This column is my opinion and expresses my views. Those views can change at a moments notice when the market changes. I am not right all the time and I do not expect to be. I disclose all my positions clearly listed on the page, and I do not trade my account on the stocks spoken of in this column unless fully disclosed. If that does not work for you stop reading and close the page. Do not bother me or harass me.
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For the week of May 20 – Stock mentions: Alibaba, JD, Eli Lilly, 3M, Nvidia, Xilinx
Here are a few more stock predictions for the week of May 20, 2019.
The Chinese yuan will continue to devalue against the US dollar and back to 7.
Yuan Vs. Dollar
The weaker yuan will sink China-based ADR’s Alibaba and JD.com. The chart below shows the US dollar to yuan in an inverse chart to the one above. One can quickly see how when the yuan was strengthening versus the dollar; the stock prices were able to rise. However, when the currency was weakening, the stocks were falling.
Alibaba (BABA)
I think Alibaba continues to decline this week, dropping below $166.60, and heads towards $150.
JD.com (JD)
JD.com has been unable to rise above resistance at $30 and is likely heading back to $27.50.
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3M (MMM)
3M has fallen to its lowest levels since 2016 and looks like it may fall even further to perhaps $164.
Eli Lilly (LLY)
Eli Lilly may be in danger of falling further this week, with the potential to be on its way towards $104.
Nvidia (NVDA)
Nvidia is likely to continue to decline this week too, heading towards $150. (premium video content: AMD And Nvidia 2 Opposing Points Of View)
Xilinx (XLNX)
Xilinx may be looking to fill the gap around $92.
That is it for the weekend, see you Monday.
Mike
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