Best Buy $BBY cleared the buy point$BBY cleared $80.87 with high volume and targeting the pivot resistance now.
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Consumercyclicals
L Brands, Inc. (LB) short.All description on the chart.
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Murphy USA $MUSAIt is again coming back for the resistance couldn't break since March. It is above 20SMA (red) now, RSI should get above 61.50 accordingly.,
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Ali BABA Group $BABAIt needs to break out the trendline and i would wait to get above $216.21 for bullish action. 50 and 200 SMA are the support. Watch for RSI trendline as well.
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Ford Motor Company (F) long.All description on the chart.
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Burlington Stores, Inc. (BURL) short.All description on the chart.
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DraftKings $DKNGIt is trending up together with MA9, and it is pulling back now. I would expect to meet with 20SMA now.
Penn National Gaming $PENN$PENN is struggling to break $18.74 so far. RSI is weaker than previous high.
Trading Above Rising 50-day Moving Average LineUrbanimmersive went up 88.89% on August 15th on more than 10 times average daily volume as a result of a very strong earnings report.
As a result of this jump in price, the stock is now trading above its 50-day moving average line which has been trending upwards and towards the 200-day moving average line. Also, the accumulation/distribution line has been trending upwards.
Tradingview's technical summary is BUY.
Morningstar's current fair value for Urbanimmersive is $0.13, which is more than 60% above the current stock price.
QNST - Textbook Breakout ?
Breaks out of its resistance, on high volume (3x the 50-day average).
Retraces back to breakout level on lower volume (less than 50-day average).
Now price needs to bounce off this level and start a new uptrend to be a complete #textbook #breakout.
How much will overbought Consumer Cyclicals Sector Fall? XLYThe Consumer Cyclical Sector SPDR Fund has been in a bull trend since the end of the financial crisis. An internal and stronger bull trend has taken shape since the US elections in November 2016. However, this fund is currently at its long-term resistance point which will most likely lead to one of two future moves. The fund could break above this long-term resistance and continue strong gains, or it could reverse course and at the very least return to its support established since the election. Below I have laid out the reasons and levels to which the fund may dip will it continue its overall bull trend.
When we take a look at technical indicators, the relative strength index (RSI) is at 70.8987. RSI tends to determine trends, overbought and oversold levels as well as likelihood of price swings. I personally use anything above 75 as overbought and anything under 25 as oversold. Currently the RSI is below overbought levels. The fund could rise over the next few days or begin its descent now. The three previous overbought levels are annotated with the vertical blue line on the chart above. The drop from this overbought level occurred on all occasions, but the near-term drop in February was minimal.
The true strength index (TSI) is currently 17.4983. The TSI determines overbought/oversold levels and/or current trend. I solely use this as an indicator of trend as overbought and oversold levels vary. The TSI is double smoothed in its calculation and is a great indicator of upward and downward movement. The TSI has been stuck in a positive but limited channel since December 2016. This indicator has begun to move up again. Although this is a delayed indicator, it may point to upward movement for the fund.
The positive vortex indicator (VI) is at 1.1761 and the negative is at 0.7501. When the positive level is higher than 1 and higher than the negative indicator, the overall price action is moving upward. When the negative level is higher than 1 and higher than the positive indicator, the overall price action is moving downward. These indicators have been slow moving but currently show the fund moving up.
The stochastic oscillator K value is 97.0441 and D value is 94.0369. This is a cyclical oscillator that is highly accurate and can be used to identify overbought/oversold levels as well as pending reversals and short-term activity. I personally use anything above 80 as overbought and below 20 as oversold. When the K value is higher than the D value, the stock is trending up. When the D value is higher that the K value the stock is trending down. The stochastic is currently well overbought, but the D value has not overtaken the K value, meaning the fund could produce gains for a few more days before ultimately turning downward. All similar stochastic overbought levels since the election are annotated on the chart above with a vertical orange line. All seven instances lead to a drop in the fund.
Considering the RSI, TSI, VI and stochastic levels, the overall direction favors a move to the downside. Based on historical movement compared to current levels and the current position, the fund could drop at least 2% over the next 25 trading days if not sooner.
