We're going to start day 6 of BROS soon. It's gone up over 100% in the time and I suspect most are expecting a dump.
It's got "Meme" value as WallStreetBets starts to get traction on the stock.
The actual stops motion has been a step ladder up. Forming supports as it goes up.
Here are all the supports I have identified as we go into day 6.
As a day trader....
Uber resisted recent market sentiment and stayed green at the end of the day. Now, it's up with a 5% lead after some good news.
Now, as a day trade, I'm looking for a gap fill down to buy the bottom or a slow trend up.
The yellow lines are s/r from weekly lines. These can be key supports and predictably the first line it will test if we see a downwards motion on open.
Sometimes the simplest answer gives the best results.
A monthly support and resistance is very important for traders who do long terms.
Instead of look 10+ months in the past trying to find a trend. Look close.
Draw a roadmap like this on all your stocks on the 1month and 1week and you will be amazed how much they keep faithful to those lines.
As Smile Direct Club becomes the newest "Meme" stock. It's the fun guessing game of predicting a top where no obvious obvious resistances can be found.
You can look back on monthly / weekly levels to try and have faith in those lines being retested. But which do we ignore and which do we believe?
You can do fib to try to align the previous supports /...
Lots of economical items Friday as SPY start to turn bullish.
SPY must go over Thursdays high. If not, expect a low on Monday. Thankfully, Monday drop might bounce on the strong supports made, and a trendline that is loosely formed.
Unless the economical news breaks all supports, it's seems like a very safe long for next week.
As AAL is stuck in a decending Triangle it looked hopeful on Thursday for a breakout. Unfortuntly the market did not agree forcing it lower for the month.
AAL will now open in the middle of the September channel.
Depending on market open reaction I expect it to test the restances at 19.66 19.83 - or - test the support at 18.94. There should be a Reversal play...