Chart Patterns to Watch This Week 10-5-2019


Chart Patterns to Watch This Week 10-5-2019 — with David Moadel hey everybody and welcome to looking at
the markets with David Modell I want to dedicate this video to my wife Wendy I
love you and it is amazing what she did this week
Wendy my wife she bought H MLS F which is the horizons Life Sciences index ETF
she bought it at the exact bottom she bought like right there almost down
to the penny it was perfect timing I don’t know how she did that
maybe she’s psychic I don’t know but I’m really impressed I wish that my timing
were this good all right so you know I tell people it’s almost impossible to
buy it the exact bottom but hey you know what she proved me wrong
this time as she’s proved me wrong many times and she did it once again so yeah
and this is actually a pretty pretty good one to buy I mean this video is
gonna be about charts and I’ll show you plenty of charts don’t worry but this
one’s looking I mean it’s starting to curl up there I kind of like that
formation and it’s definitely at a depressed price it’s lower than it was
even during the Christmas low so if you believe in this sector not a terrible
time to you know to get in this is the American version by the way the Canadian
version is hmm J and so something to consider
all right and if you want to learn more about about me and my wife Wendy we do
have a video that we made about a year maybe a year and a half ago called money
management for couples if you’re into that or if you just want to see what we
look at what we look like so there you go I’ll put the link in the description
below this video for that one all right so thanks Wendy for your inspiration I
appreciate it let’s look at some other charts Tesla man get in tight the next
three or four charts are going to be all about the the pattern getting really
tight and when a pattern gets really tight a lot of market technicians
believe that there’s going to be a big breakout or a big breakdown in other
words a big move of one way or another it’s kind of hard to tell which way all
right so we have a symmetrical triangle here
in Tesla it just is getting tighter and tighter and more and more narrow so
which way is it going to break well people who are technicians believe that
with a symmetrical triangle which way it’s going to break depends on which way
it breaks either you know if you get a candle solidly and clearly above the top
line the resistance line or solidly and clearly below the support line that
could be the determiner of which way it goes but it can’t stay that tight
forever so look out okay look out above or below it’s going to get interesting
there’s another tight once getting tight these chart patterns yeah a rising wedge
in Chipotle and you know it’s it looked like it was gonna break below that
rising wedge but it held it again we’ve got one two three four data points here
that I see and so that’s making this stronger and stronger but we have plenty
of data points on the resistance line above here as well which way is it going
to go we’ll find out if it breaks down below that might be the time to look out
because I don’t know if Chipotle should be above 800 I mean this was a $400
stock not that long ago so this seems rather inflated in price I’m not
touching it PayPal getting tight you see a pattern here a pattern in the patterns
tightness here in PayPal looked like he was gonna break down below but it didn’t
it held it it’s in the middle of this falling wedge 1 2 3 4 5 6 data points on
this support level here looking pretty strong there but it is going downwards I
don’t like that too much I’m not gonna go long on this one
Netflix no particular chart patterns here except for this I guess a
resistance line here that’s pretty strong actually 1 2 3 4 at least 4 data
points here right here at exactly 380 or there abouts so whatever you do wherever
you buy you might want to sell it 380 that’s for sure until proven otherwise
so yeah I kind of like the fact that it’s starting to recover and it’s
hooking up words here it’s kind of sloppy but it yeah it’s coming back
bounced off of that 250 level to 70 to 79 and a lot cheaper than 380 tell you
what I’m not against buying here it’s not a terrible place to buy Netflix I
mean I I probably wouldn’t love the p/e ratio if I were to look at it right now
but if you had to buy it just for a swing trade yeah not terrible and Schwab
I’m glad they’re leading the way or maybe not leading the way I mean I guess
you know some other brokers led the way in terms of free Commission’s
but among the really big well-known brokers there you know they’re kind of
being a pioneer here in a way and I wouldn’t be surprised if a lot of the
other big well-known brokers follow in their footsteps with free Commission’s
free you know fee free Commission free style trading I like the sound of that I
use them so you know the market punished them for it but I don’t see it that way
I see this as a really forward-thinking strategy here on their part you know I
don’t want to insert my opinion too much into it I just want to look at the data
which is the chart it looked like it was going to break below this support line
here but it it’s holding it barely but that green candle closed right there on
the line so it’s still holding it 35 67 is a pretty good price for Schwab stock
not bad it’s nice and cheap yeah I know that the the channel or you know it’s
it’s trending downwards I don’t love that I’d rather buy at the bottom of an
upwards trending channel but still it’s a pretty good price I think this panic
you know it won’t last forever I think the market will adjust to Commission
free trading I think it already has adjusted to it somewhat so I think it’s
a reality and I think it’s here to stay faced so I’m not against buying Schwab
at this point Facebook you know I don’t love the price of Facebook I don’t think
I ever really did but if you’re gonna buy for
swing trade it bounced off of the you know that support line here not a
terrible price I suppose again for a swing trade not necessarily for holding
for a very long time the 180 level yeah not terrible
better than 205 but this was a hundred and thirty dollar stock not that long
ago I don’t love this price I really don’t but you can play the
channel I’m not totally against it gonna go off the beaten path here a little bit
I mean anybody thinks that you know okay so the government put out three point
five percent unemployment but if anybody believes that the you know the the
nation is economically strong I mean the is M manufacturing index which is a
gauge of the health of the economy it’s one gauge of many fell to a ten-year low
the contraction is deepening and I don’t like to see this happen in America I
don’t like to see a America’s economy cratering like this so you can believe
that the economy is strong if you if you want
to believe that if you really want to believe that only 3.5 percent of
American adults are unemployed working age adults I mean or unemployed if
that’s what you believe then okay you can go with that I I don’t think things
are so great that that we should be applauding especially looking at this
information and so if you believe that there are you know cracks in the
foundation then you might want to consider gold I mean if you think that
the current gold bull market is excessive if you think it’s gone up too
much I mean this blue line down here is the current gold bull market let’s
compare that to past gold bull markets like the one from you know 2001 and the
golden bull market from the 1970s and the you know another gold bull market
from the 1970s which was just parabolic so clearly it’s capable of going much
much higher so this you know the bull market of 2019 or the recovery the
comeback for gold and also silver and other
precious metals might just be getting started and could have lots of room to
run just something to think about alright so hey there you go so I want to
thank Thank You Wendy for inspiring me thank you guys for inspiring me I really
appreciate it gonna have some probably a few sponsored
promotional videos coming up soon when you when you guys click on those you’re
supporting me you’re letting me know that you want me to put out more free
content like this to help you and I really appreciate it so thanks a lot
everybody have a great great weekend I’ll talk to you again soon

3 thoughts on “Chart Patterns to Watch This Week 10-5-2019

  1. I was an early investor in Facebook but sold it for a 200% gain. The stock has moved around sideways with all of the issues they have come across. Thanks for sharing this!👍

  2. Wow Wendy nailed the bottom of the Chart David – "Fantastic Trading" 👏👏. Another interesting week ahead let alone the Month.Cant wait.
    SCHW what a great move – I agree on the forward thinking commission free trading.
    100% agree with USA Economy is weakening – More so the entire world wich will put pressure on USA as you David.Go Gold and I will check "Money Management" video out.
    Have a fantastic weekend David – Wendy and Family 😊😊

  3. Wow. This wild market still leaves me wondering what's ahead. I will swing a few next week, but still concerned trade deal tweets can wreak havoc with the market. Appreciate your time and love that your wife is into investing as well. Kudos to her for great timing.

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