Chart Patterns to Watch This Week 12-8-2019


Chart Patterns to Watch This Week 12-8-2019 — with David Moadel hey everybody this is David Modell
looking at the markets will gold bullion and gold miners revert to the mean in
2020 I hope so they deserve to they’ve been beaten up over the past six years
or so six seven years and I think it’s time for a little bit of mean reversion
I’m excited about it we’re gonna talk about the charts that
I’m gonna be looking at for this week and I’m gonna just start with gold and
gold miners I’m very excited about them I hope you are too
we’ll come back to that but I also want to talk about silver and I’m using thin
viscom for my charts here and that chart I just showed you of gold and gold
miners I should thank Frank Holmes and US funds for that one all right so
silver represented by SLV here yeah technicians from a technical perspective
people who look at chart patterns they’re going to say that’s a
symmetrical triangle and a quote-unquote broke down below the symmetrical
triangle and that’s bad news okay I don’t see it as bad news I see it as a
better price for silver but that’s because I like precious metals so you
can look at this as you know lower highs lower lows breaking down out of a
symmetrical triangle and if you’re a technician strictly speaking and you
don’t look at fundamentals you don’t look at the macroeconomic you know
conditions that are going on then yes this could be considered bad news so if
you want to wait until it starts to go sideways and perhaps show some higher
lows and higher highs I respect that position for me I don’t have a problem
with starting to accumulate here all right
it was fantastic at 1350 great at 1450 what about 1550 well it’s silver so if
your time horizon is long enough pretty much almost any price will be pretty
good for this so that’s how I’m looking at it I want to talk about the world of
stocks and including expensive stocks like Amazon I’m actually not totally
against accumulating if you can afford this this this 1750 stock here but it is
closer to this support level here of 1700s
and the support level has one to three data points here that I see so it has
some strength to it and I would rather buy when it actually reaches 1700 if I
must buy it we do have a descending triangle I’m not a huge fan of
descending triangles because it’s descending I like to see something going
up over time of course Amazon has gone up considerably over the long term
talking about years here but in the short term for a swing trading kind of
thing I’d like to see you get to 1,700 and then perhaps break up and out of
this descending triangle that would make me feel a little bit better about buying
Amazon stock Apple Apple is at the top of this is it a channel is it a wedge I
don’t know are these lines parallel pretty close all right call it a channel
call it a rising way excuse me rising wedge call it whatever you want it’s at
the top of it and the Momo or momentum traders would say well look at these
green candles getting bigger and bigger okay fair point but I don’t like to buy
high I like to buy low and sell high if you like to buy high and sell higher and
that’s your thing cool I’m more of a value player than a Momo player so yeah
I’m gonna recommend well I cannot tell you what to do or what not to do you
have to make your own decisions of course do your own research but if it
were me I would sell here not short just sell whatever shares that I have and
then you know wait for another dip because this thing does tend to recover
from dips at least within this channel or wedge here let’s talk about Twitter
if I’m gonna recommend anything besides precious metals Twitter’s looking pretty
good I mean I’m starting to see a cup and handle I know it’s kind of
loosey-goosey but isn’t it almost always when you know how often do you see a
textbook perfect looking cup and handle right it’s usually a little sloppy a
little strange-looking so the this is at a much better price than it has been for
almost the entire year or at least since March so yeah if you like Twitter if you
believe in the platform you’re you get another chance to buy it at a pretty
decent price with the cup and handle formation they’re not too bad
and ExxonMobil I mean you’ve got it says double bottom here I’m counting more
than double I mean I’m seeing one two three four maybe five data points here
on this let’s call it sixty-seven support line on ExxonMobil and it just
keeps bouncing off of it I’d rather buy it at sixty seven but it’s you know
compared to where it was 83 okay it’s a lot closer to 67 and 83 it’s sixty nine
and a half here not bad for a longer term or maybe longer swing trading you
know several months out kind of thing I wouldn’t mind owning this at this
price but if you want to wait for 67 can’t say I blame me for that Boeing BA
not the cheapest stock in the world but it’s closer to the bottom of the
channel then whoops fin vis is going a little crazy I’m here it’s closer to the
bottom of the channel then the top I’d like to see actually get to the bottom
of the channel on the other hand this resistance line in the channel here only
has two data points not a super strong support here so I’m a little bit
cautious they’re not loving it at that price necessarily bristol-myers I mean
this is not looking good and then the momentum players would say oh it looks
fantastic but look at the candles getting smaller and ending I don’t know
hopefully you can see this this little candle here which has a long upper wick
and a small body I know it’s green I know the body’s green but it’s a very
small green body and that’s called a shooting star and it’s possibly at the
end of an uptrend okay so I don’t like this and you’d be buying high you’d be
buying expensive I’m not touching this alright so please don’t get caught in a
trap there heck so yeah heck so at $2 I think is pretty good I
mean this was an $8 stock not that long ago probably shouldn’t have been eight
dollars okay but it is above the falling wedge that’s encouraging at least it’s
going sideways and so the bloodshed seems to be you know subsiding there
hopefully I’d like to think ended positively enough on Friday so I’m good
with taking a position here if you believe in this sector it is
is not the biggest company in the sector you might want to consider canopy áfreeá
Aurora one of those if you want a bigger company neo this has been an interesting
one I’ve been following this for a while now I like neo at $2 it’s 226 I mean
look if you buy this and it only goes to $3 that’s actually a pretty big increase
percentage-wise I don’t recommend loading up on too much
of this because it is speculative it is the Asian Tesla as they say and it just
doesn’t have the market cap that something like a Tesla or many other
automakers have but if you believe that in Asia
electric cars electric vehicles will be a big thing this could be a speculative
play for a small position alright so you know precious metals though I mean I’m
feeling better about precious metals right now more than any stock that I can
think of at the moment and miners too so I mean those are stocks the miners you
know you can invest in those individual gold miners and silver miners too so
let’s not ignore gold’s little brother as they say yeah
Gold’s cheaper cousin silver which is pretty cheap to go the gold the silver
ratio is rather high right now at around 86 or so so you might want to consider
some silver as well all right my name is David Modell thank you so much for
watching and for listening I’ll talk to you again soon

6 thoughts on “Chart Patterns to Watch This Week 12-8-2019

  1. Dude, I've followed you for about 2 years. I like your perspectives. Always refreshing to hear the same topics spoken so folks like myself can follow along. Great work!!!

  2. I have watched NIO off and on, and perhaps a small position is an idea. I am still not comfortable holding a lot of stocks. I traded out of my silver but will watch that again as well. I bought some calls in ACB and out to Jan '21 and added another Friday. I am waiting for a little more direction to see if I want to purchase more. This market looks ready to tank, but then it always gets saved. Interesting next week we willl have in my opinion. Thanks for your time.

  3. hello i am trying to learn to be a conservative investor like u yes precious metals i need to learn more but for some reasons i am interested in gold royalty stocks esp small cap companies do u know the best place for me to research about this other than google idk but as always ur video is educational Thank u for ur time

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