analysts (IFTA). Learn More