bbourji

bbourji

I said in my previous idea that I went long at 12672 and below are the reasons why. - Was hovering slightly over the weekly 20EMA which has been great dynamic support for the index over the last year. - NDX appears to be forming a flat bottom at 12760 and we can see how well that has been holding since January; it is also the 0.618 FIB from Feb. highs to...

bbourji Updated 

Not going to get into the details of surging bond yields that are causing havoc across markets, just gonna display what I see on the charts and potential scenarios that could play out; both bull & bear. Let's start with bear since it's more prominent; - NDX closed below 50 day SMA/EMA moving averages and a crucial uptrend TL that connects March & October lows....

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Great stock to own and an impressive earnings breakout after a 2-week rally that took it nearly 28% upwards. Currently overbought on all long-term timeframes and I expect it to take a breather and retest the previous uptrend TL before the next move to 320-330. Target range 265-275 for an entry. Worst case scenario is 255 IMO.

bbourji Updated 

Broke bull uptrend channel, broke below 50DMA, double topped with bearish divergence and has been creating lower highs and lower lows since; all that despite announcing killer earnings and 2021 guidance that is above Wallstreet's expectations. It's not really mysterious or surprising considering AMD is trading at 80 times PE ratio at current price but the question...

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Touched 50DMA on Friday and bounced slightly but where's the Bezos empire heading to next? Are we going to witness an earnings breakout that's similar to Netflix or an expected earnings beat that dwindles the stock further like Apple & Facebook? With a P/E ratio of over 96, it's a tough one to crack. My bet is a breakout to the upside soon. May not be right...

bbourji Updated 

My guess is a gap fill induced by the current market situation before we start inching higher. Buyers showed up at 100EMA yet momentum dried out with the overall market sentiment. However, earnings beat & stock buy-backs are an incentive to keep the engine running on this one. If you're bullish, keep an eye on 510-515 range. I personally believe the stock can go...

bbourji Updated 

Quite a clean and clear bullish chart heading into earnings. If earnings are a beat and market sentiment improves in the near-term, Google can get to 2000 easily within the next 2 months before taking a long-haul flight to 2200. Google is currently trading at nearly 35 times PE ratio yet there will be buyers in queue near the 1760 mark if we get there post an...

bbourji Updated 

Recent earnings miss, price action, mad valuations and RSI are all screaming short. Volume makes me wonder though, where are the heavy sells from July & September? Looks all-too-fishy for me and can still go in either direction despite breaking recent trend. That's one stock I would not short. Just remember, momentum-driven stocks are not all that logical after-all.

bbourji Updated 

As I called the top of last week's range during a euphoric rally and warned of a pullback due to some technical readings and in absence of media-driven drama, I will be sharing my thoughts on the upcoming week here. The bear case is clear as sun. Majority of technical readings are horrible, sentiment is injured and panic is prevalent in the markets due to the...

bbourji

Right over 50EMA/DMA, hovering around 0.618 FIB level and at the bottom of the channel + killer earnings. Looks like a buy around 128-130.

bbourji Updated 

After a big impulse move to the upside led by FAANG with a Biden presidency, stimulus, & big tech earnings in focus, a near-term breather or 'sell the news' event may be coming up. - RSI is overbought with divergences on hourly & 4 hours. - NDX literally ripped through the daily upper bollinger band and unlikely to sustain movement up there for long. - There's...

bbourji Updated 

- NAS bounced off from near 11530 or 50DMA despite the odds of the day going against it. Made that call on the spot and predicted a bounce from around that area in my last idea. - NAS ended the Thursday session with a daily bullish hammer. - Currently looking like it's set to break out of the downtrend bear flag. - 4 hour volume weighted MACD which has been...

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As I mentioned in my last idea, if NAS could not break above 11960 on Monday, the bears will take over. As soon as price hit 11960 and could not hold, it was imminent the pullback will prevail. I was slightly more bullish but sometimes a steady slower pullback is harder to predict, also harder to bounce than an abrupt bigger pullback. If you traded my chart...

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Despite 4 straight days in the red and the development of a mini-downtrend in a larger uptrend, there's no major sell-off signal just yet. What happens on Monday will be detrimental as the bearish close on Friday leaves bulls confused and bears wetting their pants. My analysis so far for the bull case: - Sell volume over the course of the week was within normal...

bbourji Updated 

Looking at the correlation of volume, RSI and price action, these are my interpretations of recent market movements and expectations of what's to come. - September 3rd marked the 1st major selloff, with volume higher than anything we've seen all year including the March crash (because smart money does not sell low). Given that this happened at the top with RSI...

bbourji Updated 

Red Flags: - Highest spike in COVID-19 since May, including Trump campaign staff. - Apple stores closing across states with increased infections. - Cruise Lines International Association announced suspension of cruise operations from U.S. ports which resulted in all cruise line operator shares to drop atleast 5%. - Broke the trend line on June 11. - Strong...