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Stocks This Week: Short Marathon Oil And NVIDIA

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Photocredit: &copy; 2019 Bloomberg Finance LP

&copy; 2019 Bloomberg Finance LP

The NASDAQ 100 was at the 38.2% retracement level of the prior rally and the S&amp;P came close enough to its 38.2% retracement level to suggest an end to the correction. This decline has been similar to the prior corrections. The index nosedives, and the sentiment quickly collapses. This leads to a sudden and strong rally. This remains a ‘nervous’ bull market in which bullish sentiment evaporates rapidly. The correction appears to be over but the indices are likely to consolidate in the coming week. Two short sales jump off of the screen.

The weekly price cycle for Marathon Oil peaks from June 10th through the 28th. Analysis reveals that the month of June has been the second weakest month of the year for this stock, up only 36.3% of the time for an average loss of 1.47%. The stock has been so weak that the last buy signal failed, a bearish omen. Eight of the last nine cycle peaks have been followed by a price decline. Thus, both the annual and the dynamic cycles point down. Price is likely to fall closer to $10 per share.

Chart 1

This reliable cycle peaks now.

Cycles Research Investments LLC

Chart 2

Relative strength is weak.

Cycles Research Investments LLC

The NVIDIA situation is similar. Both the annual and the dynamic cycles are in decline. The stock price has risen in June only 42.9% of the time for an average loss of 4.36%. In the last year, all five of the cycle declines have led to lower prices. The stock is due to retreat closer to $134.

Chart 3

This cycle is signaling continued underperformance.

Cycles Research Investments LLC

Chart 4

Momentum and relative strength are both weak.

Cycles Research Investments LLC

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Photocredit: © 2019 Bloomberg Finance LP

© 2019 Bloomberg Finance LP

The NASDAQ 100 was at the 38.2% retracement level of the prior rally and the S&P came close enough to its 38.2% retracement level to suggest an end to the correction. This decline has been similar to the prior corrections. The index nosedives, and the sentiment quickly collapses. This leads to a sudden and strong rally. This remains a ‘nervous’ bull market in which bullish sentiment evaporates rapidly. The correction appears to be over but the indices are likely to consolidate in the coming week. Two short sales jump off of the screen.

The weekly price cycle for Marathon Oil peaks from June 10th through the 28th. Analysis reveals that the month of June has been the second weakest month of the year for this stock, up only 36.3% of the time for an average loss of 1.47%. The stock has been so weak that the last buy signal failed, a bearish omen. Eight of the last nine cycle peaks have been followed by a price decline. Thus, both the annual and the dynamic cycles point down. Price is likely to fall closer to $10 per share.

Chart 1

This reliable cycle peaks now.

Cycles Research Investments LLC

Chart 2

Relative strength is weak.

Cycles Research Investments LLC

The NVIDIA situation is similar. Both the annual and the dynamic cycles are in decline. The stock price has risen in June only 42.9% of the time for an average loss of 4.36%. In the last year, all five of the cycle declines have led to lower prices. The stock is due to retreat closer to $134.

Chart 3

This cycle is signaling continued underperformance.

Cycles Research Investments LLC

Chart 4

Momentum and relative strength are both weak.

Cycles Research Investments LLC

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