A Comprehensive Review of Monthly Charts
Year End Review
In this edition, we are wrapping up the year and trying to gauge where we stand and what we can expect next year.
Analyzing the Crypto Market: Bitcoin
First, as usual, we’re talking about Bitcoin. From the monthly perspective, all there is to say is that we’re clearly in the green. Bitcoin has recorded four consecutive months of gains. It’s been a worthwhile trade following the breakout. I’ve held long positions on Bitcoin for quite some time now, but I keep my eyes peeled for signs that could indicate it's time to exit.
A Dive into the Dollar Index
Switching gears, let's talk about the Dollar Index, a measure of the value of the US dollar against a basket of other currencies. It's essential to pay attention to a significant level here: 101, the point it's repeatedly rebounded from. Given the number of tests this support zone has undergone, I would be surprised if it doesn't eventually crack and trade under it for a little while.
Getting the Pulse of the Stock Market
Now, let's discuss the overall stock market - the S&P 500 specifically. The monthly chart points towards an all-time closing high. Not bad, right?
Stock Picks To Watch Out for
Allow me to highlight a few noteworthy stock picks which could make headlines in the coming year.
TGTX: Exhibiting a 26% short float, TGTX has more than doubled off its lows and is heading into a tight consolidation.
GII: Like TGTX, GII has doubled off its lows and is heading into a tight consolidation. But with a slightly smaller 10% short float.
SNAP: Though not a high short float thumbnail, the chart pattern following a near-double off the lows and subsequent tight consolidation is highly appealing.
RMBL and Gold are also worth keeping an eye on for their movements.
That's all for this monthly wrap-up. A huge shoutout to everyone who's become part of this journey with me this year. Please do visit www.statsedgetrading.com and join the email list to stay updated with everything that's happening. Here's wishing you a safe and prosperous New Year, taking a break from the screens, and being ready for an action-packed year ahead!