Hi, today we are going to talk about HMC
We observe a D1, some important points. The details are highlighted above.
Thank you for reading and leave your comments if you like.
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This is a chart I made mapping out some Support/Resistance lines for HMC which is on a downward trend long-term. The Old Support / New Resistance candles, as well as Old Resistance / New Support candles, are all marked and match with a connection line displaying the correlation. There are 23"soon-to-be" bearish old support candles which I think will have bullish...
If earnings allow it and price crosses 31.50, buy.
- Has formed a triangle: breakout expected
- Reached ceiling of 2 year downtrend channel
- Already broke first 3 fib levels
- If crosses 31.50 will break into 0.382 level
- Hovering on buy zone
- RSI = GOOD
- Last 3 recent highs above one another
- Building momentum on earnings
We can reenter HMC longs here after Wall Street opens. Risk is a drop under 28.62, so use a stop at 28.61.
We can expect a bullish MA crossover materializing here, and a continuation of the uptrend, probably taking us to 30, or up to 33.
Long at market, stops at the previous daily close.
It should see some significant upside here.
Props to Tim West for spotting the potetial long term bottom pattern a few days ago.
Now it has fired a buy signal.
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