Bearish price action of UAL has been on my radar for a hot minute. Long-term support held in mid-July, followed by a break from the channel. RSI divergence suggested a possible reversal, leading to a second bounce at the long-term support. We now have the third bottom at this ascending support, a bullish signature. We can now see the enclosing triangle and...
NASDAQ:AMAT has been seriously testing its dynamic support through last weeks earnings report, but has not yet posted a full daily candle beneath. Still, that support has been functionally invalidated by 4 successive candles poking through. In my opinion, a new technical structure is therefore forming. How price action respects the MA200 and/or key supports in...
NASDAQ:JBLU appearing to have found a local bottom. Bullish divergence with RSI on timescales of weeks and months. Heavily tested support holding for now, following the break from a strong downward channel.
Strongly correlated with UAL and related transportation & industrial "reopening" stocks. Considering alongside recent positive catalysts, some may see this...
Price action ending 19AUG presents an interesting scenario for NASDAQ:UAL . First, there is clear price divergence with RSI, a bullish indication. Today's candle suggests a (crucial) third touch on a dynamic support level in the 43.00 range, suggestive of a possible upward bounce. Finally, today's candle also presents a double bottom against this rising support...
UAL has been tracing out a choppy symmetric triangle since March 2021, and has also obeyed the key ascending support since the Covid meltdown of Mar-May 2020. UAL is now testing that key support again, and 3 distinct scenarios could play out. (1) Immediate upside bounce, (2) Re-test the $50 support and recover, i.e. false break-down, or (3) fail the re-test and...
0.618 fib level has been tested repeatedly, and holds for now despite continuing to trade below MA100 and MA200. Selling pressure apparent from CMF and acc/dist. Most recent earnings tending toward pre-pandy levels, so perhaps overvaluation is becoming more difficult to ignore. Though I could reasonably see MPWR bouncing again within the current sideways channel,...
ICAGY has finally broken under the ascending support line whose anchor point (a historical minimum) formed in Oct 2020. Price action in the past 6 weeks has traced out a bearish triangle; if the pattern is confirmed, we would expect a >20% drop down to the $4.00 area. High buyer interest at those prices would almost certainly mean a rejection back to the $5+...
TOELY has performed on-par with the rest of the sector throughout the Covid era, despite its OTC status and comparative obscurity for ordinary traders (70B mkt cap vs ASML, AMAT etc). Another new ATH reached just before earnings, and a rosy outlook ahead. Rising support levels still accelerating, price action above all meaningful MAs. On track for more gains...
A simple observation: TSM has been tracing a textbook desending triangle following the recent ATH. Commonly considered overvalued (despite prevailing chip demand), it would surprise few to see a 10% correction down to the 103 support level.
BPMP looking like a possible breakout near upcoming earnings, or near May options expiration. Either could be the catalyst to pop from the surprisingly fractal-looking ascending triangles formed over periods of 12 months and 4 months. Great dividend stock in any case, and some room to grow in 2021.
Following a year of unbelievable returns, perhaps we're now seeing the anticipated correction. Yesterdays market-wide selloff expressed as a symmetric triangle breakdown in the APPS daily chart. More losses followed today. Two-fold support from the MA100 and at 68.70 currently. Freshman price target from the triangle is near 33.20, which could sting. Or maybe it...
Short interest remains high, with no clear sentiment indication from CMF or MFI. Next support (on the way down) at 72.30; a continuation to this level seems more plausible than a move out of the current channel and back above the MA200.
Next buy level could be 72-73, pending confirmation if/when we get there.
DVN is consistent if nothing else. Consistent losses for 10+ years. The Covid freeze-out saddled many developers and producers with enormous new debt, which will have long-term impacts on fundamentals. Their 2019 annual report was already poor when compared to prior years, but 2020 and Covid brought even more pain. Anyway in hourly or daily charts, you may see a...
QQQ recently has 3 touches at the $324 resistance, but has had no correlating volume present to push it above. Now we see a choppy inverted H&S formation, most visible in 1h and 4h charts. Right shoulder remains incomplete, but anticipated termination at the $324 could give the short bullish push needed. Target estimate $353, which would represent a perfect...
Stop-losses in place for me, but potentially a good buy opportunity (according to mean regression). Strong support at 11.45, and also from the 6-month moving support. Finally the MA50 is also just under today's candle, so we can wait for confirmation in the next days. Not quite oversold according to the traditional measures, but sell-off is apparent from the...
Highly periodic variability between successive minima in recent weeks; most obvious on hourly chart. No divergence b/w price and RSI or volume-weighted RSI (MFI). I don't anticipate a reversal, but I do anticipate more volatility (for now). Very well-defined linear trading channel (R~0.91) recently, maybe the slope will break soon and a knee will emerge.
