SNAP's trendline support is still valid. It bounced off this support on 8 March, swung up from 52 to 65 (forming a mini swing AB) before retracing almost all the way test near the trendline again today. After a scary start to the day (when SNAP was down more than 6%) , buying support came right near the trendline and recovered to form a bullish pin bar. It sure...
AAPL tested trendline support for the 2nd time in 2 weeks and is once again rejecting this trendline decisively today. It's RSI has been gainng traction in the past 3 weeks and is fast approaching 50 again (going above 50 will definitely be a good sign for more upside momentum) The coast is looking clearer to accumulate AAPL with initial stop loss placed slightly...
SE is now 25% off it's Feb's high of 285. It bounced off a trendline support on 8th March and is today retesting this trendline @ 211.50. Incidentally this is also where the 200 day moving average is. The aggressive entry is to enter close to the support @ 211 while a more conservative entry is the wait for some confirmation that a bounce is in place (ie above...
CHWY is currently @ 79, 34% off it's recent high of 120. There is a one year Trendline Support looming up at 78 and the 200 day Moving Average at 75. Probably a good time to accumulate with a tight stop loss about $1 below 75. As the moment is still weak at the moment with RSI trading below 40, a more conservative entry is to wait for it to go above today's...
There are a confluence of supports within 12,280 - 12,410: - a 23.8% fib retracement of the major post covid crash AB swing @ 12,280 - 50% fib retracement of the smaller BC swing - horizontal resistences turned supports - mid term trendline support NQ dipped into this zone since last Thurs and had been bouncing around here for the past 3 days. While there...
It is looking like we are into a wave of nasty correction in the market with a number of stocks now looking bearish in the short term. Tread carefully! ROKU formed a Head & Shoulders and have broken below the neckline @ 379 today. Should there be a rally in the near term. we have to see if 379 has now become the resistence. Intermediate supports @ 340, 315 and...
It is likely that this just just a steep correction (not a protracted bear market) hence we need to look beyond the fear for opportunities that do not come so often! SQ crashed 30% in just a little over 2 weeks. There is a strong support zone at 190-198, little would we expect that it will crash more than 10% today to test this zone before staging a strong...
The market "crash" has been hurting a lot of people pretty bad, less so for those who had adhere to strict stop losses. However, one must look beyond the "fear" and keep an eye for good buying opportunities in good quality stocks during such times. Telsa "crashed" into a support zone 500 - 550 today, hitting a low of 539 before recovering to possibly form a...
ARKF was trending strong away from it's 50 day Moving Average until the market rout last week brought it back down. A very bullish pin bar has formed last Tues after testing the 50 day MA and also the 50% fib retracement level @ 52.60. Add to this, a bullish divergence is now apparent between Price and RSI. Overall the chart is still looking healthy (supported...
What a rout we had last week, a good reminder to stick to our stop losses! Despite a sharp fall, PYPL isn't bearish yet. For the past few days it danced within a zone of supports (250-257), namely the 50 day Moving Average @ 250, 61% fib retracement @ 257 and a minor horizontal resistence turned support 254.4. Adding to that, a bullish divergence between price...
PRNT has been trending up nicely since it broke above a long term resistence at ~ 27. The recent market sell off brought the price back down to just below it's rising 21 day moving average on Thursday. Then on Friday it began to shoot back up above this trendline, confirming a bullish divergence between price and RSI. Time to buy this dip! Long @ 44.0 - 45.0...
ROKU dipped below a resistence-turned-support @ 443 briefly to test close to the 21 day moving average before closing as a pretty bullish pin bar on Wednesday. The stock has only retraced less than 50% of its recent AB swing up and has held well yesterday despite the overall market sell off. Expecting this stock to continue it's uptrend with possible near term...
So far the near term support zone (13550-13590) - which was a resistence-turned-suppport - appears to be holding. Nasdaq dipped below this support to test the rising 21 day moving average before closing above the support again with a bullish pinbar (not the most bullish pin bar, but still bullish looking nevertheless). Futures are currently holding above this...
BNGO hit a high of 13.85 before it began to cool off and since then has been consolidating within a bull pennant. It is now near the apex of the pennant which means a breakout could happen by next week. Long the breakup as it goes above 12.36 with initial stop loss slightly below 11.10. Swing traders can consider to scale out between 16.50-18.00 (168% and 200%...
SENS has been rising on good momentum and right now it appears a second bull pennant is in the works. Good chance of the stock rising to 4.90 (next resistence). If it can surpass and close above a final resistence @ 5.29 eventually, then it will be all-time-high and there is good chance for the stock to trend on a longer term . "The trend is our friend until it...
VYNE gapped strongly on 25th January, breaking out of a 10-month resistence @ 2.68 but alas failed to hold on to this level as it then gave up all the gains over the next 1 week to close the gap before attempting to reverse up again. It finally broke and CLOSED above this 2.68 resistence (now turned support) on 3rd Feb, retesting this new support over the next...
DTEA hit a high of 7.45 before plunging to hit a low of 4.62 today (a 38% drop!). However, the worst appears to be over now as it closed the gap @ 4.83 and now began to form a bullish pin bar. The uptrend appears to be still intact despite retracing about 50% of the move that began at the start of this year. I went long @ 5.00 with an initial stop loss just...
ZOM broke out of a 22 months resistence @ 0.50 with a Breakaway Gap on 11 Jan (after some stealth accumulation for 2 months prior). Breakqway gaps occurs at the start of a trend and do not get filled (until one fine day when the stock finally turned bearish). The stock has been trending nicely since, with a bull flag consolidation in the past few weeks before...