Hello Guys, At times bad with crypto, I try to look into other markets and see if there is any opportunity for use because all we need for profit, is volatility. Now we have the TSCO stock on the chart and what we see is long bear market going on. Now, NASDAQ, APPL and most of the other big companies had a fall in their price recently and as for the past times everyone has been talking about the next big crash coming some of us started to think this was the first hit of the big bear market which will cause the crash. But the problem with TSCO is that it started falling and its bear market way before the hit took NASDAQ, APPL and other companies. So, IMO if there will be another hit on the stocks globally than we can see TSCO price crashing its support area of 170-200 and testing lower areas. So all we have to do now is sit and wait to see which scenarios plays out? Is it the SKY, meaning there will be no next big hit and this was retracement continued by the bulls and we will see TSCO reversing, or is it the CRASH? T Thank, you. Share, Like, Follow, and Comment on what your thoughts are?
Great idea on Tesco. For our set up, we have identified major resistance and support levels. Price is currently testing our first support at 195.2 which is made up of 61.8% Fibonacci extension , 76.4% Fibonacci retracement and a horizontal swing low support. We found a major resistance at 220.6, which is made up of 38.2% Fibonacci retracement and a horizontal swing high resistance. Stochastic is testing its support at 2.5% and we might see a corresponding rise in price should a bounce occur. Please take a look at our idea and let us know what you think.
farhadjafarov7
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@HotForex, i just had a look and yes I also see the possible breakdown as if we look at lon term trend then we can see continuing downward trend so I think if it is a tsunami then it is better not to stand if front of it so better wait for confirmation of reversal then jump in now