The stock market continues to move, as traders discovered at the beginning of a new week. Monday’s market participants were subjected to volatility as the market continues to weigh the economic impact of the novel coronavirus. Today’s big stock charts offer some interesting opportunities.
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Much of the trepidation revolves around whether the economy will be reopened soon. We can only hope for a swift flattening of the “coronavirus curve” so that life can return to something resembling normalcy.
A handful of stocks were pushed deep into the red on Monday. Are these buying opportunities?
Let’s dive into Tuesday’s big stock charts, all of which might or might not present a chance to buy famous names on the cheap.
Caterpillar (CAT)
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A famous construction-sector name in the Dow Jones Industrial Average, Caterpillar (NYSE:CAT) stock printed a red candlestick at the start of the week. Will it play catch-up in the days ahead?
- If anybody was wondering whether the top of that falling wedge would continue to provide resistance, Monday gave you the answer. Ouch!
- Monday’s candlestick was not only a big gap down, but also a large red marubozu candle. That means it went down pretty much all day without stopping until the market closed.
- From a technical standpoint, the first of our big stock charts looks like it just went up too fast for its own good. Traders should revisit this stock at the $90 support level.
Royal Caribbean Cruises (RCL)
![RCL stock](https://investorplace.com/wp-content/plugins/lazy-load/images/1x1.trans.gif)
It’s not necessarily easy to trade a quick mover like Royal Caribbean Cruises (NYSE:RCL). Monday’s price drop was proof of this. As the second of our big stock charts shows, however, sometimes stocks that go down fast can recover just as quickly.
- It looks like the double-bottom could end up being a triple-bottom. If you’re ready to bet on that, then the $25 support level is worth keeping an eye on for a long position.
- Don’t let the size of Monday’s candlestick fool you. It was a monster 17% single-day move, and not in the bulls’ favor.
- On the other hand, the upside potential is huge here. Don’t get greedy, though, as $60 would be a perfectly reasonable place to take profits.
Ford (F)
![F stock](https://investorplace.com/wp-content/plugins/lazy-load/images/1x1.trans.gif)
Ford (NYSE:F) stock represents an inter-generational company that has survived major challenges. Will the stock and the company demonstrate the resiliency of the American automotive market?
- “Ford at four” is my mantra now, meaning that $4 is a great price for this stock. The double-bottom chart pattern reflects this.
- The lower wick on Monday’s candlestick indicates that at least it didn’t “close on the lows.” That would have been a bearish sign, but thankfully for the bulls, it was averted.
- Longer-term, it makes sense to take profits at $8.50. That was the main support level for a while, but now it’s resistance.
As of this writing, David Moadel did not hold a position in any of the aforementioned securities.