About meI like to do technical analysis.
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Multiple failures to clear previous high. War looms, sanctions tighten, China locks down again. Supply chain is tenuous at best. CPI at historic levels and continuing to rise. Bull market over - first weekly SuperTrend sell signal since Covid crash, incredibly weak MacD, pronounced Head and Shoulders on Weekly chart. Long potash.
Absolutely gorgeous 3 year logarithmic channel it's formed here, almost flawlessly parallel. ROKU has bounced definitively off these supports and resistances six times, and it's looking like it may bounce again. MacD is open bearish, but RSI supports the notion that the stock has been severely oversold YTD, and is ready for a reversal. It has managed to avoid...
We have just made the exact same % move along this ascending trendline that we saw prior to the last break of wedge, with parallel MacD and RSI signals for each respective period, with almost the exact amount of days left until earnings. AMC postmarket earnings on Monday could trigger a random chimp event here.
SPY is most likely going to see a hard reversal off it's 50 day moving average (light orange line).
Looking back to the start of the year, we can see that SPY has found strong support along it's 50SMA, with 6 observed bounces in the last 8 months.
I have drawn two lines through RSI at 52 and 41. To me these levels are a key "Zone of reversal" for SPY.
DKNG is presenting an undeniable Head and Shoulders pattern on it's all-time chart, with 1w candles. RSI showing extreme bearish divergence, pulling back significantly since IPO despite bullish price action. Accumulation/Distribution reveals that shares are at the highest accumulation point since DKNG's first day of trade. RSI pulling back off this resistance...
Looking at BA's weekly chart, I can see a strong ascending channel that price action has firmly abided since the covid crash. A big rally in March brought us to resistance level again, and $BA has meandered downward since. A simple Fib retracement from crash lows to recent highs reveals that $BA is sitting on the 0.382 retracement level (possible point of reversal...
I called out numerous cases of bearish TSLA divergence last week. Tesla melted up regardless, but the bear divergence still applies. We can see MacD, TRIX and RSI all displaying a triple top pattern. Selloff on Friday 9/10 was all the confirmation I needed. I expect to see TSLA pullback to the 695/700 ascending support zone.
Looking at the 4 hour chart for Tesla going back to mid-june, we can see a trend of higher highs, while Accumulation and Distribution, as well as RSI indicate a trend of lower highs. Given that Acc/Dist is a cumulative indicator, and RSI is not, it's pretty remarkable seeing them so aligned. Triple exponential average ribbon has thrown it's first bearish signal,...
CLF, despite a recent jump in HRC1! steel futures, continues to selloff.
It's day candles reveal a 3-peak pattern commonly understood to be a "Head and Shoulders".
Despite the modified (angled) neckline, I still read this pattern as incredibly bearish.
CLF is also quite close to invalidating a strong 1y trendline (pink) for the second time in the last...
GME has finally held a breakout above it's old descending resistance. For the day, it switched to a support. MacD bull cross and RSI divergence seem to confirm this breakout.
This is just an update, see my ideas list for my long thesis and price targets.
Broke out of descending resistance, but held historic support line. Very simple but bullish pattern, has proved buying pressure at supply zone and denied downward trend. BTC price action and upcoming earnings should prove to be a worthy catalyst for a run toward $48, at 0.5 retracement of it's initial rally.
GME is consolidating along this $150 level, and I'm expecting to see it make an upside move as it approaches q3 earnings.
Earnings, or their anticipation, have proven to be a strong catalyst for GME before.
Price action has just moved off of a strong zone of support (pink solid line), which led to a 152% rally after it's retest in May.
A measured Fib Time...
As expected, SPY rallied off its $436 Fib level, and is now sitting right along the $442 zone, as well as the 0.618 ascending trend level.
I have measured out each bullish extension SPY has made from previous selloffs of this magnitude at this same RSI level.
MacD is certainly bullish and RSI has hard support at ~16.
SPY didn't drop *as* hard as previous...
TSLA is approaching a support zone it's established since May. I would expect to see a move down to support, and consolidation along it, before an upside bounce to the 750 zone. Short term bearish but TSLA needs to take it's time if it intends to crawl toward 1000 levels. MacD suggesting more red/sideways for the week to come. Holding Jan 2022 call positions.
This SPY Schiff pitchfork is anchored to the lows of the Covid crash, extended to the November 2020 double bottom that started this whole mess.
After losing the healthiest median 0 level in May, bullish dominance in SPY has weakened. The -0.75 level, in this case the lowermost dashed red line, has only been interacted with three times since 2021, two of which...
One of the most blatant head and shoulder patterns I have ever seen on a chart. Risk Reward box dhows where I opened my position and where I set stop losses. RSI approaching seriously oversold levels so I would expect some support soon, Regardless anticipating a 6-month decent to 106, while Fib levels call for a possible 103 test.
The mortgage applications print today was somewhat rough and represented an overheated market that's priced out the average citizen homebuyer. Mortgage apps actually declined in growth while building permits exceeded expectations. We can see that VNQ has been highly rangebound since the Covid rally and has failed multiple times to clear local highs at 107....