I'm not trading this, but posting it as something to watch. We have a few weeks/months until other semi's report, so it could easily ride this line into the 200dma, though it will likely see some consolidation as it ascends into future supply zones. Risk/reward not here for me until it shows its hand a little more.
Semis swinging nicely in this range bound pitchfork. Volatility increase near the outer bounds, and we are almost there. Clear 5 wave count to conclude at the long term bullish trend line. This is my short term trade to the downside using SOXS 3x bear, and will reevaluate my next move when this target is hit. There's still a long term bull target on most indexes...
Directional Bias: Long Price Target: 7150 Good Entry:6800-6820 Risk/Reward: Max Risk of 30 points/Potential Reward of 250-300 points Closing below 6800 hourly candles invalidates.
Let's see if AMD can pan out like this - will update along way.
Directional Bias: Long Price Target: 37-38 Good Entry: 34.3-35 Risk/Reward: Max Risk of $1 (trade idea invalidated below 34.3 15 min candle close)/ Potential Reward of $3+
Directional Bias: Long Price Target: 28.5 Good Entry: 26.8-27.2 Risk/Reward: $40 cents max stop/$1.3 reward
Directional Bias: Short Price Target: 27 Good Entry: 29.2-29.5 Risk/Reward: $50 cents max stop/$2 reward
Wave count is over. Extended 5th = 1.618x Waves 1-3. Nvidia has been bouncing in the $265 range for quite some time and cannot break above. We have multiple indicator divergences.16% - 30% downside from last close. Short this down to $170 - $210 then enter long. Good Luck
Applied Materials fell hard on guidance today. Did AMAT stock get put on clearance sale with the drop? Whether or not the stock deserved to fall almost double-digit percentages on the day is subject to debate, but the important thing is it fell to a very strong support level - and the tech story continues to look good. Thank you for for lending me your...