In swimming, there are two ways to swim faster. One, to reduce drag/resistance and two, increase propulsion.
Thus, it is important to remain streamlined, swim tall in the water and make yourself slippery like a fish when you are swimming.
Similarly in charting, we can find common grounds as well - resistance. Without going into detailed numbers, we can see at around 34 000 to 34 300 level, there had been 5 instances of resistance points. This stretched from May 2022 to current period.
The red dotted line represent the descending channel that the price level is driving towards so we know the big picture is still in a decline mode.
If the price level can breaks above the red channel (roughly at 34,000), then we can say the chances of a continued rally is higher. With the debt ceiling issues remain unresolved, regional banks saga (maybe more banks will come to light later), "sell in May and go away theme", we may see prices going sideway this month and lesser volatility.
So as a valued investor, waiting is a strategy and tool as well. Wait for the price to come down more so I can grab more shares of good companies that I am keen to buy.
Again, there is no 100% right or wrong strategy , it all depends on your own investment objectives, time line, capital , etc. What works for me may not be suitable for you and what you like may not be my cup of tea as well.
Happy investing !
Thus, it is important to remain streamlined, swim tall in the water and make yourself slippery like a fish when you are swimming.
Similarly in charting, we can find common grounds as well - resistance. Without going into detailed numbers, we can see at around 34 000 to 34 300 level, there had been 5 instances of resistance points. This stretched from May 2022 to current period.
The red dotted line represent the descending channel that the price level is driving towards so we know the big picture is still in a decline mode.
If the price level can breaks above the red channel (roughly at 34,000), then we can say the chances of a continued rally is higher. With the debt ceiling issues remain unresolved, regional banks saga (maybe more banks will come to light later), "sell in May and go away theme", we may see prices going sideway this month and lesser volatility.
So as a valued investor, waiting is a strategy and tool as well. Wait for the price to come down more so I can grab more shares of good companies that I am keen to buy.
Again, there is no 100% right or wrong strategy , it all depends on your own investment objectives, time line, capital , etc. What works for me may not be suitable for you and what you like may not be my cup of tea as well.
Happy investing !
Comment:
www.cnbc.com/2023/05...ay-live-updates.html
Comment:
closed at 33,093 yesterday which means it rebounded nicely at the support level , 32,624
Comment:
we are now at the mercy of the upper channel again. Will it break out or be resisted like the previous times ?
Comment:
praise God
Comment:
We see how the market fool the general public once more. The support level at 32624 was not hit but instead it rebounded at 32886 , creating a initial false selling alarm.
Comment:
wait for the price to find support at 32, 624 price level