Monday, August 21, 2023

XHB Chart Analysis: Homebuilders ETF Rounding Top

I drew a long-term internal trend line on ETF XHB and it shows that there is room to fall on the downside. It is still in an uptrend but got short-term overbought. The housing industry was down today even as large gains in tech and semi's came.

When we zoom in on the chart there are clear support levels that have been broken. This breakdown has confirmed a "rounded top pattern". I see a short setup on homebuilders and a move down to trend support as the target. The major names like DRH, BZH, LEN are tracking pretty closely. I'm going to watch Lumber Liquidators Flooring ticker LL to see if it can actually hold this bull flag. If not and a breakdown below $3.75 occurs I think it is a good short as they have struggled with the fundamentals.

Tasman Metals, Tasman Resources Stock TAS

I covered the technical analysis on a mining stock Tasman Metals way back in 2013. I noticed a lot of search traffic increasing for the stock in Google today. It appears it has traded on the OTC market under the ticker symbol (TASIF) for a long time. I now see it printed a trading day under ticker TAS.

I'm seeing conflicting info that has another company with that ticker Tasman Resources in Australia. Tasman Metals explores for rare earth metals in Sweden, Finland and Norway. Regardless, I looked at the Morningstar data for Tasman Resources TAS that shows robust revenue growth since 2020 and a good balance sheet. I added TAS to my watchlist based on the fundamentals and will watch the technicals as they develop.

Wednesday, August 2, 2023

Trading Watchlist and Market Commentary For 8-3-23

I made a new video with some thoughts and a watchlist for Tomorrow.

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Here is the video

Gold Technical Analysis

Gold has a double top and failed signal with the bull-trap in May. It is in another downward channel here. I'm bearish on the price action. Some ticker are GLD GDXJ HMY EGO NEM TECK SAND NG

Longer term chart three years back