This is pretty much the same chart I made week ago, but with slightly modified lines.
Tech is bouncing hard and broke up from downtrend line.
SPY also being heavy with tech is following QQQ , so it looks to me were more bullish for a week or so then bearish.
EV space got the green light with Biden announcement.
I think we'll have pullback once we hit 400, but its not going to be huge , I think it will close within my red lines channel around 392 level.
If it goes deeper It will test 378 area.
I dont see big gloom and doom scenario for the moment.
On the negative
Daily shows bearish divergence on daily that goes back to December 2020, its the lower channel I made and I think once we correct this is where its going to test 378 at some point.
I entered long position with RIDE and NVVE (both EV industry)
Good luck everyone.
If you like my ideas please follow ;)
Tech is bouncing hard and broke up from downtrend line.
SPY also being heavy with tech is following QQQ , so it looks to me were more bullish for a week or so then bearish.
EV space got the green light with Biden announcement.
I think we'll have pullback once we hit 400, but its not going to be huge , I think it will close within my red lines channel around 392 level.
If it goes deeper It will test 378 area.
I dont see big gloom and doom scenario for the moment.
On the negative
Daily shows bearish divergence on daily that goes back to December 2020, its the lower channel I made and I think once we correct this is where its going to test 378 at some point.
I entered long position with RIDE and NVVE (both EV industry)
Good luck everyone.
If you like my ideas please follow ;)
Comment:
and remember gap ups are for selling ;)