50sma
ARK Innovation Support Area to Watch for BounceHi Guys! This is a Technical Analysis on ARK Innovations ETF (ARKK) on the 1 Week Timeframe.
Jumping right in:
Our current Price action is currently bouncing off a Confluence of SUPPORT Test
We tested this Confluence of Support area the prior 2 weeks.
The Confluence involves:
1. 50 SMA
2. Support Line of the Uptrend Channel
This would make an area to go LONG.
We are currently in the process of testing RESISTANCE from 21 EMA
Since this is one the 1 Week timeframe, we need to observe how this weeks candle interacts with the 21 EMA.
If we can close ABOVE, at the end of the week. That would be a good sign.
NOTE: If we can confirm SUPPORT on 21 EMA, this is a bullish sign. Since UPTRENDS are associated with being ABOVE the 21 EMA
It would hint at or strengthen the probability we move towards the Horizontal "Resistance Line" Above in Red.
This would also be an area to TAKE PROFIT.
BUT my main focus for ARKK would be to BREAK Above and CONFIRM Support over the MAJOR Resistance Line in Orange.
Once we do that, we have CHANGED our MAJOR TREND.
Though we have a long ways to go, keep in mind that when this happens, itll be a CRUCIAL AREA to watch.
Since we havent had 3 touch points, we could be rejected which could make it a short play also.
Now since i believe we must always be prepared. Lets look at the downside, if we can't maintain this current SUPPORT area.
My first downside target would be the line titled "Support Line#1
My 2nd downside target would be the line titled "Support Line#2
To find more evidence of whats to come, i look at the current indicators placed.
STOCH RSI, is currently BELOW the 20 level. A BULLISH CROSS, where Blue line is above Orange ABOVE the 20 elvel, would indicate Bullish momentum coming in. This would help push prices towards Resistance Line.
Notice also RSI, particularly the Black line. We were for a short time, below this line but currently attempting to move back ABOVE. If we can maintain SUPPORT on this, our trend would be intacted. Which would support UPTREND.
Finally the MACD, we need to watch this one closely. We have crossed BEARISH. We need to see a Bullish Cross and maintain staying ABOVE the 0 level. If we do this, i can eventually see ARKK move towards the "MAJOR Resistance line".
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Stay tuned for more updates on ARKK 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
Buy on dip at 50DMA in Nikkei Japanese index Nikkei 225 (NI225) is in a nice bull run since Uncle Warren loaded up on the cheap Japanese equities.
The index made a top at 33770 and has been consolidating since then for the last few weeks. Recently the index made a triple bounce at the 50 day simple moving average with the last push happening on the day of the BoJ MPC meeting decision.
The price action on the index is nicely bullish and seems to be heading toward previous highs of 33770.
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High probablity breakout in BPCLChart has created higher lows formation with flat level of resistance which has multiple touches. Also price has taken support on 50 SMA and created a narrow range.
There is high probablity of bullish breakout on chart.
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I am publishing technical analysis on tradingview for educational purpose. You can visit on my profile on tradingview app to learn and understand price action and chart analysis.
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Don't get too caught up in the lower time-frames, the price is way too unpredictable there, I think.
But what do you guys think? Opinions?
AUDCAD LongOANDA:AUDCAD
Currently we are looking for a long trade reason.
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2.The price has also reached fibo golden Zone between 61.8% and 50%.
3.Once the MACD turns positive and the price move above 50sma we go long.
Risk management is key.
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Transposing the past trends from the 50sma to today's action we get several targets for taking partial profits.
OBV is still in a supportive uptrend, however, RSI has reached its worst level since mid-March at 43.
Very clear opportunity to enter a position now around the 50sma. If the price stays above the last low on August 19th around $351, we are still making higher highs and higher lows.
BTC/USD to fall lower and maybe bounce off the 50 DMA or necklinPrices are approaching the 50 DMA, which historically has provided suport to the price. Furthermore the 50 DMA is also converging with the neckline to add further support to this level being a suport level for the price. Additionally the RSI also has found support at the level it would reach when the price reached the 50 DMA. This sets up the following: prices will continue to fall to the 51k-49.75k level with would be a support zone.
Tesla Daily Bullish FlagHey everyone! Tesla stock has a bullish flag pattern on the daily! Right now it is at the bottom of the flag at around $800. Price should eventually break to the upside at the top of the pattern. As long as this pattern goes through this should be an easy play! If it breaks through the bottom for some reason after too much consolidation we may see it go down to hit the 50SMA. Just my thoughts, hope you enjoy the breakdown!
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-Credit spread sell strike: $290
-Current price to sell strick: 6.2%
-Is price trading above 50 day SMA?: Yes
-Is price trading above 200 day SMA?: Yes
-Percent OTM if held to DOE upon entering, is: 92% - 94% of being OTM if held to DOE
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Let me know what you think. Have a nice day.
rising wedge broken NZDJPY developped and broke a rising wedge, now the price is in a compression mode (red rectangle), it tried to push down last monday but failed, pay attention to the 50 sma in h4 chart, as soon as the price breaks it and closes below it, you can consider to open a sell position with the green zone as a target (around 72.00 could be a nice take profit because there the 50-day ma lies); a daily close above 74.00 will be seen as a real breaout and you will close in loss your trade.
I hope you enjoy your trading!
bye francesco
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We recommend you learn more about both the simple moving average and the exponential moving average (weighted to favour recent data).
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I will be keeping an eye on this to use on my spreadbet account.
NFLX 1D 2ND ENTRYEntry 2 - Buy at Daily Candle Close above 50 sma.
Breakout Candle Must Be
100% of the Average Volume
For full size position
OR
75% of the Average Volume
For ½ size position
Stop Loss is 1.5 x ATR
ATR @ 18.49
First Target is 1 x ATR
Close ½ position @ 1st TP
Let 2nd half position run
Trail Stop Loss