TSLA Update …

TSLA has been my favorite stock for trading during 2018 … I have made several posts about TSLA’s set-ups and I am looking once again at zones where resistance can be expected,  Here are the charts …

TSLA – Weekly Chart

The rising/broadening price pattern is still intact but the median line is likely to be formidable resistance here soon.

TSLA – Daily Chart

The Median Line resistance is around the $358 level.

TSLA – 195 Minute Chart

The 195-min chart is painting light blue candles warning me of an extreme move of price away from its slower moving averages.  Note that volume is tapering off as we get higher and higher on this expansion move.

Be on guard if you are long TSLA as we push into the $350 – $360 levels.

Cheers … Leaf_West

FOMC Meeting Begins Tomorrow … Looking for Precious Metals to Begin Moving

As mentioned in my update on precious metals dated June 6th (click here), silver’s chart looks like it could be interesting going forward here soon.  One of the technical analysts that I follow wrote a blog piece dated June 8th that actually discussed how silver has a history of frequently making important lows/highs into FOMC meetings (the next one beginning tomorrow) – click here to read his piece.

Saying all of this is my way of reminding traders to pay attention to silver, gold and to gold miners for the next week or so … we may be on the verge of starting an expansion phase in these sectors.  Here are some charts …

Silver Futures (SI) – Daily Chart

$17.00 is still the level that silver futures has to take out to show me that it is trying to move higher …

Gold Miner ETF (GDX) – Daily Chart

Price for the GDX miners broke the daily ATR resistance level back on April 11th … price to me has “confirmed” that break higher with the consolidation since that date.  Now all we need to see is the desire and willingness to break higher.

Gold Miner 3x Leveraged Bull ETF (NUGT) – Daily Chart

I would think that NUGT should at least get to the 61.8% level in the SLOT resistance zone … that would mean price is getting ready to make a move up to about $31.60 or about 24% higher than today’s closing price.

WPM – Daily Chart

I am long a good sized position in WPM, a Canadian royalty mining company, in my retirement accounts here in Canada.  They announced another asset purchase recently … this one in cobalt as WPM’s management continue to move away from being totally dependent in silver where they originally focused the Company’s attention.  This is probably just another sign that traders should be looking at silver after years of terrible performance/returns.

Cheers … Leaf_West

Blog Site News …

I have had some personal distractions since April 2017 that have kept me away from spending as much time trading and blogging.  Those distractions are becoming more maintained and I am ramping up my trading analysis.

Also happening lately is my son Paul’s stated desire to learn the trading business … this has given me further reason to give more effort to my blog site and its educational posts.  The first efforts will be to bring forward my educational PDFs that I had written for my prior blog sites – they may be a bit out of date, but I will eventually get to it to update them.  In the meantime, there is still some value-added to those pieces so i will put them up under the educational tab.

Click here to go to the educational tab ….

Cheers … Leaf_West

 

Bonds into Support as Stocks Push into Resistance …

My read of the current price structure for the market-leading stock sector (tech or the QQQ’s) match up pretty well with my read of the price structure for bonds … bonds are pushing into a logical support SLOT zone while the Q’s push into a prior high and a logical termination zone for the 2nd of 3-waves I am looking for from stocks.  Here are the charts …

US 30-Year Treasury Bond Future Contract (ZB) – 195 Minute Chart

I have been calling this move in bonds pretty well for the past couple of months … I think that we should see the long bond find support in the SLOT support zone – we are right at the important 61.8% that often acts as support/resistance during corrections.  The FOMC meets June 12th and 13th, and bond moves often happen/begin around those FOMC dates.  Maybe bonds bounce around here for about a week before beginning what I think will be either a Wave 2 or Wave C move to the next level of resistance.

NASDQ 100 ETF (QQQ) – 195 Minute Chart #1

Everybody is pretty hopped-up with the break by equities out of the big multi-month consolidation patterns they had been making.  When something is so obvious that “everyone” sees it I begin to worry about a massive failure/fake-out move … aside from that minor concern of mine, it appears to me that the Q’s are pushing right into an obvious level of resistance for a Wave 2 of a 3-wave price stucture.  Wave 2’s typically fail in resistance right at the 1.618x extension target … we are right there for the Q’s now.  To top off that obvious target is the fact that we are also pushing right into a prior pivot/all-time high – what are the odds that we blow right through that level and tack on another 5% or so without pausing??  I think it makes more sense to see a fake-out and consolidation/corrective price action which would set-up a more sustainable break to new highs.

NASDQ 100 ETF (QQQ) – 195 Minute Chart #2

So if my read is right, then the Q’s are making a push this week that could lead into an important pivot high followed by a pullback into SLOT support.

Cheers … Leaf_West