Hi guys! So this is a look into DISH Network (DISH) technical analysis. This analysis is done on the 1 Month timeframe, thus depicting the Macro price action of DISH. This analysis does not express the shorter term or intermediate term trend but looks to assess the Long term trend.
The findings in this idea also support a buy and hold strategy for DISH. Do note that because of that it is possible for shorter term or intermediate term pullbacks. I will do my best to post updates on shorter timeframes to help assess better buy areas.
But anyway lets jump right in.
As you can see from the Highs of Dec. 2014, we've been in a continual price decline.
Depicted by "Major Resistance trendline", that has helped propel the downtrend.
We reached major Support Zone, to only break through and continue our downtrend.
Till we reached our Downtrend target zone. Here i was aspecting more downside, where price action would have traveled inside this zone.
This month however we have had a 45%+ bounce Up.
Currently in the process of creating a BULLISH ENGULFING CANDLE. It being on the 1 Month, makes it very Powerful.
Note though: This months candle closes Dec. 31st. So nothing has confirmed yet. But if on Jan 1st, we are still looking like this. This ENGULFING candle may indicate a macro trend change.
We have also from last months and this months candle, confirmed a Sloping Support trendline. This showcases the Uptrend and a Higher low on the Macro scale.
Notice also the 21 EMA (Purple moving average). This will continue to come down BUT it can be used as a target for where price will move to. We've also havent touched it since 2021. So probabilities dictate we will eventually touch it. So keep that in mind.
A likely target if this uptrend continues is the $9.00 level. That would be a critical area since breaking above will mean continued bullishness but a rejection could mean that there maybe a probability that we go lower, possibly into the DOwntrend target zone.
The findings in this idea also support a buy and hold strategy for DISH. Do note that because of that it is possible for shorter term or intermediate term pullbacks. I will do my best to post updates on shorter timeframes to help assess better buy areas.
But anyway lets jump right in.
As you can see from the Highs of Dec. 2014, we've been in a continual price decline.
Depicted by "Major Resistance trendline", that has helped propel the downtrend.
We reached major Support Zone, to only break through and continue our downtrend.
Till we reached our Downtrend target zone. Here i was aspecting more downside, where price action would have traveled inside this zone.
This month however we have had a 45%+ bounce Up.
Currently in the process of creating a BULLISH ENGULFING CANDLE. It being on the 1 Month, makes it very Powerful.
Note though: This months candle closes Dec. 31st. So nothing has confirmed yet. But if on Jan 1st, we are still looking like this. This ENGULFING candle may indicate a macro trend change.
We have also from last months and this months candle, confirmed a Sloping Support trendline. This showcases the Uptrend and a Higher low on the Macro scale.
Notice also the 21 EMA (Purple moving average). This will continue to come down BUT it can be used as a target for where price will move to. We've also havent touched it since 2021. So probabilities dictate we will eventually touch it. So keep that in mind.
A likely target if this uptrend continues is the $9.00 level. That would be a critical area since breaking above will mean continued bullishness but a rejection could mean that there maybe a probability that we go lower, possibly into the DOwntrend target zone.
RSI is in HISTORICAL Oversold conditions. Everytime we get here, its made for good Buys. Remember however, RSI should not be the only tool used to determine.
Notice also the Blue moving average. The way i use this is, when RSI crosses below that indicates Downtrends. When RSI crosses back ABOVE, this may indicate an Uptrend is coming.