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ACN, BAH, BYND, MDB, NOW, PAGS, PAYC, TWLO — Stock Charts to Watch

Charts of the Day video for Tuesday October 22nd, 2019

Accenture plc (ACN) may have broken a head-and-shoulder top, came down, and on Tuesday, it broke out of a wedge to the downside, losing 4.62, or 2.47%, to 182.72, on 1.72 million shares, taking it down to key support. Any further damage here and you’re looking at 175, 169-170, and maybe a lot lower than that.

Booz Allen Hamilton Holding Corporation (BAH), a recent tech trader swing, dropped down, rose, and formed a wedge. I put a swing on it, and it dropped, popped, and dropped again. But Tuesday’s drop of 1.90, or 2.71%, to 68.09, on 632,529 shares traded may have broken the entire pattern. This stock looks like it’s rolling over, and the first stop is in the mid 60’s, the second stop the high 50’s, in my opinion.

Beyond Meat, Inc. (BYND) continues to drop, reaching a new 5 or 6-month low and near the bottom of the channel. Tuesday took it down 3.73, or 3.39%, to 106.40, on 2.3 million shares. The target now might be around 98-99. Let’s watch for that near term before a bounce to see if that occurs.

MongoDB, Inc. (MDB) formed a head-and-shoulder top, and then became a tech-trader short, broke down, rose right through the declining topsline and the neckline on the head-and-shoulder before falling apart and losing 3.71, or 3.13%, to 114.77, on nearly a million shares on Tuesday. Watch this one carefully during the days ahead. Target is 112, and then we’re looking at 93-94.

ServiceNow, Inc. (NOW) got whacked on Tuesday from completing a top pattern after coming down 5-6 days in a row, dropping from 275 to Tuesday’s low of 242. It dropped 12.56, or 5.21%, to 228.34, on 7.5 million shares. There is some support in here, and it may get a bounce. If it does bounce, I’m looking at 240-43. But in after hours, it did drop another 20.75, taking it to a 187 low for Tuesday, so it looks like it’s already falling apart.

PagSeguro Digital Ltd. (PAGS) has a head-and-shoulder that broke, which we noted last week. It broke with a breakaway gap, formed a little wedge and broke down again on Tuesday, giving back another 3.34, or 8.58%, to 35.61, on 5 million shares. It looks like it’s headed to 32-33, and then maybe to the mid 20’s.

Paycom Software, Inc. (PAYC) also got whacked on Tuesday, opening with a high of 208, and working its way down to a low of 189.21, closing down 15.43, or 7.49%, to 190.60, on 795,946 shares traded. It is now slightly below secondary support. For me, the next target has to be 180 and then 170.

Twilio Inc. (TWLO) lost 4.89, or 4.63%, to 100.65, on 6 million shares, and another 1.15 in after hours, now down below 100 from where we first gave it to you at 134. It doesn’t look good. It’s four waves down, and the fifth wave is underway. We might see a quick drop down to 92-93.

On the short side, stocks included Axon Enterprise, Inc. (AAXN), Accenture plc (ACN), Avalara, Inc. (AVLR), Alteryx, Inc. (AYX), Booz Allen Hamilton Holding Corporation (BAH), Beyond Meat, Inc. (BYND), International, Ltd. (CTRP), GrubHub Inc. (GRUB), MongoDB, Inc. (MDB), ServiceNow, Inc. (NOW), Okta, Inc. (OKTA), Omnicell, Inc. (OMCL), PagSeguro Digital Ltd. (PAGS), Paycom Software, Inc. (PAYC), The Progressive Corporation (PGR), Anaplan, Inc. (PLAN), Atlassian Corporation Plc (TEAM), TripAdvisor, Inc. (TRIP), Tractor Supply Corp (TSCO), The Trade Desk, Inc. (TTD), Twilio Inc. (TWLO), and Zscaler, Inc. (ZS).

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