Chart Alert: Double Top Advanced Micro Devices $AMD While average investors were clamoring to buy shares of Advanced Micro Devices (AMD) over the last few days, pro traders noted a major double top on the chart. This signaled a coming pull back which has already begun. Advanced Micro Devices topped out near $34.25, which matched the high pivot from September 13th, 2018. This was the double top. The stock has already pulled back to $32 and will head to a target of $29.75 before completing its downward near-term move. See the chart below. Gareth Soloway InTheMoneyStocks
Gold Miners $GDX Are Breaking Out And They Have Higher To Go This morning, all of the leading gold mining stocks are rallying higher to start the day. The highly followed VanEck Vectors Gold Miners ETF (NYSEArca:GDX) is trading up by nearly 2.0% on the session to $23.04 a share. The GDX is trading above its daily chart 50 and 200-day moving averages putting it in a strong technical position on the charts. The next major daily chart resistance level for the GDX will be around the $25.00 level. After that important resistance point the GDX is clear to run up to the $28.00 area. At this time, I'm looking to enter the GDX on the long side, but I'm waiting for a pullback or a consolidation pattern to form before jumping in. Often after a breakout an equity will usually need to digest some of the recent gains. Let's see if we can get that pattern over the next week or so. I will be keeping the GDX on my radar. Some other gold mining stocks that look strong on the charts include Newmont Goldcorp Corp (NYSE:NEM), Kirkland Lake Gold Ltd (NYSE:KL), Agnico Eagle Mines ltd (NYSE:AEM) and Royal Gold Inc (NASDAQ:RGLD). Nicholas Santiago InTheMoneyStocks
This Big Pharma Stock $LLY Is Dropping And Should Fall Further, Here's The Trade Eli Lilly and Co (NYSE:LLY) is a leading pharmaceutical company that has been under pressure over the past couple of months. In fact, the stock topped on March 26, 2019 at $132.13 a share. Since that high pivot, the stock has declined by 14.0 percent and is currently trading at $112.84 a share. Traders and investors should note that LLY is now trading below its 50 and 200-day moving averages. This weak chart formation will usually signal further downside in the near term. The next key support level for LLY will be around the $105.00 area. This important level was defended in October and December 2018. Often, when a stock trades down to a major support area they will be defended again when initially retested. Nick Santiago InTheMoneyStocks
This Is Where Smart Money Shorts Home Depot $HD The verified top pro traders in the world are looking to short Home Depot (HD) at $205.50, based on a significant resistance trend line, shown in the chart below. This level gives off a high reward with limited risk as the technical signals are overbought. Look for a 15% drop in the stock off this level. Gareth Soloway InTheMoneyStocks
Procter & Gamble $PG Retreats As Investors Appetite For Risk Increases Procter & Gamble Co (NYSEG) is a leading consumer goods company that has been surging higher in 2019. Traders should note, PG stock bottomed in May 2018 at $70.73 a share. Since that low pivot, the stock has rallied as high as $111.75 a share made on June 14, 2019. Today, leading consumer goods stocks such as PG, KMB, SJM, CLX and others are declining lower on the session. It seems that traders and investors are selling the consumer goods stocks today on expectations of a lot of central bank stimulus and possible renewed negotiations between the U.S. and China. You see, the consumer goods stocks have been viewed as the safe haven trade with a lot of market uncertainty brewing since last year. This afternoon, PG stock is trading lower by $1.20 to $109.79 a share. Traders can watch the $104.00 area as very solid daily chart support. This is where the stock was defended on June 3, 2019 before making new all time highs. Should this level be retested it should be very solid support for another long side trade opportunity. Nicholas Santiago InTheMoneyStocks
This Commodity Will Move After The FOMC Decision As we all know by now, the Federal Open Market Committee (FOMC) will conclude their two day meeting this afternoon. Many economists are now expecting the central bank to cut the fed funds rate or indicate that they will cut the key interest rate down the road. Very often, the FOMC announcement will move markets and today is no exception. Gold has been moving sharply higher since the so-called Jay Powell put came into play in early June. This is when Fed Chairman Jay Powell stated he would not let the market fall before stepping in with more stimulus. The markets took this as a sign that the central bank was ready to cut interest rates and we have seen a very strong market rally in the month of June. Gold (NYSEARCA:GLD) and gold mining stocks (NYSE:ARCA:GDX) have now broke out on this news and continue to remain very strong on the charts. Should we see a less dovish FOMC announcement then gold and gold miners are likely to retreat from current highs. After all, they are already short term overbought on the charts. Should the FOMC actually cut rates or come out with an extremely dovish forecast then gold and gold miners could see more upside near term. Either way, gold and gold miners have already broke out on the charts and should have higher to go in due time. Nick Santiago InTheMoneyStocks
$SPY Very Important Chart Level, See It Here... Watching to see if the $SPY close of the day is above or below this trend line. Looks to be approx $295.35. Very important to note, keep a close eye... Gareth Soloway InTheMoneyStocks
We suggest $BLK$MDT$APD$WMT$FB$SO$EOG$GS$BMY$WM for selling short. $OXY$JNJ$BA$DD$CVS$ORCL$D for buying long. More information about price range, charts, and expected sell returns, are given in our today's Closing Bell video (6/21/2019), only on JusTrading YouTube Channel. Check it out! This is all for today, we will come with more information on Monday! , where we are going to show our Mid Day Video. Please, stay tune! Thanks.
