FANG is not holding up.
Happy Weekend Everyone.
I put together a custom FANG Plus index to track the overall strength of the popular large cap growth stocks as these stocks have been the most widely held stocks for the past several years. This particular chart is a weekly candle chart using Fibonacci retracement levels taking the previous low from the past calendar year to the last high. As you can see the index retraced 100% of the previous 1 year move and then rallied back to the 50% retracement level. However that 50% retracement level proved to be hard resistance as we can see on the chart. Moreover, the last three weekly candles completed a bearish evening star pattern and the closing weekly candle is a bearish engulphing. While the two patterns are not text book perfect, the main tenets are in place IMO. Also bearish is that the basket of stocks could not hold the 30 Week EMA. RSI seems to confirm this negative setup. The RSI did get into positive territory during the rally from the low, but it failed to hold and fell back into the bearish regime. If the downtrend continues the 78% retracement level could offer support. Seasonality says that stocks should do well for April. It doesn't say that all stocks should do well. Time will tell. Anyway I found this interesting.
Good luck to all.
AMZN
AAPL
GOOG
FB
NVDA
ADBE
MSFT
NFLX
TSLA
On another note, I have Carolyn Boroden's book on Fibonacci Trading but I find it lacking. If anyone has a good book recommendation on Fibonacci please leave it in the comments below. Thank you!
I put together a custom FANG Plus index to track the overall strength of the popular large cap growth stocks as these stocks have been the most widely held stocks for the past several years. This particular chart is a weekly candle chart using Fibonacci retracement levels taking the previous low from the past calendar year to the last high. As you can see the index retraced 100% of the previous 1 year move and then rallied back to the 50% retracement level. However that 50% retracement level proved to be hard resistance as we can see on the chart. Moreover, the last three weekly candles completed a bearish evening star pattern and the closing weekly candle is a bearish engulphing. While the two patterns are not text book perfect, the main tenets are in place IMO. Also bearish is that the basket of stocks could not hold the 30 Week EMA. RSI seems to confirm this negative setup. The RSI did get into positive territory during the rally from the low, but it failed to hold and fell back into the bearish regime. If the downtrend continues the 78% retracement level could offer support. Seasonality says that stocks should do well for April. It doesn't say that all stocks should do well. Time will tell. Anyway I found this interesting.
Good luck to all.
AMZNAAPLGOOGFBNVDAADBEMSFTNFLXTSLAOn another note, I have Carolyn Boroden's book on Fibonacci Trading but I find it lacking. If anyone has a good book recommendation on Fibonacci please leave it in the comments below. Thank you!
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