AMAT, Long in the case of bullish reaction ! A new ATH ?
Is AMAT going to show a bullish reaction to the strong support and make a new All Time High? Lets follow!
Price is clearly around dynamic short term trend line support . This is fourth time that price reaches to this support. Last three times it could push up the price successfully. Moreover, price is now exactly at 0.786 Retracement of last move up.
Stochastic indicator is near oversold zone. Please note that we had a nice move up whenever it has recently reached to this area.
In terms of Elliott waves , We may be at the start of wave 3 of 3. Possible wave count has been shown on the chart. If true, first target will be around 170 USD which corresponds to 1.618 projection of labeled wave 1. It may go higher. We can update it later. Wave 5 will certainly goes above 170 !.
Please notice the notes on the chart about the conditions which confirms or invalidates this analysis.
Although all evidences show that it is ready to make a new move up, we have to trade objectively. We set out stop loss carefully ( which is the last low shown on the chart) in the case of opening a long position.
We try to see the chances and find ideal setups but we always keep in mind that market is the one who choose the path and we are the one to follow. That is why I chose this title : " Long in the case of bullish reaction! "
Good luck my friends.
Price is clearly around dynamic short term trend line support . This is fourth time that price reaches to this support. Last three times it could push up the price successfully. Moreover, price is now exactly at 0.786 Retracement of last move up.
Stochastic indicator is near oversold zone. Please note that we had a nice move up whenever it has recently reached to this area.
In terms of Elliott waves , We may be at the start of wave 3 of 3. Possible wave count has been shown on the chart. If true, first target will be around 170 USD which corresponds to 1.618 projection of labeled wave 1. It may go higher. We can update it later. Wave 5 will certainly goes above 170 !.
Please notice the notes on the chart about the conditions which confirms or invalidates this analysis.
Although all evidences show that it is ready to make a new move up, we have to trade objectively. We set out stop loss carefully ( which is the last low shown on the chart) in the case of opening a long position.
We try to see the chances and find ideal setups but we always keep in mind that market is the one who choose the path and we are the one to follow. That is why I chose this title : " Long in the case of bullish reaction! "
Good luck my friends.
Comment:
Daily candle closed below the trend line. Thing are not going well for AMAT before earning. We trade based on facts not hopes and wishes.
Comment:
Trade before earning is really like gambling theses days. Technically, AMAT lost an important support. Therefore I just dismiss this trade to see what happens after earning.
Order cancelled
Comment:
It is close to break the resistance and make a new ATH. It is about to provide confirmation for this analysis. Thing are well for AMAT after earning. Are we ready to go long?
Comment:
AMAT could not break the resistance one more time and now is going too loose the last low. We watched carefully and never opened the long position
Comment:
AMAT lost the last major low. We never opened the long position.
Order cancelled
Comment:
It defeated the strong static resistance. Finally we found a chance to open a long position.
Trade active
