Hit rock bottom after a earnings sell off followed by Nasdaq mini correction. bounce off the bottom of its channel today and I grab some contracts for 2 reasons.
1st - Over sold on all indicators RSI , MFI. and touch bottom of its. channel
2nd - President signed executive order for chip manufacturers (Sympathy play)
Yellow line is a downtrend .
Let me be honest with you, this breakout would not even be possible with TSLA rallying. this entire EV/Lithium sector along goes where ever tsla goes. And now it seems tsla goes where Bitcoins goes lol...
Yellow line - Downtrend
Green lines - Fib targets
stop loss 42$
I'll be swinging this through next week. with Nio,LI, and xpev having earnings I'm...
Tech and covid stocks are back on the chopping block. Zoom is flirting with a double top . Fell through its 50 and 100 man today and bounced off fib 387 today which also coincides with the yellow trend line.
Its currently trading between 404 fib and 387, I'll be watching and have my alerts set for a fall through 387. if 387 gives way the targets (redlines)...
Stock rallied when Ark bought in a few weeks back. Ever since Ark announced they sold their share of this company recently weakness has appeared. Fell back in channel on high selling volume and is now propped up by 50ma. With market overall weakness I think this is a good short.
White lines- Channel
Yellow line - Channel split
Redlines are fibonacci targets
White lines are daily channel
Yellow line is split channel
Green line was channel top which it hit today
Red lines are targets in case of a pull
1st Target redline is the gap at 52.73, gaps act as support
2nd target is 43 ish which would be around split channel support.
I don't expect a trip back to channel bottom unless bitcoin falls back under 40k.
With all the hype around semiconductor and chip stocks ENTG was bound to have its turn.. they don't neccesarily make chips but handle the waste from the production of chips amongst other things.
White lines are the channel
Yellow line was the downtrend breakout or double bottom
Greenlines/Targets are all fib ext
Macd is crossing bullish
RSI and MFI are in...