CAT made a new all-time high this past week and closed on the high of the week, suggesting further upside above last week's high at 249.91 will be seen this week. The stock has broken out of a bullish flag formation that offers an upside target of $304. Nonetheless and on a fundamental basis, of the 20 (or so) analysts following the stock, there are only 3 of them offering any higher objectives than where the stock is trading now. The highest objective given is $285, then $266 and the last one at $255. The rest of the analysts have given lower objectives for 2023, with the least being $220 and the rest offering an objective as low as $175. At this time though and with the stock trading at new highs, the onus is on the bears to make some form of statement this week that offers any downside potential. As such, a weekly close below 244.02 or a confirmed (2 days in a row) daily close below 244.79 will generate a failure signal against the bulls. Otherwise, there is no resistance above other than a psychological one at the $250 level. Evidently and like with most everything else, this coming week is pivotal for the overall market, meaning that the close next Friday (above or below 244.02) will likely decide the outlook for the next 2-3 months.

DOW made a new 19-week intraweek and weekly closing high and closed on the high of the week, suggesting further upside above last week's high at 55.24 will be seen this week. The stock still has decent intraweek resistance at 56.43 that will need to be broken for the bulls to claim victory, which if broken would offer a $61 upside objective. By the same token, this breakout did take away some of the bearish outlook that the stock had previously shown. In addition, the breakout has now strengthened the intraweek support at 48.27/48.58, meaning that the bears now need some form of negative news to break that level to the downside. It should be mentioned that the resistance between 56.25 and 56.43 is recent as well as old as the former was the high made in November 2019 and from which a fall down to 21.95 occurred and the latter occurred in August of last year and from which a drop down to 42.91 occurred. As such, it is a resistance of note. One additional and important chart factor is that the stock closed on Friday at the 200-day MA, currently at 54.76, and that line has not been broken to the upside since June of last year. As such, it will require help from the index market heading higher to break this level convincingly. On a possible positive note for the bulls, the stock is now showing a breakaway/runaway chart formation with the breakaway gap being between 51.15-51.40 and the runaway gap being between 52.98 to 53.32. On a negative note, there has been no news to support this gap formation, meaning that if the runaway gap is closed, the breakaway gap will likely be closed as well. On a daily closing basis, the 53.14 level is now support. If two daily closes below that level occur, a failure signal against the bulls will be generated. Like with everything else, this is a pivotal week for the stock.

ENG generated another new 23-month intraweek and weekly closing low and closed in the lower half of the week's trading range, suggesting further downside below last week's low at .71 will be seen this week. The stock finds itself in a support level between .74 and .78 cents (.68-.75 on in intraweek basis) that is strongly pivotal given that in September 2020, the low weekly close was .74, it was then followed with a rally back up to 1.10 and another drop down to .78, which was then followed with a rally up to 7.72 within 3 months. As such and if the company is to remain viable, this level needs to hold up. The stock has seen 5 weeks in a row of red closes and that has not happened since March 2020 (6 red weekly closes then). As such, the probabilities do favor a green weekly close on Friday. Pivotal intraweek resistance is found at .87.

LI generated a green weekly close but closed in the lower half of the week's trading range, suggesting further downside below last week's low at 19.81 will be seen this week. The weekly close was also somewhat disappointing inasmuch as there was resistance at 20.91 (closed on Friday at 20.93) and a convincing close above that level would have suggested that further upside is to come. Nonetheless, having closed at that level, does leave the door open for a red weekly close on Friday and the bears getting the short-term edge back. Like with everything else, it is a pivotal week for the stock. A green weekly close next Friday will leave the door open for rallies up to the $24-$25 level, while a red weekly close next Friday would suggest that a drop back down to as low as $16 could occur.

NEM generated a new 24-week intraweek and weekly closing high and closed near the high of the week, suggesting further upside above last week's high at 53.29 will be seen this week. The 200-week MA is currently at 53.99 and that is a line that has not been tested or broken to the upside since July (it was the first time it got broken to the downside in 4 years). As such, it is not likely that it will get broken to the upside the first time around (at least not convincingly). As such, looking to liquidate the positions should be considered this week. The 53.27 to 54.73 area, on both the intraweek, daily and weekly closing basis is decent resistance. There are 3 factors that make this resistance area very difficult to break at this time. 1) the 200-day MA is currently at 54.73, 2) the low daily close support that stood up for 27 months (from April 2020 to July 2022) and that when broken caused the stock to drop all the way down to 37.79 is at 53.27, 3) the same support but on a weekly closing basis, is at 53.56. All of these factors make this area of resistance difficult to break at this time, meaning that drops all the way back down to $45 and maybe even down to $40 could be seen if this resistance area holds up (likely).

PLNHF generated a strong 32% bounce from the low weekly close made the previous week (from $.61 to $.90), suggesting that the recent downtrend is over. The stock closed near the high of the week, suggesting further upside above last week's high at .96 will be seen this week. There was no news to generate the rally, suggesting that the chart selling has dried up as the stock neared the all-time low weekly close at .57. The upside objective of this recovery rally is the 1.03 level (on a weekly closing basis) given that was the weekly close support that when broken took the stock down to .61. Nonetheless, there is weekly close resistance of some consequence between .93 and .94 as those were the low weekly closes seen in December 2018 and in March 2020. A close above all 3 of these would mean the downtrend is over and a larger recovery rally is occurring. It must be mentioned that this entire fall from 1.70 to .61 was mostly chart oriented as there was absolutely no negative news about the company reported. As such, the stock will continue to react to charts until the next earnings report (due out in February). If the stock does go above last week's high this week, support will be found at .86, at .75 and at .66. The support at .75 though, is from the 10-minute chart as that is where the 200 10-minute MA is currently at. That is a line that was unbroken to the upside for the last 3 weeks and therefore now support. By the same token, it is a support that is moving every 10-minutes, meaning it can change from day to day. On an intraweek basis, there is no resistance above until 1.30-1.35 is reached. This is a stock that due to the circumstances of its fall-from-grace can be highly volatile at this time. Nonetheless, the fundamental picture for the company is positive, meaning it is a buy at this price, especially with last week's bounce as it likely means that a double bottom has now been built.

VET made a new 51-week intraweek and weekly closing low and closed near the low of the week, suggesting further downside below last week's low at 14.67 will be seen this week. This move down was a breakdown of the 29-month uptrend which started in March 2020, meaning that the that the outlook for most (if not all) of 2023 is for a sideways market at best. The $13 level is the downside objective given that there is established support at 13.01 and the 200-week MA is currently at 13.07. Once reached, the stock is likely to get into a trading range between that level and $21 for the rest of the year, with the $17 level being the pivot point depending on the fundamental picture at the time.

VNET generated a new 7-week intraweek high and a new 8-month weekly closing high and closed on the high of the week, suggesting further upside above last week's high at 6.13 will be seen this week. The stock still has intraweek resistance at a double high at 6.43/6.45 but if broken, it will strongly suggest the downside is over and a rally up to the mentioned proposed merge price at $8 is likely to occur. The 5.25 level on an intraweek basis is now pivotal support. The stock has now convincingly broken the 200-day MA, currently at 5.50, which is now considered important support that will not be broken unless negative news comes out.

ZLAB reported positive results on one of their innovative bi-pharma products and generated a 33% rally from the previous week's close to Friday's close. The action generated several strong positive signals starting with the stock giving a convincing buy signal, having made a new 16-week intraweek high and breaking above the pivotal intraweek resistance found at 40.17 as well as breaking the 200-day MA, currently at 36.90, in a confirmed way. The stock closed near the high of the week and further upside above last week's high at 49.81 will be seen this week. Nonetheless, the stock did back of that high to close on Friday at 46.33 and a retest of the 40.17 breakout area is a possibility for this week. By the same token, there is established intraweek support at 42.66 and at 41.04, meaning a drop back down to 40.17 is not necessarily going to happen. The $50 level and up to 53.65 is now the resistance area the bulls have to tackle before more upside can be seen. As such, and probably for the next few weeks, the stock could trade between $42 and $52.