PLTR: Explosive Move! New ATH After Earnings Report.Daily Chart (Left)
Explosive Move: The price surged more than 20% following a strong earnings release, indicating high investor interest and strong buying momentum.
New Support at $45: The $45 level, previously acting as resistance, now serves as a potential support according to the principle of polarity. Monitoring this level is crucial for any pullbacks or consolidations. Therefore, even if we see PLTR losing momentum, any pullback to the $45 won't ruin the uptrend.
Strong Uptrend: The moving average (21 EMA) supports the ongoing bullish trend, with the price well above it.
Weekly Chart (Right)
All-Time High Breakout: The price has broken past its previous all-time high, confirming strong bullish momentum on a larger time frame.
Sustained Upward Trend: The consistent uptrend since mid-2023 continues with increasing strength, supported by a steep rise in the weekly 21 EMA.
Trading Implications:
PLTR is currently experiencing strong bullish momentum, marked by an impressive breakout following earnings. The $45 level is crucial to watch for potential support on pullbacks. The trend remains bullish as long as the price stays above the 21 EMA and the support level holds.
For more detailed technical analyses and insights like this, be sure to follow my account. Your support helps me continue providing valuable content to help you make informed trading decisions.
Remember, real trading is reactive, not predictive, so let's stay focused on the key points described above and only trade when there is confirmation.
“To anticipate the market is to gamble. To be patient and react only when the market gives the signal is to speculate.” — Jesse Lauriston Livermore
All the best,
Nathan.
21emadaily
Snowflake Ascending Channel bound, with upside potentialHi guys! So always looking for opportunities in repeating patterns/ macro developments.
SNowflake (SNOW) particularly stuck out.
This analysis is conducted in the 1 day timeframe.
Since June 2022, SNOW has been in a Ascending Channel with consistent Higher low prints.
This shows a reoccuring pattern of everytime we've made our way to the bottom of the channel to test Support, we've had bounces to the Upside.
We've had roughly 4 major moves highlighted with returns ranging from 40% to 80%.
We have in April made our way back to test Suppport on this channel.
Currently up roughly 10%.
We are also Above the 21 EMA, maintaining Support.
This is also a reoccuring sign of a rally to the upside.
Currently our 21 EMA is curving to the upside. The rallies that have occured in the past from touching the support line of channel have shown this sign as well.
FOllowed by a Golden cross, where 21 EMA maintains its position above 50 SMA.
Look for this signal to appear.
There is also potential for another test of Support on the lower border of channel. Keep this in mind as it is seen when you look at the previous data.
Remember it is bad practice to trade using a single indicator or tool. Always try to find overlap of signals. Look to updates ont his idea for more evidence to make informed decisions.
__________________________________________________________________________________
Thank you for taking the time to read my analysis. Hope it helped keep you informed. Please do support my ideas by boosting, following me and commenting. Thanks again.
Stay tuned for more updates on SNOW in the near future.
If you have any questions, do reach out. Thank you again.
DISCLAIMER: This is not financial advice, i am not a financial advisor. The thoughts expressed in the posts are my opinion and for educational purposes. Do not use my ideas for the basis of your trading strategy, make sure to work out your own strategy and when trading always spend majority of your time on risk management strategy.
SPY: The Most Important Technical Turning Points (D&W analysis).The SPY is once again hitting a new all-time high today, with the market looking optimistic. As long as it continues to show the pattern of higher highs/higher lows, bullish sentiment will prevail. Last month, I made several warnings that we shouldn't try to guess the top, and that the trend is upwards. The only thing that could reverse the situation would be a clear reversal signal. The link to my last public study on SPY is below this analysis, as usual.
For now, I still don't see any technical evidence suggesting a correction or a pullback, but we should pay attention to some key points, especially its medium-term support levels, because if the SPY loses them, the bullish momentum could become weaker.
Despite leaving a gap below the price, today's candle is small, revealing a contained intraday movement. If this gap closes this week, it could be classified as an Exhaustion Gap, a technical piece of evidence that the trend is losing momentum.
However, the most important key point for the SPY is the yellow area in the chart above. This point is the area of the previous all-time high at $479.98, and a secondary top at $477.55. In addition, we see the 21 EMA rising, and it will probably enter this area soon, forming a triple support level.
A pullback to this triple support level is acceptable, and it's not a technical reason to believe in an immediate reversal; after all, pullbacks in an uptrend are buying opportunities most of the time. But if the SPY loses this point, the medium-term trend could reverse, in which case the next targets will be on the weekly chart.
We can see that just below the yellow area, we have support around $466, a previous bottom, and a point near the 50-MA (red line), which is set up for the daily chart, even though we see the weekly chart. This makes the area around $466 the next area of support should SPY begin a sharper correction.
Since SPY has materialized a Golden Cross pattern (when the 50-MA breaks through the 200-MA, the black line, upwards), we can say that the official trend is upwards, but it is important that SPY keeps prices above these support levels in order to maintain the long-term uptrend.
For now, we have to be aware that the trend is upwards, and we don't see the SPY losing any support levels yet, so there are no signs of a correction, let alone a reversal in sight. We'll proceed very cautiously, paying attention to its key points. In the absence of a clear bearish reversal structure, the SPY should continue to rise, until it reaches $500, which, although not a technical resistance, is more of a psychological resistance, as we know that the market has a soft spot for round numbers.
Of course, I’ll keep you updated on this, so consider supporting this idea if you liked the content, and follow me to keep in touch. What's more, keep in mind that the idea described above reflects my humble opinion. It is not investment advice, use it for educational purposes and to improve your own thesis about the market.
All the best,
Nathan.
NIO: Important reaction at support level! But be careful - D & WNIO shares reached our first target of $9.22, set in our last public study, the link to which is below this analysis, as always.
We now see a correction down to the 21 EMA, which is to be expected, given that it has just hit a target. In addition, we see a reaction in the price, which could be a bottoming signal if confirmed. Such a reaction makes sense, since the medium-term trend on the daily chart is bullish, and the reasons are simple: 1) The price has been making HH/HL since its last bottom on December 12; 2) The price is above the 21 EMA, which is rising.
I said in my last analysis that swing trades with a focus on the medium term are technically plausible, and that's still true, but remember that all caution is needed, as the weekly chart is still in a downtrend, and this week's candlestick is a reminder of this.
If the price closes below the average on the weekly chart, we could see another top signal, suggesting further bearish continuation for NIO shares. In any case, I see $7 as the main support point, both in the long and medium term.
We see that NIO is trading around a critical point, near mid-term support levels and long-term resistance levels. Whichh one will prevail? It is too soon to tell, we need to see a clear breakout to confirm any thesis. I’ll keep you updated on this, so remember to follow me to keep in touch with my daily analysis, and support this idea, if it helped you.
All the best,
Nathan.
TSLA: Approaching a major turning point.TSLA's shares are collapsing, even though the company is beating vehicle delivery expectations. This can be explained by the fierce competition coming from China, as TSLA lost its position as the world's biggest seller of electric cars to BYD in the last four months of 2023 - even though the American company managed to beat its own expectations.
This not only affects TSLA, but also the shares of RIVN and LCID, the former of which also managed to exceed expectations for vehicle production.
From a technical point of view, the price could fall to the next support level in the next few days, around $230 . The price is already entering a short-term downtrend , as it has lost the 21 EMA, and in the absence of a clear bullish reaction that could reverse sentiment, this is the most likely scenario.
What should the price do so it can reverse this bearish sentiment? It would be nice to see a clear reversal candlestick, closing above the 21 EMA again . So far, there are no technical buy signals in my view.
Are there any other possible support points? Yes, we see the 50-period and 200-period averages very close to each other, also in the $230 area mentioned earlier, reinforcing the idea that $230 could be an important support for TSLA . It would be important to see the price react above this area to avoid a Death Cross (when the 50MA breaks the 200MA downwards).
A warning sign is the divergence between the RSI and the price. While the price was making higher tops, the RSI was already making lower tops, as evidenced by the red arrows in the chart above.
In addition, the RSI is already losing its support levels, while the price is still above them (green lines). This can be characterized as an Advanced Breakout (when an indicator anticipates a breakout in price).
For now, TSLA shares are in correction territory, and although we see a promising support zone near $230, I don't see any technical evidence that convinces me of a bullish reversal at the moment.
I'll keep you updated on this, so remember to follow me for more daily analysis like this, and support this idea if you like it or learn something new here.
All the best,
Nathan.
NIO: Breaking Through Important Resistance Levels - but beware!We see a strong bullish reaction in NIO's shares, which have been rising steadily since last week, when they approached their bottom at $7.
Around $7, we see a region of multiple support, present since June, but which has suffered several attempts to be breached during November and December, without success.
Now, the price has made a strong enough reaction to break through some important medium-term resistance points, such as the 21 EMA, and more recently, the previous top at $8.51.
In doing so, NIO's shares are sending a clear message that the medium-term trend is now upwards, as it is operating above various supports, and breaking through previous resistances.
In theory, the next resistances are NIO's next targets, such as $9.22, or even the gap open at $10.22. Remember, gaps act as magnets when the price reverses a trend.
Although this is a reading for the medium term, it's important to point out that NIO shares still face some problems in the long term, as seen in the weekly chart below:
Clearly, the area around $7 is the most important support here too, but since November 2021, the price has been in a persistent downtrend. We don't see rising tops and bottoms, and the 21 EMA could still be a resistance point, although the price is above it this week.
So, while buying with a focus on the medium term is technically plausible, caution is advised as the weekly chart is still in a downtrend.
I'll keep you updated on this, so remember to follow me to keep in touch with my daily analyses, and if you liked the post, remember to support the idea.
All the best,
Nathan.
TSLA: An Intense Breakout is About to Occur!TSLA shares are trading in a Trap Zone, the area between the 21 EMA, which serves as the main support, and the resistance at $246.70, which was already mentioned in my last public analysis, the link to which is below this post.
This area between the 21 EMA and resistance is called the Trap Zone because as long as there is no real breakout from support or resistance, we could see several false signals and erratic, meaningless movement within the area.
The 21 EMA is slowly rising, squeezing the price against resistance at $246, and sooner or later, we will see a breakout in some direction. There's no way of knowing in which direction the breakout will occur - remember real trading is reactive, not predictive. In some cases it is possible to look for clues in an indicator such as the RSI, and look for a divergence or an Advanced Breakout (which is not the case here).
Since our last study, the price has retested the $246 area, reinforcing our main idea that this is indeed the main resistance for TSLA shares in the medium term. Only if the price breaks through this region will we see a real sign of recovery, which would represent a continuation of the upward trend.
Meanwhile, we see that the price is trading dangerously close to the 21 EMA. If the average is lost, then TSLA could trigger a new bearish move, perhaps looking to fill the gap opened at $225.40. Such a bearish move seen today is definitely suspicious, while the indices and almost all of the "magnificent 7" are rising. I wonder how long such a divergence between TSLA and the rest of the market will persist.
TSLA shares are falling this week, just as we approach the main long-term resistance at the top of its Descending Channel. The 21 EMA is also serving as support on this timeframe, which also reinforces our thesis that this area is a key support point, which could trigger a sharper correction if lost.
For the time being, as long as there is no clear break from its Trap Zone, TSLA's shares are bound to move erratically. To avoid a bearish scenario, now would be the best time to see a reaction. How the price behaves over the next few days will be crucial to what lies ahead in the medium and long term.
I'll keep you updated on this, so remember to like this post, and follow me for more analysis like this.
Best regards,
Nathan.
SPX: An Unstoppable Rally? Analysis of the D & W charts.The SPX index is still trading within an area of resistance, which we identified together in our latest study, the link to which is available just below this post.
Although we have almost reached the next resistance at 4.607, the impression the index gives us is of a sideways correction. Since November 22, the SPX has been trading within our resistance zone (red area), without triggering any top signals, but without managing to continue the insane bullish rally either.
Despite the recent stabilization in the price, we don't see any significant top signals, or any kind of bearish reaction that could trigger a correction in the near future. But even if the index does correct, there are several support points that could hold the price, such as the 21 EMA, the gap open at 4.421, or even Fibonacci retracements as shown below.
It's worth noting how close the first retracement of 38.2% is to the gap. A correction up to one of these points would not pose any danger to the uptrend, so any pullback could become a buying opportunity. Remember, corrections are different from reversals. If there's no sign of a correction at the moment, it's even less clear that there's any chart structure indicating a reversal.
However, given the weekly chart, I understand the appeal that a correction would have:
The index has risen for five consecutive weeks, and the rally has been very intense. A pullback would be an acceptable and healthy move, and the 21 EMA would serve as a support point here too. It's worth noting that the average is at 4.402 at the moment, very close to the first Fibonacci retracement mentioned above and the last open gap.
For now, let's keep an eye on how the index reacts within its resistance zone over the next few days. Any sign of a top could trigger a medium-term correction, and in my view, if SPX closes below our resistance area again, we could finally see a correction. However, I agree that such movement is quite unlikely, at least right now. As I stated in our last analysis: "December is another good month for stocks, going up 1.50%, on average, and it ends up being a positive month 75% of the time."
I'll keep you updated, so remember to follow me for more analysis like this, and support the idea if you like it.
All the best,
Natthan.
TSLA: A Powerful Turnaround is About to Happen (D & W analysis)!Since our last study, we have observed that TSLA shares are trying to resume the medium-term uptrend by attempting to break through the last top at $246.70. The problem is that the price failed to close above this resistance on the daily chart, so the upward movement failed to materialize. The link to my previous public analysis is below this post, as usual.
On the other hand, the bears failed to take the price below the support at $226.37, the previous top that should act as future support. TSLA shares would only reverse the bullish sentiment if they made a lower bottom than the previous one, breaking through the last support at $226.37.
For now, it looks like the 21 EMA is serving as a very good support point. So, if you ask me, the trend is still up, as the price movement pattern is still one of higher highs/higher lows, trading above the moving average, even if it hasn't officially broken through the last top at $246.70 (and closing above it). And in fact, this is an interesting point, as confirmation of a bottom signal in the vicinity of the 21 EMA could trigger the next bullish rally - and the price is reacting well so far, but there is no confirmation yet. The bearish reversal point would be $226. The weekly chart shows how critical the moment is for TSLA shares:
The price has just hit the resistance of its Descending Channel for the fifth time, and as usual failed to break through it. That's why if the price loses the $226 area, we could see a continuation down to the support line of this channel, well below $200.
But what if the price reacts and breaks through the resistance to the upside? Then we'll have something new, which in my opinion would be a technical turning point that would take the price to the next resistance on the weekly chart, around $300.
There are opportunities in the medium term, but the price needs to react and confirm a breakout of one of its key points, either resistance or support, to confirm a real reversal. I'll keep you updated, so remember to follow me and support this idea if you find it interesting.
Remember, we can't predict the future. Real trading is reactive, not predictive, so let's pay attention to the key points mentioned in this analysis.
Best regards,
Nathan.
SPX: About to Trigger an Insane Chart Pattern.• We nailed the 4,195 target on the SPX, as mentioned in my previous public analysis from May 16 (link below this post);
• Now, it appears the index wants to correct, and the 21 ema is right there waiting for it, as a technical support level. This makes sense as it just hit its target;
• The problem is that it isn’t dropping properly. Despite the drop this morning, the candlestick is still bullish, and this opens room for the possibility of a sideways correction, opposing the idea of a price correction to its 21 ema;
• Either way, as long as the index remains under 4,195, it’ll be very difficult for it to resume the bullish bias;
• Yes, the trend is bullish, as the index is doing higher highs/lows and it is above the 21 ema;
• Long-term speaking, there’s an Ascending Triangle chart pattern on it, and the index has just reached its resistance line;
• Therefore, any short/mid-term correction is plausible, however, if the index breaks this resistance line, it’ll trigger this pattern;
• The technical target of an Ascending Triangle is the distance between the first bottom and the resistance line projected in the direction of the breakout. This suggests a target around 5k – remember, this is the weekly chart;
• It all depends on how the index will react from here, now that it just reached a critical resistance level.
I’ll keep you updated on this. Remember to follow me to keep in touch with my daily analysis.
TSLA: This is Why it Can Explode (Even More).• TSLA just reached another resistance level, after breaking its previous resistance at $177, as mentioned on my previous public analysis (link below this post);
• Although it just hit another resistance level at $191, there’s no top signal, nor bearish reversal structure on TSLA yet. Even if we see TSLA dropping, the trend would still remain bullish – remember, pullbacks are different than reversals;
• This happens because the trend is still bullish, as TSLA stock is doing higher highs/lows since April 27, and it is clearly above the 21 ema now;
• Any pullback to the $177 area again wouldn’t be the end of the world. In fact, when the trend is bullish, any bullish reaction around a support level must be considered an opportunity to buy/add positions;
• On the weekly chart, TSLA is on the verge of triggering a Flag chart pattern. This pattern wasn’t triggered yet, but if we see an upwards breakout, then we’ll see a long-term bullish reversal pattern getting triggered for the first time since 2021;
• If triggered, this Bullish Flag could easily take TSLA above the $300, long-term speaking;
• TSLA is almost hitting the upper trend line, which is another technical resistance level.
• Therefore, it all depends on how TSLA will react now that it reached its resistance levels, mid-term speaking. So far, no top signal around, and TSLA looks very promising. Let’s keep our eyes open.
I’ll keep you updated on this. Remember to follow me to keep in touch with my daily analysis.
TSLA: Another Target Hit. Be careful now.• Today TSLA hit our technical target at $177.65, successfully filling the previous gap;
• Now, it seems it is starting to lose momentum, but it is too soon to tell if we’ll trigger a top signal around this resistance (like a Shooting Star pattern, or maybe a Gravestone Doji?);
• If yes, then a pullback is likely to happen, but as long as TSLA remains above its 21 ema, the main bias will remain bullish;
• On the weekly chart, it is easy to see why it is losing momentum, as we just reached the 21 ema;
• The 21 ema on the weekly chart is always a secondary key point to me, and I always prefer to work with support/resistance lines seen on the price, but sometimes this indicator reinforces our reading;
• It would be important to see TSLA closing above $177.65 today, in order to improve the chances of a bullish continuation. Again, it all depends on today’s close.
I’ll keep you updated on this. Remember to follow me to keep in touch with my daily analysis.
AAPL: Big correction ahead? Only if it does this...• AAPL just reached a short-term support line on the 1h chart, around $170.93;
• This support area acted as a support on three different occasions recently, and it acted as a resistance level on May 3;
• So far, it seems AAPL is reacting above this key point. In this case, we can expect that it will seek the next resistance around $174, which is the main resistance line of this congestion;
• Although AAPL is correcting on the 1h chart, the daily chart is still very bullish. We see nothing but higher highs/lows and AAPL is trading consistently above the 21 ema;
• In theory, it could correct a little bit more, to the 21 ema, and that wouldn’t ruin the bull trend. The 21 ema is at $169.43 now;
• Therefore, the area around $170.93 (1h) and $169.43 (D) is a dual-support area on two different time frames. Only if AAPL loses this dual-support area we would see a sharper correction, maybe even a top signal on the weekly chart:
• However, as long as AAPL maintains its bullish structures up, there’s no reason to concern. I’ll keep you updated on this.
I’ll keep you updated on this. Remember to follow me to keep in touch with my daily analysis.
TSLA: Bottom nailed! What's next on it?• TSLA did a powerful bottom sign just after it hit the $165 support line, the key point that I mentioned yesterday, on our previous analysis (link below this post, as usual);
• Now, TSLA is trigged a short-term reversal structure, as it did a higher high/low, breaking a pivot point at $169.51, and it is above the 21 ema (which is pointing up now);
• So far, there’s no top signal indicating a possible correction, and since TSLA reacted above our support level, it is avoiding a sharper correction, for now.
• On the daily chart, TSLA is still bullish, as it has been following the pattern of higher highs/lows, and our key support at $165 did an amazing job yesterday;
• In addition, TSLA broke the 21 ema resistance today, which was acting as a resistance yesterday (yesterday’s high was just at the 21 ema);
• The next technical resistance is at $177, which is the previous high and the trigger point of another bullish pivot point. By breaking this pivot point, TSLA will resume the bull trend and seek higher levels, probably around $200;
• Lastly, the gap at $177.65 wasn’t filled yet, so TSLA has more upside left.
I’ll keep you updated on this, as usual. Remember to follow me to keep in touch with my daily analysis.
NVDA: Inside a Dangerous Trap Zone.• NVDA is trading inside a Trap Zone, between the $289 resistance and the ascending 21 ema, which is squeezing the price as time passes;
• Only a breakout of one of its key points would bring something new to NVDA. Usually, Trap Zone breakouts are quite powerful;
• By breaking the resistance at $289, NVDA would just resume the bullish sentiment, and the next resistance is only at $313;
• The bias is already bullish, and NVDA is in a bull trend, because it is doing higher highs/lows and it is above an ascending 21 ema. Therefore, an upwards breakout is more likely;
• However, what if it loses the 21 ema? In this case, the next technical target is the $272, which is the trigger point of a possible Double Top chart pattern.
• There’s a Descending Channel on the 1h chart, and if NVDA breaks it upwards, it’ll just reinforce the bullish sentiment;
• By losing it downwards, NVDA would probably lose the 21 ema on the daily chart as well, and the next technical target is the $272 (black line);
• As mentioned above, the $272 is a trigger point of a Double Top pattern, on the daily chart, and the technical target for this pattern is the $262 area (blue line);
• Therefore, it all depends on how NVDA will react from here, and to which direction the breakout of the Trap Zone will occur.
I’ll keep you updated on this. Remember to follow me to keep in touch with my daily analysis.
TSLA: Turning Bullish Again.• TSLA stock looks impressive, as it is doing an important reaction today, trying to reject the Hanging Man candlestick pattern from Monday;
• In theory a Hanging Man pattern is a famous top signal, however, evidence suggests that this pattern acts as a bullish continuation roughly 59% of the time (BULKOWSKI, Thomas. Encyclopedia of Candlestick Patterns, p. 365);
• Now, TSLA is trying to resume the bullish momentum. To reject any possible top signal, it is important to see it breaking Monday’s high as soon as possible - otherwise, it might lose momentum;
• What’s more, it seems it is heading to its next technical target, the open gap at $177.
• The weekly chart suggests a bounce to higher levels, maybe to the purple trend line again;
• This thesis will be valid as long as the daily chart maintains its bullish bias, and keeps above its 21 ema;
I’ll keep you updated on this. Remember to follow me to keep in touch with my daily analysis.
NIO: Trading in a Dangerous Area; Watch Out For These Key Points• NIO is trying to reverse the trend on the 1h chart, as now it is above the 21 ema, which is ascending;
• What’s more, NIO just filled one of its gaps at $8.29, but it seems this area is acting as a resistance now;
• The problem is that we don’t see a clear bullish structure, like a higher high/low yet. This gives the impression that this was just a short-term rally, not a real bullish reversal;
• To make things worse, NIO is on the verge of losing its previous support line at $8.03, and this could completely frustrate this rally;
• Therefore, NIO must close above this key point today, in order to avoid a bearish continuation;
• On the other hand, it seems that the $8.29 is our key resistance, and only by breaking it, NIO would actually turn bullish again. In this case, it could fill all the previous gaps and hit the $9.47 again.
• On the daily chart we see that the 21 ema acted as a resistance, and NIO failed in breaking it. This 21 ema is at $8.33 right now, close to the $8.29 seen in the 1h chart, making this area a dual-resistance level;
• Therefore, it is crucial for NIO to break this resistance as soon as possible, in order to trigger a meaningful bullish pattern.
I’ll keep you updated on this. Remember to follow me to keep in touch with my daily analysis.
NVDA: Reached a Critical Turning Point | Weekly Analysis.• NVDA is extremely bullish, and in spite of the top signals it gave us last week, it didn’t trigger any single one of them, frustrating any bearish thesis on it;
• The 21 ema, the first support level, has been acting as a good support level this year;
• The $262 is a key support level, and only if NVDA loses it we might see a further correction, maybe to the $244;
• There’s one problem with this bull trend, though, which is the previous resistance at $289 (green line). NVDA has yet to break this key point, which is a quite important one, especially if we see it in the weekly chart.
• The $289 is a previous top level from March 2022, and this is why if NVDA triggers any top signal around this area we could see a sharp correction;
• Keep in mind, the trend is very bullish, as this year, NVDA did an upwards breakout from a Descending Channel and it triggered an IH&S chart pattern;
• However, any top signal could trigger a correction to the 21 ema in the weekly chart again, and this wouldn’t ruin the bullish momentum in this time-frame;
• So far, there’s no top signal or bearish structure indicating a pullback, and NVDA has everything to retest its ATH again, but we must keep our eyes open in this area.
I’ll keep you updated on this. Remember to follow me to keep in touch with my daily analysis.
QQQ: Must React As Soon As Possible.• QQQ corrected to the 21 ema again, after filling the previous open gap at 322.08 (open since Aug 22, 2022);
• It is ok to see QQQ losing strength after reaching this key resistance, however, in order to maintain the bullish bias, the 21 ema must act as a support;
• If don’t, QQQ could easily seek the next support level, which is around 310, and this would frustrate the mid-term bullish bias;
• The trend is still bullish because QQQ isn’t doing lower highs/lows yet, and now it is right at the 21 ema again. There’s no bearish reversal signal on QQQ yet;
• On the other hand, there’s no bottom signal as well. QQQ must perform a bottom as soon as possible as it just reached its 21 ema in the daily chart. Only then, we’ll see a confirmation signal that the bull trend will resume.
I’ll keep you updated on this. Remember to follow me to keep in touch with my daily analysis.
NVDA: 2 Top Signals Under a Powerful Resistance - What's Next?• NVDA finally hit its long-term target this week, the 289 resistance, which I mentioned in my previous public analysis (the link to it is below this post, as usual);
• It has been correcting since then, as it did a top signal just under our 289 resistance (Bearish Harami). However, the trend is still bullish, as NVDA is still doing higher highs/lows and it is still above the 21 ema;
• Despite this correction, there’s no clear technical bearish reversal pattern around;
• The 21 ema is supposed to act as a support now, but if it doesn’t, the main support line is the 262 – only by losing this line NVDA might reverse the mid-term trend and trigger a sharper pullback in the weekly chart.
• In the weekly chart we see that the candlestick is quite bearish – so far, it is a Shooting Star, and it appeared right under the 289 resistance (green line), another top signal, if it closes this week looking like this;
• If NVDA loses its key support level in the daily chart, a sharper correction in the weekly chart is plausible, and the 21 ema would be our next target;
• Even a correction to the 21 ema wouldn’t ruin the long-term bullish bias, however, it would frustrate the bull trend in the daily chart;
• For now, let’s pay attention to how NVDA is going to react now that it is close to the 21 ema in the daily chart.
I’ll keep you updated on this. Remember to follow me to keep in touch with my daily analysis.
SPX: Dangerous Correction - What's Next?• The SPX has been correcting since it hit our target, the technical resistance around 4,170, but it seems it is stabilizing above the 21 ema;
• We set this target on my previous analysis (the link to my previous public analysis is below this post, as usual), before the SPX confirmed its bottom, when it was still below the 21 ema in the daily chart;
• Now we see a bullish reaction above the 21 ema, which is a bullish sign, however, the 1h chart suggests that a bullish reversal won’t be that easy:
• The SPX is struggling to break the 21 ema, which is working as a resistance level, short-term speaking;
• If this resistance works, and we see a top sign confirmed, the index could correct to lower levels, like the 4,049, the next support line in the 1h chart;
• In order to see a bullish continuation to the 4,200 it would be good to see the SPX breaking the 21 ema in the 1h chart, and doing a clear bottom signal in the daily chart as well;
• For now, there’s no clear bullish reaction, so let’s wait for more confirmation.
I’ll keep you updated on this. Remember to follow me to keep in touch with my daily analysis.
TSLA: A Bottom Signal (Finally)?• TSLA has finally made a bottom signal above the support line at 154.76, indicating that it should jump to higher levels;
• The problem is the key point around 164, a previous support level that is acting as a resistance now. This is the same key point we mentioned in our previous TSLA analysis – the link is below this post, as usual;
• Also, despite the bearish signal, there is no bullish reversal signal (two different things) - as long as TSLA remains below 21 EMA, sentiment will remain bearish (medium-term);
• If TSLA loses support at 154.76, that would frustrate this bottom signal, and TSLA would just fill the gap at 146 next.
• On the 1-hour chart, we see that TSLA is reversing the trend, as it is making higher highs and higher lows. The 21 ema is still flat, and price is dancing around it, but TSLA has given us some promising signals in this time-frame;
• The line at 157 was the trigger point of a Double Bottom chart pattern (as evidenced by the red lines), and that line appears to be acting as support now;
• To see TSLA jump to higher levels on the daily chart, it must confirm a continuation on the 1-hour chart, which means it must react as soon as possible, preferably above the 157 line - otherwise, this bullish thesis may be frustrated;
• For now, the two key points are the support at 157 and the resistance at 164. A breakout in either direction could bring something new for us. I will keep you updated on this.
I will keep you updated on this. Remember to follow me for my daily analysis.
SPX: This Could be a Bottom - If Confirmed.• The SPX is doing a bullish reaction today, which could become a bottom signal and a possible bullish reversal – but it is too soon for this;
• Since the SPX lost the 4,078 support line, it was supposed to hit the next support line around 4,039. However, it is did bullish reaction in a “no man’s land”, and now it is trading above the 4,078 again;
• I say it is a “no man’s land” because it is reacting exactly between the 4,078 and 4,039 support lines;
• What’s the problem with this bullish reaction? The SPX is still struggling to break a few key resistance levels. As seen in the daily chart, the 21 ema is holding the price.
• In the 1h chart, the trend is still very bearish, as the index is still doing lower highs/lows, and it is below the 21 ema – which by the way, is also acting as a resistance today;
• Therefore, this bullish reaction could be just a bounce to the 21 ema, before another drop to the 4,039;
• In addition to the 21 ema, in the 1h chart, we see the black line at 4,113, and a purple trend line connecting the previous top levels on it. Both lines are supposed to act as resistance levels;
• The SPX could reverse, but it just won’t be easy, as it has yet to break its short-term resistances in order to trigger a bullish reversal pattern. Only then, we can go on and say that the index is confirming a bottom, and the 4,170s will be our next target. For now, let's wait for confirmation.
I’ll keep you updated on this. Remember to follow me to keep in touch with my daily analysis.
