1

Some US stock chart patterns worth watching

The following charts were screen captured today and are chart patterns I am monitoring for any new momentum breakout. Most of the charts patterns are descending wedges, one of my preferred chart patterns to monitor as explained here, here and here. As always, do your own research, manage risk and only trade with funds you can afford to lose.

 

RSI weekly: I am just including this one as it is an example of a descending wedge breakout that has already unfolded. Note how price action broke up and out of the wedge and has retraced to the popular 61.8% Fibonacci, near $20, which was also a previous reaction zone.

 

 

SLB weekly: watch for any momentum-based triangle trend line breakout and one target would be the 61.8% Fibonacci, up near the $80 level, as this is also a place of previous price reaction.

 

 

RYTM weekly: there has already been a subtle trend line breakout here BUT watch the ADX indicator and for any new move of the +DMI (green line) above 20. Waiting for a close above the $15 resistance level might be worthwhile here too. One target for any continuation move would be the 61.8% Fibonacci, up near the $30 level, as this is also a place of previous price reaction.

 

 

BTRS weekly: watch for any momentum-based trend line breakout and one target would be the 61.8% Fibonacci, up near the $16 level, as this is also a place of previous price reaction.

 

 

BLUE weekly: watch for any momentum-based trend line breakout and one target would be the 61.8% Fibonacci, up near the $150 level, as this is also a place of previous price reaction.

 

 

BLMN weekly: this chart is shaping with a potential Bull Flag so watch for any momentum-based trend line breakout. The length of the Flag pole is around $25 ($30 - $5). The price target would therefore be $25 beyond the breakout region.

 

 

ATHM weekly: there has already been a new trend line breakout here BUT watch the ADX indicator and for any new move of the +DMI (green line) above 20. One target for any continuation move would be the 61.8% Fibonacci, up near the $105 level, as this is also a place of previous price reaction.

 

 

AMSC weekly: watch for any momentum-based trend line breakout and one target would be the 61.8% Fibonacci, up near the $24 level, as this is also a place of previous price reaction.

 

 

AAL weekly: watch for any momentum-based triangle trend line breakout and one target would be the 61.8% Fibonacci, up near the $40 level, as this is also a place of previous price reaction.