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Here’s the newsletter for today:
ConocoPhillips (NYSE: COP)
COP has closed below 118 (2022 candle close) for the past 4 years. It needs to close above this level to see continuation in subsequent years.
Recently, COP has not been able to hold above this multi-year resistance, with a descending triangle pattern visible on the daily chart. However, it does have support at the 112.93 monthly level.
If COP reclaims 118 and breaks above its red resistance trendline, it can retest the 125.43 monthly resistance. Once this level becomes support once more, it can retest prior highs at 135.87 and the 2.618 Fib level at 191.58.
Otherwise, if COP breaks and closes below 112.93 horizontal support, it could fill the monthly imbalance down into 106 and potentially start another leg down. Bottom line - reclaim 118 for a chance to retest highs and beyond.
D.R. Horton, Inc. (NYSE: DHI)
DHI is currently consolidating in a descending channel, as well as a larger pennant pattern for the past 2 years. It's also basing over the higher timeframe support levels between 132-138.
On a yearly timeframe, it's been unable to close above 151.98 (2023 candle close level) for the past 2 years.
If DHI closes above this level this year, then it likely sees upside continuation in 2027. Otherwise, it could retest lower timeframe supports first. If DHI reclaims 151.98, breaks above the descending channel, red resistance trendline, & the 1.618 Fib level at 162.94, then it can push into the 176-181 monthly resistance.
Once that level is reclaimed and turned into support, it can retest prior highs at 199.85, followed by the 2.618 Fib extension at 247.88.
However, if DHI is unable to reclaim 151.98, and breaks below channel and trend support, then it could retest the 124.05 half-yearly level, followed by the 108.45-108.64 yearly levels.
In other words, rangebound until breakout or breakdown of trend occurs.
RTX Corporation (NYSE: RTX)
RTX has been trading in the green ascending channel since late-2023. It now finds itself back into channel support, and is consolidating around the 1.618 Fib extension at 177.95.
Closing above this Fib level and holding channel support could see a push back into the 2025 candle close at 183.40, with further extension into the red resistance trendline also a possibility.
If RTX: 1) Holds channel support 2) Reclaims the 183.40 yearly close and turns it into support; and 3) Breaks above 193.91 weekly resistance Then it could push back into the prior highs at 214.50, with the possibility of further extension into the 2.618 Fib at 245.56 next.
Otherwise, if RTX: 1) Breaks below channel support 2) Loses 177.95 Fib level It could push back into the 168.28 quarterly support, with the possibility of lower timeframe imbalance fills back into the 150-160s.
@TigerWire @TigerStars @TigerEvents @CaptainTiger @MillionaireTiger
$ConocoPhillips(COP)$ $D.R. Horton(DHI)$ $RTX Corp(RTX)$ $SPDR S&P 500 ETF Trust(SPY)$ $Advanced Micro Devices(AMD)$
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