Palo Alto Networks $PANW Drops Sharply, Watch This Level This morning, leading network security company, Palo Alto Networks (PANW), is trading sharply lower after reporting earnings. Earlier, the stock staged a gap higher open before reversing to the downside with heavy volume. At this point, the stock is forming a strong outside day. This formation is also known as a bearish engulfing pattern on the charts. Traders and investors must expect further decline in the near term. The next important daily chart support level for PANW stock will be around the $192.00 area. This is where the stock broke out in early May to new all time highs. Very often, stock will retest their prior breakout area before being defended by the institutional money. Nicholas Santiago InTheMoneyStocks
Technical Top Signal: Advanced Micro Devices $AMD Short Shares of Advanced Micro Devices (AMD) is signaling a strong short on the daily chart with a reversal and topping tail today. The stock is up over 50% since April 2018. This is extreme overbought territory but the topping tail is the key. Look for a drop in the stock back to $12.50 in the coming weeks. Gareth Soloway InTheMoneyStocks
DAYTRADE: Airline stocks are nose diving today. $AAL, $DAL, $UAL, $LUV, $JBLU & $SAVE are all down today. Day traders should watch for intra-day support on $DAL around the $53.68 level later today.
Berkshire Hathaway Inc $BRK.B Struggling Despite Apple Inc $AAPL Strength Recently, everyone on Wall Street has been raving about Apple Inc (AAPL) possibly being the first $1 trillion dollar company in the stock market. Today, AAPL stock is trading higher by $1.24 to $193.07 a share. This is a new all time high stock price for the tech giant and many are expecting even more upside near term. Several weeks ago, it was reported that Warren Buffet's company Berkshire Hathaway (BRK.B) added 75 million shares to his Apple Inc position. He now owns 239.57 million share of AAPL stock. The market went crazy on the back of this news, but since that time BRK.B stock has been slumping. In fact, BRK.B stock is now trading below its important 200 and 50-day moving averages. This chart formation puts the stock in a weak technical position. Traders and investors must now watch for major support on BRK.B around the $184.00 level. This price area is where the stock broke out in late November 2017. Traders should expect the stock to be defended again at this major support level when retested. Until this level is reached it is likely that BRK.B will struggle in the near term. Nicholas Santiago InTheMoneyStocks
First Solar $FSLR Target Buy Level Revealed Shares of First Solar (FSLR) fell again on Tuesday after China continued to fight back against U.S. tariffs. Let's not kid ourselves, the trade war has begun and it will be tit for tat going forward, ultimately hurting U.S. jobs and the economy. Having said that, expect solar stocks to remain weak in the coming days/weeks. First Solar should continue lower in the next month to a target of $48.00. Once there, expect a hardcore technical bounce back to $57.00. This is the technical level the best stock chart swing traders are eyeing for a buy. Gareth Soloway InTheMoneyStocks
Jack Daniels Whiskey Maker Slides After Earnings, Here Is The Trade Level Brown Forman Corp (NYSE:BF.B) is a leading manufacturer and distributor of alcoholic beverages under the Jack Daniel's, Finlandia and other brands. Today, the stock is falling lower by 3.88 percent to $53.70 a share. Traders should note that the shares are now trading below its important 50-day moving average. This decline below this key moving average puts the stock in a weak technical position on the charts. There are still some major support levels below that should be watched closely. First, there is the $49.00 area which is a major gap fill from December 5th, 2017. Depending on how the stock reaches that level it could be a major support area. The next major level would be around the $47.50 level which is where there was a major breakout in late November 2017. My best bet level is going to be the $47.50 area, Very often, the institutional money will defend a prior breakout level when initially retested. Nicholas Santiago InTheMoneyStocks
Bitcoin Range: See The Breakout And Breakdown Points Cryptocurrency Bitcoin continues to chop in a triangle pattern, trading just north of $7,500. Triangle patterns are consolidation formations, signaling shrinking volatility in the near-term but promising a big move on the horizon. Just last week, Bitcoin hit the lower end of the triangle near $7,000. It held and bounced back to $7,500+. The upside of the range is just under $9,000. As long as it stays between these two levels, expect chop. However, if it breaks below $7,000, Bitcoin will head to $4,900. If it breaks above $9,000, Bitcoin will head to $20,000. This is why triangle patterns are so important watch. The resulting move from the breakout/breakdown will be epic. Note the chart below. Gareth Soloway InTheMoneyStocks
The Simple Reason I Shorted The Russell 2000 Today The small cap Russell 2000 has been making new all-time highs for the last few trading days. So what made me pull the trigger on a short today? The answer is simple, yet most traders and investors are oblivious. If you connect the high pivot from December 2016 to January 2018, the trend line extends out to the current all-time high made this morning on the $IWM (Russell 2000 ETF). Each of these high pivots has seen a pullback, each one greater than the last. Using this technical trend line and rationale, IWM is due to pull back here and even larger than the pull back in late January 2018. The downside target could be $150 or even $135 in the coming months. With the cycle date looming for later in June and lasting until mid-August, look for the top to be here with chop, then major downside between that time frame. Gareth Soloway InTheMoneyStocks
Lam Research $LRCX Gets Crushed After Analyst Issues Cautious View, Watch This Level This morning, leading semiconductor equipment maker, Lam Research (NASDAQ:LRCX) is getting hammered to the downside after an analyst issued a cautious view on shipments. The stock is trading lower by $11.82 to $187.79 a share. At this point in time, LRCX stock is testing its important 50-week moving average. This moving average has been very important for LCRX stock. The last three times the 50-week moving average has been tested it has held as major support. Should this key support level fail, then traders must look down to the $174.00 area for institutional sponsorship in LRCX stock. This level was where LRCX broke out in February 2018. Some other important stocks that are declining in sympathy to LRCX today include, Applied Materials Inc (AMAT:NASDAQ), and KLA-Tencor Corp (KLAC:NASDAQ). Nicholas Santiago InTheMoneyStocks
Watch This Technical Chart Level For Unum Group $UNM Unum Group (NYSE:UNM) provides group and individual disability insurance and group life insurance mainly in the United States and United Kingdom. This stock topped out in early January 2018 at $58.73. Since that peak in the share price the stock has plunged to $39.31 a share. Traders and investors should note that the stock is trading below its important 50 and 200-day moving averages. This chart formation will usually signal further downside for the stock. Trader should now look at the $35.00 area for major support on the charts. This important support level is where the stock broke out in November 2016. Often, prior breakout level will serve as major support when retested. This is a level where I will be interested in trading UNM stock on the long side. Nicholas Santiago InTheMoneyStocks
