Best of StockTwits Charts: Oil Heading to $90 Soon?

StockTwits

The StockTwits Charts Stream gets filled daily with thousands of stock charts created by the largest real-time trading community in the world. Below are a few notable ones for your perusal:

1. Crude Oil (OIL) – Crude prices have held the gains well since rallying above $100 in early July and with an arguably improving economy and unrest in the Middle East, many suppose that its setting up for higher prices in September.

However, Josh Baylin, Founder of Pattern Positive, posted the following analog chart showing the similarity in the price movement of crude oil in 1987 and 2013. Oil fell hard and fast after completing this same pattern in 1987. Josh points out that oil may be due for a similar move. Its a variant take based on tracking previous similar price patterns in the same asset and its worth minding if you trade energy names.

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(See Josh Baylin’s original StockTwits post here.)

2.  NVIDIA (NVDA) - David Blair, who runs crosshairtrader.com, posted this chart showing a 3 month consolidation pattern in shares of Nvidia. The stock is trying to break above the upper end of its rectangle at $15 and a clear break may lead to higher prices in the near-term and certainly breakout traders will be paying attention.

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(See David Blair’s original StockTwits post here.)

3. BlackBerry (BBRY) – This last one comes from Juan Doe. The chart of BlackBerry below shows a bearish descending triangle that confirms below $10.74.  This pattern has a price target of $9.28 once confirmed. Swing traders will be watching the price action closely in anticipation of a quick move.

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(See Juan Doe’s original StockTwits post here.)

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