DOW generated a negative reversal week, having made a new 7-month intraweek high and then closing red. The stock closed in the middle of the week's trading range, meaning there is an equal chance of going above last week's high at 60.88 as going below last week's low at 58.71. The red weekly close does suggest that the established weekly close resistance between 60.01 and 60.06 has held up. Unfortunately, the red close was only by $.18 cents (close the previous week was 60.00), meaning that it was not a convincing retest of that level. The gap up at 61.76 remains unclosed and closure of the gap would favor the bears. It is likely that the inflation report on Tuesday will generate movement in one direction or the other. Any daily close below 58.68 or above 60.51 would likely be indicative of direction.

ENG generated a red weekly close below a short-term pivotal weekly close support at .8665, having closed on Friday at .792. The stock closed on the low of the week and further downside below last week's low at .78 is expected to be seen this week. Nonetheless, there is still important weekly close support at .78 and at the multi-year low at .74 (made just 5 week's ago). On a daily closing basis, the area between .77 and .80 is pivotal, meaning that any daily close below .77 would further weaken the chart and any daily close above .80 would give the bulls some new ammunition. I personally believe there is no reason for further downside, fundamentally or chart-wise.

PLNHF generated a totally uneventful inside week with a very small $.07 trading range for the week. The stock did generate a green weekly close and a close in the upper half of the week's trading range, suggesting further upside above last week's high at .921 will be seen this week. Nonetheless, that was the same scenario last week and nothing happened. This stock has been in a clear downtrend for the past 24 months from a high of 8.67. The stock has gone down mostly because the Cannabis industry has been under strong sell pressure for this period of time. Nonetheless, the company itself has some very positive fundamentals and it is anticipated that the Cannabis industry is going to begin to recover in 2023, meaning that there is no better time to buy this stock (or add to it) than at this price. The previous week's trading range (.97 and .81) are now short-term pivotal, as a break of either is likely to generate about a $.17 move in which ever direction is broken. Probabilities do favor the bulls.

SHOP generated a somewhat uneventful intraweek inside week but the red close and near the low of the week does give some eventuality to the action. To begin with, the bulls failed to follow through to the upside even though the stock did close near the high of the week the previous week. Secondly, the red close was near the low of the week, suggesting further downside below last week's low at 47.33 will be seen this week. The $47 level is psychological support ($50 demilitarized zone - $47-$53) and if the stock breaks below the previous week's low at 47.05, there is open air below to the $43 level. Even that support level is considered minor given that it is on a daily closing basis and it is from a previous daily closing high. On an intraweek basis, there is no support until 41.12 level is reached and that is also a minor support. The 200-day MA, currently at 36.76 is a potential magnet. To the upside, there is no intraweek resistance until 54.67 is reached. On a daily closing basis though, resistance is found at 51.26. Probabilities do favor the bears.

TXT generated an inside week that would normally be considered uneventful but due to the recent spike up rally, it does suggest it was eventful. To begin with, a double high on the intraweek chart is now in place at 75.97/76.11, meaning it has become stronger resistance as well as pivotal. Secondly, the red close at 73.98 does mean that the established and short-term pivotal weekly close resistance at 75.21 has now been tested successfully. In addition, the stock made a new 7-day intraweek low, meaning the momentum to the upside has ended. On an intraweek basis, there is no support below until minor support at 70.94 is reached. On a daily closing basis, there is some support at 73.57 (from a previous high daily close) but then below that, there is no support until 70.60 is reached. The stock did generate a sell signal on the daily closing chart and to negate that sell signal, the bulls require a daily close above 75.03. Overall, the chart suggests the upside is done and the question then becomes, "how much downside can be seen?".

VET generated a positive reversal week, having made a new 55-week intraweek low but then closing green and on the highs of the week, suggesting further upside above last week's high at 74.86 is expected to be seen this week. The stock did get down to 13.98 and given that there is established weekly close support between 13.92 and 14.29 and the stock closed the previous week at 14.18, the green weekly close means that support has now been tested successfully. In addition, Oil had a positive week and that helped as well. On a daily closing basis, there is some minor resistance at 14.78 and with the stock closing at 14.77 on Friday, a green daily close on Monday would give the bulls a tiny bit of additional ammunition. Above that level, there is no pivotal resistance until 16.16 is reached. A break of that resistance opens the door for a rally to the $18 level. The stock did generate a small buy signal on the daily chart on Friday and it is important that the bulls close green again on Monday, to give that buy signal some credence. Any break below 13.98 would open to the door for a drop down to the next level of intraweek support at 13.44 and also open the door for a drop down to the 200-week MA, currently at 12.82. Probabilities slightly favor the bulls.

VNET continues to trade uneventfully within the 5.88-6.83 area. Any break above or below that area will likely generate a mini breakout or mini breakdown and change the chart for the short-term. Nonetheless, for now, the bulls have the edge, as they have broken previous resistance areas over the past couple of months. Any daily close above 7.94 would open the door for a rally to the $10 level. Any daily close below 5.48 would negate all the recent gains and turn the stock negative.

X negated all the gains for the past 4 weeks, as well as negating the breakout rally that occurred the previous week. The stock on Friday did close below the breakout weekly close at 28.98, meaning the breakout was negated and also making the breakout spike intraweek high at 31.34 into a successful and indicative successful retest of the 4-year high at 39.50, which was made in March of last year. This move does open the door for a drop all the way down to the $20-$22 level over the next 8-12 weeks. On a short-term basis, resistance will now be found at 28.86 and support at 25.25.25. If the downside is seen first and a confirmed daily close below 27.20 occurs, resistance would then be found at 27.64. The chart now favors the bears with the only question now being how much of this drop seen this week can be recovered before further downside occurs. Overall and using the intraweek chart, the 30.57 level has become strong and pivotal resistance.

ZLAB continued lower, having made a new 5-week intraweek and weekly closing low and closing in the lower half of the week's trading range, suggesting further downside below last week's low at 36.99. Nonetheless, the stock closed on Friday at 37.85 and there is pivotal weekly close support at 37.76, meaning that if the bulls continue to have the edge, a green weekly close needs to occur next Friday. Probabilities favor that happening. One additional supportive factor for the bulls is that the 200-day MA is currently at 36.69 and that line is likely to be reached this week. The stock broke out above that line the first week of January after the company released the results of a positive cancer study that generated a rally of 38%. As such, a retest of that line was expected to happen but a break of the line is not expected to occur. Pivotal intraweek resistance is found at 40.28. A break of that level is likely to bring in new buying interest. A closure of the news gap below at 33.94 would be a decent negative. Good week to buy extra shares.