Previously I mentioned that I might be interested in taking a position around $73 but I didn't because it doesn't look like its done falling.
I believe it is going to $60 area before finding some sort of support.
What do you think?
Disclaimer: Not investment advice.
How to read my charts?
- Matching color trend lines shows the pattern....
Ford broke below the multi-year trendline that started from March of 2020.
The price could further breakdown to $11.30 area before finding a support. However, if $11.30 breaks the next support area is $9.60 area which would be an attractive entry point.
I'd be interested to start a small position around 11.30 and load more at $9.60.
Not an investment advice.
SPX is not looking good. We are currently fully paid for the uptrend channel breakdown target. However, head & shoulder breakdown target is not met and the attempt to climb back above the neckline was rejected today. Any further breakdown could drag the index to $3700 - $3800 area which represents 21% drawdown and 1.382 fib extension area.
I am hoping we don't...
Disney just hit the lower trendline of the downward channel. Current price of $115 - $114 area is also a 2.0 fib extension area which was a long resistance area before breaking out.
For those reasons I believe it may have found a good support area for the quick bounce to $125 to $128.
However, there is a risk that if current support fails, it could fall to $92...
Bitcoin just checked back to the trend line. The trend line has acted as a support prior three times. Can it do it again? As of now its 50% chance of either.
If you are a bull you would think the bull case projection play out with the target of $51,000. But if you are a bear, you would think it could break down to $35,000 and subsequently towards $30,000 before...
Pfizer checked back on the up trendline that started since March 2021 at around $47 area. Moreover, the trendline check back area coincides with the 0.382 fib retracement. The trendline has acted a strong support prior 3 times and could provide support again this time. However, there is a possibility of revisiting $44 before reversal happens.
Target 1 - $53
The price is close to checking back the uptrend line that started since March 2020. Coincidentally the price point that checks back the trendline is also 50% retracement of $195.50.
I am thinking we could get a bounce from $195 - $200 area. It could over shoot a bit to $187 area before any attempt at reversal. If reversal happen, we could see $230.
Could it fall...
In the last chart, I drew the fib extension incorrectly. I was wrong to think temporary reversal as a bottom, before Biden's student loan announcement. With new fib extension, it looks like we are getting close to fib extension of 1.618 at $6.22. I believe we have bottomed or at least close to bottom. We could see $6.22 before the reversal happen.
Looking like Netflix may have found a bottom. With ER sell off the price checked back to the trendline that started since 2013! Moreover, the trendline check back area of $214 - $212 price area also coincide with 0.786 fib retracement of an uptrend that started in 2016.
When two or more technicals coincides, there is stronger possibility that we could get a...
The price action was ugly. Looking like this could be a bottom for a second time.
Here are the reasons:
1. 2.0 Fib extension
2. trendline retest
3. price is at previous bottom. Could be double bottom.
However, could all of this be enough for the price bounce? Not quite. This time, we have ER on 4/27 that could send the stock to $230 or drop it to $133.
Even though Starbucks looks attractive here, there is a gap that needs to fill at $83.44. I would be patient and wait until $81.72 or 161.8% fib extension and see if bottom has formed.
For now I am sitting on the side lines and wait for the dust to settle.
Possible target 1 - $81.72
Possible target 2 - $73.2
I would definitely take a sip of Starbucks around...
Boeing has been in a painful downtrend channel since last year. However, things are turning up in technical world.
Looking like it is heading towards the upper trendline of the channel around $210. If the break out is confirmed, the price can potentially head to $250.
Target 1 - $210
Target 2 - $250
Stop - $184 and below
How to read my...
Roblox is currently in an interesting place. It looks like the inverse head and shoulder may be forming with the neckline at $52.36 area. If the price can break above $53, the pattern break out is confirmed with the price target of $65.
Target 1 - $53
Target 2 - $65
Stop - $40
How to read my charts?
- Matching color trend lines shows the...
QCOM revisited long term trendline around $142.60 and bounced.
Target 1 - $157
Target 2 - $165
Target 3 - $176
Stop - $139
How to read my charts?
- Matching color trend lines shows the pattern. Sometimes a chart can have multiple patterns. Each pattern will have matching color trend lines.
- The yellow horizontal lines show support and...
Delta has been in descending channel. The price is close to upper channel trend line. If the price breaks above $41, the pattern breakout is confirmed and the price could reach $50.
However, the price has failed to break above $44 prior 3 times, so it would be prudent to take profit around that area.
There is a risk that trend line rejection can happen and the...
Ford bounced off of the long term trend line. However, it is struggling to get past $17.50 resistance. If $15.50 breaks, the stock can retreat to $12.66 area.
For now sitting on the side line and waiting to see if the trend line can provide support again in the near future.
However, if the price breaks down to $13 or below, I would be a buyer....
SOFI has been in a down trend inside descending wedge channel and may have found a bottom. The RSI has left the oversold territory and a stochastic bullish cross just happened. Moreover, the MACD lines are also about to do a bullish crossover. If the price crosses above $10.12, the pattern breakout is confirmed and the price can head towards the recent high of...
Rocket Lab has been in a descending wedge and every attempt at breaking out of the pattern has been rejected so far.
It looks like a breakout is possible this time. If the price can break above $10, the pattern breakout is confirmed and the price can travel to around $15 with resistance areas along the way with $10 and $11.74 being most significant.
A bull might...