I've Got the Magic, 26 May 2023
🖼 Daily Technical Picture 📈
"I've got the magic in me
Every time I touch that track, it turns into gold
Now everybody knows I've got the magic in me
When I hit the floor, the girls come snapping at me
Now everybody wants some crystal magic"
I'm borrowing those song lyrics by The Treblemakers from the Movie: Pitch Perfect.
➤ Equities did indeed gap higher to close the previous days' price gap and magically also closed the gap it created during today's open. Killing two birds (I mean gaps) with one stone.
➤ Nvidia's share price also played with the AI magic trick for a huge price gap of it's own. Will this gap get filled? I'm 💯% sure it will but not in one day.
➤ That being said, that bit of magic helped me out of my long position with a teeny tiny profit leaving behind a small short position. Price is setting up nicely for a Short move. If the price path that I imagine magically comes to fruition it should look something like this: Prices are re-testing the recent high by moving slightly up or down or sideways for a couple of more days prior to the real move lower.
➤ Conclusion: 🐆 I'm looking forward to seeing more magic tricks. 🪄
EQUITY TREND:
⦿ Short-term (weeks) - UP
⦿ Medium-term (< 6 months) - UP
⦿ Long-term (>6 months) - DOWN
"I've got the magic in me
Every time I touch that track, it turns into gold
Now everybody knows I've got the magic in me
When I hit the floor, the girls come snapping at me
Now everybody wants some crystal magic"
I'm borrowing those song lyrics by The Treblemakers from the Movie: Pitch Perfect.
➤ Equities did indeed gap higher to close the previous days' price gap and magically also closed the gap it created during today's open. Killing two birds (I mean gaps) with one stone.
➤ Nvidia's share price also played with the AI magic trick for a huge price gap of it's own. Will this gap get filled? I'm 💯% sure it will but not in one day.
➤ That being said, that bit of magic helped me out of my long position with a teeny tiny profit leaving behind a small short position. Price is setting up nicely for a Short move. If the price path that I imagine magically comes to fruition it should look something like this: Prices are re-testing the recent high by moving slightly up or down or sideways for a couple of more days prior to the real move lower.
➤ Conclusion: 🐆 I'm looking forward to seeing more magic tricks. 🪄
EQUITY TREND:
⦿ Short-term (weeks) - UP
⦿ Medium-term (< 6 months) - UP
⦿ Long-term (>6 months) - DOWN
🏆 eToro Popular Investor 💰
✅ Copy My Trades @ eToro, etoro.com/people/mrstocky
✅ Verified Track Record 📈
Not Investment Advice
✅ Copy My Trades @ eToro, etoro.com/people/mrstocky
✅ Verified Track Record 📈
Not Investment Advice
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