Stocks Gap Higher On April 8 And Go Nowhere The Rest Of The Day

(Click on image to enlarge)

Adobe (ADBE)

This is Adobe’s fourth attempt to get above resistance $500. It just seems like the timing couldn’t be worse for it. The RSI is nearly at 70, and the stock is overbought based on the Bollinger band. Does that mean it can’t break out and push higher, no? Of course, it could break out. However, it doesn’t seem favorable at the moment for a breakout to occur.

(Click on image to enlarge)

Square (SQ)

Square is doing well, and even the RSI has turned higher. There is a gap to fill at $267.

(Click on image to enlarge)

Peloton (PTON)

Peloton looks decent currently. With its next level of resistance at $127.50, the RSI is turning up a push above that, and it could even move up to $139.

(Click on image to enlarge)

PayPal (PYPL) may even have a bit further to go before filling a gap at $268.50.

(Click on image to enlarge)

1 2
View single page >> |

Disclosure: Mott Capital Management, LLC is a registered investment adviser. Information ...

more
How did you like this article? Let us know so we can better customize your reading experience.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.
William K. 4 weeks ago Member's comment

The whole concept of "levels of resistance" seems to be based on the presumption that "groupthink" is somehow organized, instead of being a herd panic mode, driven by greed. In reality, rational thought overcomes emotional greed reflexes, and there is a realization that some moves are just lain dumb.