MA looks good for a twenty dollar move
MA is at the bottom of a double top trend and now it looks for a nice move
- The gravestone Doji at the bottom of the trend signifies a reversal
+ Where the Doji was the RSI was at its lowest which is another indicator of a reversal
- The fast moving MACD (5,35,5) line just crossed the signal line
- MA typically uses the midline of the pitchfork as a level of resistance
+ The midline + fibonacci extension estimate the resistance point would be around 378
+ The pitchfork estimates that MA would reach this point around September 22
5 hours ago
Comment: If MA falls then this is its support level
- If MA continues to trend up: entry $353
- If MA drops: entry $348.31, $346.69
- Stop Loss: $344
- The gravestone Doji at the bottom of the trend signifies a reversal
+ Where the Doji was the RSI was at its lowest which is another indicator of a reversal
- The fast moving MACD (5,35,5) line just crossed the signal line
- MA typically uses the midline of the pitchfork as a level of resistance
+ The midline + fibonacci extension estimate the resistance point would be around 378
+ The pitchfork estimates that MA would reach this point around September 22
5 hours ago
Comment: If MA falls then this is its support level
- If MA continues to trend up: entry $353
- If MA drops: entry $348.31, $346.69
- Stop Loss: $344
Comment:
MA ended the week on a bearish engulfing candle. On September 13, the support level is at $344.50. The monthly and weekly chart shows reversal patterns (doji and hammer), so MA should near resistance around thursday/friday