We’re just getting into November, and I’m excited to walk you through the top 10 charts to keep on your radar. But before we get into what lies ahead, let’s take a moment to reflect on October’s takeaways. October offered some valuable lessons on the dynamics of breakouts, trend-following, and the importance of strategic entry and exit points. By understanding what worked, what didn’t, and why, we set a stronger foundation for navigating November’s market opportunities with a sharper perspective.
A Month In Review
In October, we tracked stocks like Baidu (BIDU) and Dentsply (XRAY). Baidu, which fell over 18%, is a great example of why we emphasize risk management. It looked promising when it broke above the 200-day, but resistance near $115 threw up a caution flag. October reminded us that breakouts need more than just optimism—they need well-planned entries and exits.
On the other hand, stocks like Spotify showed the value of sticking with trends until they signal otherwise. It’s a good reminder to stay nimble and let charts guide us along the way.
Now, let’s see what’s lined up for November!
AT&T (T): Carried over from October, AT&T catches our eye with a solid 5% dividend yield and price strength. But don’t ignore signs of bearish divergence—it’s held up well so far, but let’s stay alert.
Comcast (CMCSA): Comcast’s earnings sparked some ups and downs, but the uptrend remains intact. Key level to watch: the resistance around $47.
Stifel Financial (SF): 2024’s been kind to Stifel, with higher highs and lows. After an overbought spell, look for pullbacks toward support for a possible entry point.
Texas Roadhouse (TXRH): A breakout darling that’s now testing support levels. It’s worth following to see if it holds above the pivot point.
Parker Hannifin (PH): PH is showing a classic setup—pulling back to its 50-day moving average within an uptrend. Watch for a rally off this supportive level.
Fastenal (FAST): Showing off a textbook cup-and-handle pattern. Let’s see if it can break above resistance for a confirmation.
Home Depot (HD): With its recent dip to the 50-day moving average, Home Depot’s a balancing act to watch—can it hold and push higher?
AMD (AMD): A miss on earnings sent AMD down, breaking below support. This one’s key to watch for overall market sentiment.
Alphabet (GOOGL): GOOGL recently completed an inverted head-and-shoulders pattern but struggled after earnings. Support around 168 will be a telling level.
Celestica (CLS): Rounding out our list, Celestica’s shown strength with its gap-and-run pattern. Staying above breakout levels is the test here.
November Forecasting
These charts are about spotting patterns—they’re about getting a feel for the market’s mood. Whether you’re thinking about holding onto your gains or looking for fresh opportunities, there’s plenty to dig into with November’s lineup.
Happy charting, folks, and here’s to November!
RR#6,
Dave
Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional.
The author does not have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.