Short-term bearish megaphone pattern showing itself.
Much of it comes from the fact that Friday’s crazy doji pattern has created this megaphone pattern, but nothing happened today to change the look of it either.
Here is what else I got:
- Historically, June is the second most bearish month of the year.
- The second half of June is when it tends to get the most bearish.
- Megaphone candlestick patterns at the top of trading patterns tend to create a top in the stock market.
On the flip side you have this incredible long-term trend on the weekly chart that has yet to break – and it goes all the way back to the November lows. Further more you have another long-term trend-line that is still in place going back to 2016 February’s lows.
So all in all, there is a lot that this market has to work with to the upside. But eventually all trend-lines break and this bearish megaphone pattern is one that needs to be respected and watched. Especially when you look at it on the 30 minute chart.
Here’s the bearish megaphone candlestick pattern:
Current Stock Trading Portfolio Balance:
- 2 Long Positions, 1 Short Position
Recent Stock Trade Notables:
- Ferrari (RACE): Long at $84.60, closed at $89.93 for a 6.3% profit.
- Amazon (AMZN): Long at $964.70, closed at $1001.23 for a 3.8% profit.
- American Airlines (AAL): Long at $49.18, closed at $50.62 for a 2.9% profit
- Alibaba Group (BABA): Long at $124.95, closed at $137.51 for a 10.1% profit.
- Starbucks (SBUX): Long at $61.78, closed at $63.68 for a 3.1% profit.
- Western Digital (WDC): Long at $91.24, closed at $89.29 for a 2.1% loss.
- Broadcom (AVGO): Long at $236.65, closed at $241.15 for a 2% profit.
- SPXU: Long at 16.60, closed at $16.98 for a 2.3% profit.
- JP Morgan Chase (JPM): Long at $87.84, closed at $85.98 for a 2.1% loss.
- Micron Technology (MU): Long at $29.00, closed at $28.04 for a 3.3% loss.
- Alibaba Group (BABA): Long at $116.25, closed at $124.09 for a 6.7% profit.
- Southwest Airlines (LUV): Long at $58.35, closed at 57.23 for a 1.9% loss.
- Broadcom (AVGO): Long at $223.63, closed at $228.65 for a 2.2% profit.
- Workday (WDAY): Long at 86.00, closed at 90.32 for a 5% profit.
- Univar (UNVR): Long at $30.96, closed at $32.20 for a 4% profit.
- Alibaba Group (BABA): Long at $111.91, closed at $115.48 for a 3.2% profit.
- Redhat (RHT): Long at $85.21, closed at $87.21 foor a 2.4% profit.
- Darling Ingredients (DAR): Long at $15.19, closed at $14.90 for a 1.9% loss.
- Apple (AAPL): Long at $143.82, closed at $147.11 for a 2.3% profit.
- Teradyne (TER): Long at $31.16, closed at $33.03 for a 6.0% profit.
- UPRO: Long at $92.75, closed at $94.78 for a 2.2% profit.
