AU had a disappointing week, having closed below the recent failure-against-the-bears breakout level at 14.74 (closed at 14.42). The failure signal of the failure signal given a few weeks ago does put the stock in a questionable position for a bigger recovery. By the same token, it is not a chart breaker given that the low weekly close seen 6 weeks ago at 13.74 was not broken and does require/need a retest of it and this move down could still be that retest. The stock did close on the low of the week, suggesting further downside below last week's low at 14.32 will be seen this week. The same situation is happening to the Gold chart but it is not expected that Gold will break its support at $1721, suggesting the AU will not break its intraweek support at 13.47. A green weekly close is expected to be seen in Gold next Friday and that means that the same thing is likely to happen here. Any daily close above 15.1 would tilt the scales to the bulls.

BGNE generated a green weekly close and did close "slightly" in the upper half of the week's trading range, suggesting a slightly higher chance of going above last week's high at 189.99 than going below last week's low at 170.51. The reason the stock did not mimic what happened in the stock market is because it is a Chinese stock and Chinese stocks for the most part rallied due to China announcing a $1 billion stimulus package last week. The stock did make a new 5-month high weekly close 5 weeks ago at 194.47 and that high weekly close requires/needs a successful retest of it before the bears come back in aggressively. There is weekly close resistance at 188.74 that is likely to be the target for this coming Friday's close. Using the daily closing chart, resistance is found at 188.53 and if that level is reached at the beginning of the week and the stock falters thereafter, the close at that level will not occur on Friday. Any red weekly close at this time would be a decent negative. Probabilities do favor the bulls at the beginning of the week but the probabilities are 50-50 for the end of the week. Any daily close below 172.99 would give the bears the edge back.

CAT generated a key negative reversal week, having made a new 10-week high and then closing red and below the previous week's close. The stock closed on the low of the week, suggesting further downside below last week's low at 191.55 will be seen this week. The red weekly close confirmed that the previous week's red weekly close was a successful retest of the 10-week high weekly close at 198.25, having generated a second red week in a row. This was even more indicative given than on Thursday, the stock generated a breakout of the same level on the daily closing chart, followed on Friday with negation of that breakout. There is some minor intraweek support at 186.98 and then nothing until 179.67. Below that level, there is decent intraweek support at 167.08 that is further strengthened by the 200-week MA, currently at 167.20. If that support is broken, it is open air to the $150 level. There is an open gap between 191.52 and 191.55. If the stock gaps down on Monday (likely), that gap could become an island formation on the daily chart and that would give the bulls added ammunition. Pivotal resistance is at last week's high at 200.37. Probabilities favor the bears.

ENG generated a new 9-month weekly closing high but it was only by $.01 cents above the high close made 3 weeks ago and above the 200-wee MA, currently at 1.62. In addition, the stock closed in the middle of the week's trading range, suggesting equal chances of going above last week's high at 1.85 than below last week's low at 1.45. Simply stated, it was a positive but not a convincing one. Nonetheless and using the daily chart, the stock has remained above the 200-day MA for the past 3 weeks and did generate a spike low retest of that line 2 weeks ago. That retest will be officially successful if the stock goes above Friday's high at 1.65 on Monday. If that occurs, the bulls will have the edge for further upside. Pivotal midterm support is now at 1.36 and pivotal midterm resistance is at 2.24. Probabilities slightly favor the bulls.

LI generated a positive reversal week, having made a new 11-week low but then closing green and on the upper half of the week's trading range, suggesting further upside above last week's high at 32.15 will be seen this week. The stock closed on the low of the day on Friday, suggesting the first course of business for the week will be to the downside and below Friday's low at 30.21. There is intraday support at 29.70 that should hold up. A move down on Friday would likely become the needed/required retest of the recent low at 28.37. If that is the case, a short-covering/new buying event should occur. Possible upside target could be as high as the 36.65/37.65 level (34.44 on a weekly closing basis). This is a Chinese stock and those are presently being supported and rallying due to the $1 billion stimulus program that China announced last week. Probabilities favor the bulls.

IR generated a second red weekly close and has now dropped 10.9% in value over the past 2 weeks. The stock closed on the low of the week and further downside below last week/s low at 48.26 is expected to be seen. The stock did generate a new sell signal on the daily closing chart, having made a new 4-week intraweek low and closing below 2 previous low daily closes. In addition, the stock broke back below the 200-day MA, currently at 50.86, a week ago and did test the break successfully on Wednesday, followed with the sell signal on Friday. There is some minor intraweek support at 48.01 but below that level there is open air until 44.85 is reached. Below that level there is again open air to 41.60. Weekly chart suggests there is a 60% probability of 41.60 being the downside objective for the next 2 weeks. Any rally above Wednesday's high at 51.10 would be a positive. As such, stop loss has been lowered to 51.35. Probabilities favor the bears.

NEM generated another new 29-month intraweek and weekly closing low and closed near the low of the week, suggesting further downside below last week's low at 42.88 will be seen this week. The traders continue to target the previous and important weekly closing high at 40.72 (which was the high weekly close between 2016 and 2019) and the low weekly close seen March 2020 at 39.50. Both of these levels are highly unlikely to be broken. Due to the negative earnings report that came out 5 weeks ago, the stock has been underperforming Gold, which is the opposite of what happened between January 2021 and March 2022 when the stock was "outperforming Gold". Nonetheless, it is likely that Gold will have a turnaround week this week, suggesting the stock might do the same. Short-term pivotal resistance is found at 45.40. Intraweek support is likely to be found between 42.07 and 42.34. Probabilities favor the bears this week but there is a fair chance that a green weekly close will occur on Friday.

PLNHF generated a positive reversal week, having made a new 5-week low but then closing green and in the upper half of the week's trading range, suggesting further upside above last week's high at 1.77 will be seen. If that occurs, last week's low at 1.41 will be seen as a successful retest of the 2-year low at 1.08 and that would likely bring in additional short-covering as well as new buying interest. The stock seems to have built a rounded bottom with pivotal resistance at 2.12, which if broken would suggest the downtrend is over. On a weekly closing basis, the 2.04 level is decent and pivotal resistance. Intraweek support is now found between 1.50 and 1.54. Probabilities favor the bulls this week.

QQQ generated a 2nd red close week in a row and a close on the low of the week, suggesting further downside below last week's low at 307.35 will be seen this week. Intraweek support is found at 297.45 and then nothing until 280.21. The fundamental picture at this time is negative and with very little established support below, probabilities do favor the stock heading down to the $280 level. Pivotal resistance is now found at 321.51 but there is now also minor to decent intraweek resistance at 314.66 that could be seen but not likely broken. Probabilities favor the bears.

SHOP has now generated 3 red close weeks in a row and the stock did close in the lower half of the week's trading range on Friday, suggesting further downside below last week's low at 31.80 will be seen this week. The stock has strong and established intraweek support at the $30 demilitarized zone that should not be broken given that the stock did report better than expected earnings over a month ago. By the same token, the support in that area is copious with multiple lows and those are always a magnet for a break to occur. Below that $30 demilitarized level of support, there is further support down at 28.21 that should not be broken at this time. The chart does suggest that at some point this year (before December) that a rally back up to the $40 will be seen. As such, the stock could have a trading range between $28 and $40 for the rest of the year.

VNET generated a positive reversal week, having made a new 3-week low but then closing green and in the upper half of the week's trading range, suggesting further upside above last week's high at 5.50 will be seen this week. Nonetheless, the stock continues to trade sideways without any clear view of a breakout or breakdown occurring anytime soon, given that for the past 7 weeks, the stock has traded between 4.47 and 5.60 without giving any clues as to whether a breakout or breakdown is to occur. The company did announce last week that it will report earnings on Tuesday and that could/should give the traders some ammunition for some movement either way. The island formation that was built in March continues to give support to the bulls, as well as the fact that small cap stocks are getting more support at this time than the rest of the market (RUT only dropped 3% this past week with the other indexes dropping 5%). As such, there is a good possibility that a resolution to the sideways trend will occur this week. Probabilities do favor the bulls.

ZLAB generated a new 25-week weekly closing high and closed in the upper half of the week's trading range, suggesting further upside above last week's high at 48.69 will be seen this week. On an intraweek basis though, there is still resistance at 50.89 that needs to be broken to give the bulls enough ammunition to take the stock up to the $60 level, which is a clear chart objective as well as a very pivotal but decent resistance level that has important meaning for the long term outlook. The 200-day MA is currently at 47.33 and this was the second time in the last few weeks that line has been seen. Normally, it takes 3 attempts to break a MA line but given that the fundamental picture for Chinese stocks changed for the plus this week, it is possible that the line will be broken now. If that happens and the stock gets above 50.89, the breakout above the line will be confirmed and the attempt to reach the $60 level will be in effect. Short-term pivotal support is now found at 41.04. Probabilities favor the bulls.