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Photocredit: © 2019 Bloomberg Finance LP
© 2019 Bloomberg Finance LP
The Friday decline took the NASDAQ 100 to the 38.2% retracement level of the prior rally. The S&P 500 is 30 points from its equivalent level. Friday was a projected turning point, and the coming week has a positive bias due to the May-June end-of-month bias. The market may sell off early in the week but is likely to be higher by Friday.
The Textron share price has been closely tracking its weekly cycle as we can see below. In the past year, 83% of the buy and 100% of the sell signals have been successful. A buy signal is occurring now. The stock could rally back closer to $50.
Chart 1
This cycle bottoms now.
Cycles Research Investments LLC
Chart 2
This stock is likely to recover in this week.
Cycles Research Investments LLC
Transocean has been in a downtrend, following the price of oil lower. The weekly cycle, which has been accurate in six of eight cases in the last year, yields a sell signal for this week. The price of oil is expected to move lower in June, confirmation of lower share prices in the energy sector. Relative strength has been weak. The shares are likely to reach $5.50.
Chart 3
This stock is likely to move lower.
Cycles Research Investments LLC
Chart 4
Relative strength has been weak and will likely extend its decline.
Cycles Research Investments LLC