BBOZ breakout dueI applied Bollinger bands to this monthly chart of
BBOZ and you can see for the last 12 months,
the bands have been narrowing. This is a classic signal
that the price has stabilised and due for a breakout.
Now the question is ... in which direction?
Lets take a look at the macro...
Every mf asset class is over inflated and yes nominal
interest rates have risen but have had no effect
because in "real" terms they are still mf negative.
The source of this world wide inflation is misdirected at Russia.
Remember the aim of "news" is to misinform you.
BBOZ chart looks better to me each month this continues.
But then again maybe the powers that be dont mind make
the middle class pay $20 for a loaf of bread.
BBOZ trade ideas
BBOZ getting boozed-upWith markets only recently turning kaput, and the "crisis" looking inevitable, I am long on BBOZ. This ETF is not for the faint hearted and has significant bleed, but more the risk, more the reward.
At a broader perspective, I am looking for at least a 100% upside from the bottom, which I feel was reached at $3.15. This is based on previous reaction of BBOZ during COVID downturn, which I feel is a minimum market reaction that we would see in this crisis.
In the short term I am looking at the Elliot impulse wave. I see us in wave 3 currently, which ends at the trend line. I am seeing the impulse wave ending after filling the first gap @ $4.35 area.
I have had a bad entry in to this in October (where I was feeling the market to turn - obviously how wrong I was), but have been vested since. Let's see how this goes.
DYOR and trade at own risk.
bollingers bands and BBOZ2WEEK chart shows
bollinger bands narrowing in a small range.
this typically signals a breakout is about to happen,.
I expect BBOZ to move sidways in this narrow band
range for some time.
but when the XJO crashes.. expect BBOZ to break
strongly to upside.
BBOZ still clealy in a bear market as the RBA
is sponsoring the XJO higher.
it works until it doesnt.... thiss is my trade.
BBOZ @ supportdaily chart formation is looking good.
price is holding @ support and an inv.
h +S pattern could appear soon.
fortnightly chart looks as though buying support
has come into play in the last couple of monmths.
RBA might change direction and hit the brakes
on its free money policy. Petrol is already breached $2/Litre.
BBOZ Still slidingThis weekly chart shows the ASX200 is still on it's way up in the longer term. When you switch it to the daily BBOZ will likely go up meaning the
ASX GOING DOWN.
If prices reject $7.95-$8.11 than more likely keep going down, ASX UP
Weekly: Bearish points!
The Candles are riding the Bollinger band downward.
Prices are under the midline of the Lin Reg
The MFI used in combination with RSI are both heading down BEARISH
Stochastic RSI has just entered oversold territory and still on its way consolidating
BBOZ about to explodeWe are about to have a big drop in the Stockmarket. Anytime now.
The Bollinger band squeeze cannot get any tighter really and the price is sitting on the midline acting as support.
Once we get into the upper Linear Regression (blue) than it will be eminent. We are already there on the daily.
short the stockmarket or long BBOZ
BBOZ 3x leveraged BEAR ETFClosed below the downtrend.
Several weekly and monthly levels have been already tested before.
If we close above the downtrend in the coming week, expect the price to reach the untested weekly levels.
Massive fiscal stimulus over the weekend and the Dow closing on the green on Friday might keep the Bears down earlier in the week, but the bad news and the panic proliferating throughout the general public might push the bears up to those levels.
