May 21, 2019

Charts to Watch

Apple (AAPL) found initial resistance at the 200 day SMA which is to be expected on the first touch after so long but I would be watching the consolidation on this one for another trade opportunity.  Also watch the MACD to see if it can recycle.

Arch Coal (ACI) pushed nicely into the 50 day SMA today.  This will be key to watch if it can get and stay above.  A move on strong volume might be further evidence that a short term bottom is in and could end up being a much longer term bottom.  I would use the red line as a stop.

Apache (APA) remains one of my more favorite ideas as long as it holds the 200 day SMA.

Baxter (BAX) recently added to Goldman’s Conviction Buy list with $86 target.  I show a potential Inverse Head & Shoulder pattern which counts to $83.50.

Dollar Tree (DLTR) slightly more risky as a high level consolidation but if it can hold the trend line and after that the 50 day SMA it could push again.  Watch the MACD as it so far looks like it wants to recycle.

Freeport-McMoRan (FCX) might be setting up a longer term bottom.  I will be watching for a retest of the recently breached trend line as a long opportunity.

Gerdau (GGB) showed strength today but I would prefer more consolidation in the name before breaking out.  Red line offers a reasonably tight stop.

Occidental Petroleum (OXY) could be making a short term bottom in this recent consolidation.  This one might take time but could offer a nice longer term swing trade toward the $100+ level.

Tata Motors (TTM) recent double bottom provide a clear level for a stop and if this is marking a short term bottom could mean the stock will try to target recent highs around $31.

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