Picks for 8/1/2022

I will be watching the QQQ today. It closed just above resistance on Friday. What it does at this level will be critical in telling us where we are headed. Signs point to bullishness however a double top at this level could send it lower in the short term.

Since bottoming on June 16 QQQ has made higher lows and higher highs showing a clear uptrend as the 9 and 20 EMAs both crossed the 50 MA.

The price recently closed above the 50 MA at 315.46 for the first time since March. This level has acted as both support and resistance several times since 2020.

The D+ crossing D- and the ADX curling up are all very bullish . The uptrend is confirmed with OBV and the Force Index .

I anticipate a pullback to the .38 Fibonacci level before retesting the 315 resistance level . If a double top can be avoided my

targets are : $332.78, $349.94

BMBL - This has moved as anticipated since I picked it and I continue to be bullish headed in to earnings. Target : $41.95

XAU/USD - First target was hit last week and I'm sticking to my $1931 price target.

GSAT - This has moved modestly and has been consolidating since I picked it on 7/18. Friday it took out the .78 Fibonacci level at $1.39. I remain bullish with targets of $1.50, $1.82 and $2.03.

ZY - First and second targets have been reached since the pick was made on 7/18. Price took out the 1.618 Fibonacci level and I remain bullish. The long upper wick on the most recent candle is telling us it may pull back today as bulls could not keep the price at the highs of the day on Friday.

Also watching: BABA, ASC, SBUX and NLST

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