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Welcome back to “Charts to Watch”!
I will post some of the charts that I currently find most interesting.
Remember that this is not a financial advice and make your own analysis before to make any investment!
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S&P 500: Is a descending triangle forming?
The S&P 500 had a great reaction in the second part of July and the first half of August, but now he's showing weak again.
The last high is perfectly aligned with a down-sloping trendline. On the other side there is an interesting support close to 3,800. Is the index going to test that level again?
Visa (V): the triangle is clear
Another descending triangle, here clearer. Visa is a very solid and good company, with impressive margins, but the stock performance of the last two years has been quite flat. It is maybe worth to wait for a new test at $190 before to jump in?
Medtronic (MDT): big support very close
Medtronic is a medical device company, one of the global leaders in the sector. The stock after a large rally reached the peak at the end of 2021. Then the fall has been severe and the stock tested a multi-year support just below $90.
The price is still close to the support, and maybe it is close to a good entry point…
Cadence Design (CDNS): another top at $190
Cadence Design Systems is a very attractive company with an absolutely high revenue growth rate. Despite the promising future, this is not the first time that the stock reached a price of $190. In the past two occasions the stock has not been able to break that level. Will this time be different or not?
Newmont Corp. (NEM): Oh my Gold!
A strong dollar and an hawkish Fed have not been good for gold and gold producers. Newmont Corp. stock and several of its competitors collapsed in the last four months. Just look at Newmont chart: -49% from the peak. Someone got hurt for sure.
Above you can see two interesting supports, but my suggestion is: don’t try to catch a falling knife. Wait for some consolidation.
Xpeng (XPEV): a new test of all-time lows
Xpeng, one of the largest chinese EV makers, just posted its quarterly results: bigger than expected loss, but more vehicles delivered than expected . The market did not reacted well and the stock is now testing again the historical lows: Buy opportunity?
Have a great week!
Best
Market Radar
Disclaimer: Market Radar is not an investment advisor. Any information provided as part of the services is impersonal and not specific to any person’s investment needs. You acknowledge and agree that no content published or otherwise provided as part of any service constitutes a personalized recommendation or advice regarding the suitability of, or advisability of investing in, purchasing or selling any particular investment, security, portfolio, commodity, transaction or investment strategy.