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.
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.
Exactly.I got my stop loss just under the last low. I can tolerate that much. Its a down week, so everything is blown out of proportions. and even with great earnings there are still no guarantee it will go up right after. tgt hd nvda rblx all of them had great earnings and they were beaten down, rblx got back at with a vengance. We ll see how the others compare. stops are there as well, i wont touch them i left enough leeway. If im stopped at the lowest im stopped at lowest it happens. Better to be stopped out low then stuck with a trade much longer we planned.
SaeedSajedi
⋅
@leiferikssen, You are an objective trader. Congrats. I opend rblx just after opening. It was technically in a great position as well. you are right. No guarantee.
scienclick
⋅
Very interesting. Thank you!
leiferikssen
⋅
Very well put together analysis. There might be another failed breakout before it actully breaks out (if that happenes). The reason im saying this is because it had a move around 100% since last october. A move this big needs some time consolidation. It made the move from novmeber til april and its has only been since april that it is moving "sideways". ( well it is making higher lows so its more like a lenghty flag )We have earnings in 4 days which could help catalize the break out regardless of the direction. The risk to reward ratio seems pretty good. Thank you so much for the great analysis.
SaeedSajedi
⋅
@leiferikssen, You are welcome my friend. Sure R/R is very good. We set our stop loss if decide to go long. So, if it does not go well we loose a few. You are right about the move ups. It may goes down before making a new ATH. But generally there is at least one more up going wave to complete the larger cycle Elliott wave cycle.I am in myself from last low and saved some profit so far holding remaining part to see what happens. (Of course pre-set my stop loss).
Wish you huge profit my friend.
chaseflores10
⋅
Great breakdown. Our analysis is definitely in line with each other. The inside bar is on the daily is a classic reversal pattern. I strongly believe all time highs are coming soon.
SaeedSajedi
⋅
@chaseflores10, Lets see.I am in from very close to last low and saved some profit so far. lets see what happens next.