Stock Watch for July 1, 2020 USAK broke its 1-year downtrend a month ago and could be consolidating to what looks like an inverted head and shoulders or cup and handle. This is a very good indicator of a major trend reversal. In addition, the price is now hovering above the 50, 100 and 200-day moving averages as the MACD floats above the 0 line – signs that the bulls are about to take over. By any chance the neckline gets taken out, the next hurdle could be the 10.00 marker. Then comes the possibility of a steady uptrend. TSLA broke out from a symmetrical triangle today. One of the stocks I’ve been watching out for and posted about it yesterday, kindly check here. Like TSLA, ELF was also on my stock watch and broke out from a symmetrical triangle today. Next hurdle for this stock is the 20.00 price mark. Another pick on my stock watch that broke out from a symmetrical triangle is CIR which I had a post on the other day (here). This could continue to march north but might experience some heavy selling pressure at the neckline of a possible cup and handle. Below are more chart patterns and setups that could possibly breakout soon. Some still looks premature and some might not even make it. I’ve been watching ACMR closely as it has been flirting with the triangle’s resistance back and forth. A surge in volume could propel this for a good take-off. Like USAK, YCBD has a similar story and trying to reverse its trend. It broke out from its 1-year downtrend a month ago and is now forming a triangle in a bigger consolidation of a cup and handle. NOK has also been testing its resistance several times now and could head north anytime soon for a major trend reversal.