[43] BK, DE, EBAY
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First for the week! Let’s review some names:
The Bank of New York Mellon Corporation (NYSE: BK)
BK is in a healthy uptrend and currently trading in the green ascending channel. It formed a bearish daily imbalance at the 123.11-123.46 area in Feb this year following a rejection off channel resistance.
If BK fills this 123.11-123.46 area and turns it into support, then it can push back into the 128.76 prior ATH and continue its price discovery towards the next Fib extension at 161.90.
However, if BK continues to reject off this 123.11-123.46 area, then it could come back into the 113.74-115.31 monthly zone, which saw significant basing action for much of this year.
While BK's monthly RSI is in extreme overbought territory with a bearish stochastic crossover having formed in Feb this year, the daily and weekly timeframes suggest that BK could still have some gas in the tank.
Deere & Company (NYSE: DE)
DE has been in an uptrend since its IPO, and is currently trading in the green ascending channel. It rejected off channel resistance towards the end of Feb this year and has been pulling back into the middle of the channel.
It formed 2 monthly imbalances at 490-522 and 537-550, as well as a weekly imbalance at 603-613.
On the daily timeframe, DE broke out of its resistance trendline, and should push back into the 603-613 imbalance over the next few days.
If DE fills the 603-613 imbalance and turns it into support, it can push back into the 628.14 Fib level.
If DE rejects off the 603-613 imbalance, then it could possibly retrace back into the 537-550 monthly zone.
eBay Inc. (NASDAQ: EBAY)
EBAY broke down from the maroon support trendline in 2022 and retested it from below late last year. At the same time, it continues to trade within this yellow ascending channel.
Since 2022, EBAY's been consolidating below the 1.618 Fib at 96.22 while holding the monthly horizontal support level at 79.84, in a descending triangle consolidation pattern.
If EBAY breaks out above the red resistance trendline and the 96.22 level, then it can push back into the 101.15 prior ATHs and the yellow channel resistance. In the event EBAY turns the prior ATH at 101.15 into support, it can see price discovery as far as the 2.618 Fib at 153.11.
If EBAY breaks down below 79.84, then it could push into the unfilled half-yearly and quarterly imbalances all the way down into 67.80.
Otherwise, EBAY could continue to be range bound between 79.84 and 96.22 until either side is breached comprehensively.
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$Bank of New York Mellon(BK)$ $Deere(DE)$ $eBay(EBAY)$ $Apple(AAPL)$ $Tesla Motors(TSLA)$
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