Technical analysis for QES Stock based on Trend Analysis, Chart Pattern and VPA
1) In Monthly TF
- Overall trend still maintaining the long term UTL.
- Current price candle trend from JULY-OCT 21 had retracement with price move lower accompany by decreasing volume indicates anomalies-price move lower without MM participation. Possibility this is a temporary retracement, not changing in trend.
- Latest OCT 21 monthly candle shows a short body with upper and lower wick accompany by low volume signal indecision-reversal may occur.
2) In Weekly TF
- Overall trend still maintaining the long term UTL and break out the mid-term DTL indicate the end of retracement.
- Current price candle trend moves in shorter range with low volume with significance VAP in 0.790-0.825 area indicate this is accumulation area. Need to look for Pivot high and Pivot low candle.
- Latest 1 Nov 21 Weekly candle show a long body with small upper and lower wick accompany by high volume break the mid-term DTL. This price action breakout is validate by volume given.
3) In Daily TF
- Overall trend still maintaining the immediate Support line and the possibility of Bullish Pennant to occur with highest VAP in 0.835-0.850 area as strong resistance area.
- Current daily price candle trend is retraced and staying at Fibo 0.50 area are implies indecision. Current price candle in congestion period with price candle move in short range accompany by low volume indicate accumulation phase occur to build up the momentum in order to break the strong resistance area above.
- Latest 5 Nov 21 candle give a long bullish candle with significance upper wick and short lower wick accompany by very high volume-volume validate the price candle. Price may move lower back to immediate support to remove significance seller that still occur in the market and to build up the momentum.
1) In Monthly TF
- Overall trend still maintaining the long term UTL.
- Current price candle trend from JULY-OCT 21 had retracement with price move lower accompany by decreasing volume indicates anomalies-price move lower without MM participation. Possibility this is a temporary retracement, not changing in trend.
- Latest OCT 21 monthly candle shows a short body with upper and lower wick accompany by low volume signal indecision-reversal may occur.
2) In Weekly TF
- Overall trend still maintaining the long term UTL and break out the mid-term DTL indicate the end of retracement.
- Current price candle trend moves in shorter range with low volume with significance VAP in 0.790-0.825 area indicate this is accumulation area. Need to look for Pivot high and Pivot low candle.
- Latest 1 Nov 21 Weekly candle show a long body with small upper and lower wick accompany by high volume break the mid-term DTL. This price action breakout is validate by volume given.
3) In Daily TF
- Overall trend still maintaining the immediate Support line and the possibility of Bullish Pennant to occur with highest VAP in 0.835-0.850 area as strong resistance area.
- Current daily price candle trend is retraced and staying at Fibo 0.50 area are implies indecision. Current price candle in congestion period with price candle move in short range accompany by low volume indicate accumulation phase occur to build up the momentum in order to break the strong resistance area above.
- Latest 5 Nov 21 candle give a long bullish candle with significance upper wick and short lower wick accompany by very high volume-volume validate the price candle. Price may move lower back to immediate support to remove significance seller that still occur in the market and to build up the momentum.
Comment:
Price candle on 8/11/2021 has reached the immediate resistance and retrace in the next day. Continue to monitor the price action either continue to retrace towards support line or creating new support line.