We added $FANG to our Trade List today – August 24, 2023
This is Scott with your Chart of the Day. It was an ugly day in the market today.
We will quickly look at SPY ( NYSEARCA: SPY ), a clear rejection right here at that 50-day moving average, coming on higher than average volume, just before the Jackson Hole Symposium. So it is not really a great market for trading, and nice-looking charts are in slim pickings right now.
But there is one that we have an eye on at StockMarketMentor.com and that is Diamondback Energy ( NASDAQ: FANG ). Diamondback ( NASDAQ: FANG ) is holding up nicely here along its 21-day exponential period moving average. We can see swing support down here, and we can see a clear higher low, right here.
If I take out my slope tool we have a nice downward-sloping trendline, and so it looks like a bit of a daily flag here on the chart. And price action has been really nice and tight right around that 21-day EMA.
Dan Fitzpatrick actually added this to our Active Trade List today. We want to see if this stock can break out above this downward-sloping trendline, coming on higher than average volume. So this is definitely one that I think you want to keep an eye on, even in this messy market.
Free Chart