Possible inverted head and shoulders building on the ZARUSD
Neckline is at 19,35
If that breaks 21,17 becomes a target
These head and shoulders formations usually takes a while play play out
The Nasdaq100 has run hard in 2023
What we are seeing now is a pullback with first support only 1000pts lower.
This pullback can easily extend to -10% to -12% off the recent high and still look mediocre on the larger long term chart.
Some patience required
I have been watching this one consolidate all year and finally got a buy signal yesterday.
Added some yesterday and will continue to add today.
Targets are 4618 and 5200.
China remains a difficult market to track due to intermittent Chinese regulation and government interference creating negative publicity and resulting in uncertainty and perceived risk for...
Maybe time to relook at an entry price if support holds.
Support held twice before and if it can do it for a third time, 70 could be on the cards again
Giving this another day or two to confirm support
Uptrend dating back to 2016 break on the weekly chart.
Support at 5850, and if that does not hold, then next support around 5200.
The last time this uptrend was broken was during COVID.
Ominous looking chart
Two technical patterns identified:
Broken bull flag and a rising wedge
$NQ! Looks like it's headed for my 13736 target and would even overshoot to test 14000 in the rising wedge scenario
I would however become cautious above the first 13736 target because that target wil also indicate a double top
Fake break on the bottom of this channel
Hoping for a $30 top of channel retest
This one has been oblitereated after some poor earnings, and I'm hoping we've seen the low on this upward sloping channel
I hold a position
Looks like a little bull flag in progress
1/2 Position can be taken at 1
1/2 Position when the flag breaks to the upside at 2
This way you limit your risk if the flag fails below 1, but allows a full position if the the flag breaks to the upside through 2
A fake break will also be mitigated by closing the position if it falls back into the flag pattern after a...