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Double Bottom

NVDA: Bullish thesis with 40% upside potential (complete MTFA)!Hello traders and investors! Let’s see how NVDA is doing today! To me, NVDA is one of the stocks with the highest potential, if everything works out, of course. Let’s do a complete Multiple Time Frame Analysis (MTFA) on it today. First, in the 1h chart, it finally broke the $ 168 area (black line), which was a support and resistance multiple times in the past. By breaking this line, and by leaving the 21 ema behind, NVDA triggers a short-term reversal, at least to the $ 182, which is the single most important key point on NVDA to me. Let’s see the daily chart now: The trend didn’t reverse here yet, but given how the 1h chart looks, it could reverse soon. First, we would need to break the 21 ema, and second and most important, the $ 182 area. By breaking the $ 182, NVDA will trigger a Double Bottom chart pattern, a bullish reversal chart pattern in the daily chart. What’s more, the $ 182 was a support level in April. And it is working as a resistance for NVDA right now in May. The fact the polarity changed at this price level indicates that it is an important key point, indeed. If NVDA triggers this pattern, it has an immediate target at $ 204, but I see NVDA filling the last two gaps in the long-term. Meaning, it could hit the $ 258 in the next few months – roughly 40% upside. This is why NVDA is one of the most promising stocks I see around. So far, NVDA always filled the gaps that appeared above the price (when it gaps down), so historically/statistically speaking, you could build a bullish thesis on this fact alone, with a high probability of success - however, only TA can help us with our timing. In the weekly chart, this reaction is occurring at a very interesting support level, which is April 2021 top. This could confirm a bottom for NVDA in the long-term, which reinforces our bullish thesis. This reaction on NVDA looks great, and we see a confluence on multiple time frames indicating a possible reversal. For now, let’s just pay attention to the $ 182 area, as this is the key point for us. I’ll keep you guys updated on this, so, remember to follow me to keep in touch with my future analyses! * This is my personal view, based on technical analysis, price action, statistical analysis and historical data. Not investment advice.
NASDAQ:NVDA
by Nathan_The_Finance_Hydra
13
AMZN: A $ 500 REVERSAL ahead? Let's see.Hello traders and investors! Let’s see how AMZN is doing today! Like many other stocks, AMZN is trying to reverse. After finding a bottom around the $ 2,048 (blue line), AMZN bounced and it dropped again to this line, making this a possible Double Bottom chart pattern. This is a powerful reversal pattern, and usually it works very well, when triggered. In this case, AMZN must break the $ 2,316 (red line) in order to trigger the reversal pattern. The red line is the last resistance, and it is quite close to the 21 ema, which is another technical resistance that AMZN must break, otherwise, the bear trend will just persist. If AMZN triggers a reversal, we have two possible targets to work with, in the mid-term. First would be the $ 2,707 area, which was a previous support level, and it could be a resistance in the future, according to the Principle of Polarity. Second, and my favorite one, is the gap at $ 2,806, which I do believe will be filled, eventually. In the weekly chart, we see that the possible Double Bottom chart pattern in the daily chart couldn’t have a better timing. AMZN just hit a very curious technical support level, which is the February 2020 top level, before the crash. In addition to this, AMZN is reacting nicely. So far, we see two Hammers candlestick patterns, with long shadows under the candlestick’s bodies, indicating some strength in this area. For now, let’s wait for a clear reversal, as AMZN could fly roughly $ 500 (or 20%) if we do trigger the reversal we want. I’ll keep you guys updated on this, so remember to follow me to keep in touch with my daily analyses!
NASDAQ:AMZN
by Nathan_The_Finance_Hydra
24
SPX: Triggered a REVERSAL! What's the TARGET?Hello traders and investors! Let’s see how the SPX is doing today! It is doing exactly what we were waiting for since my last post (link below). Yesterday we triggered the reversal pattern we’ve been waiting for, by breaking the 3,979, now we are just seeking our next target at the 4,090 area, and the gap around 4,075 will probably help us here. Remember, gaps work as magnets. Since it is a bull trend in the short-term, any pullback to the 21 ema or to the 3,979 again would be just an opportunity to buy. However, if it drops too much and loses the 3,900 it might ruin the bullish structure. Lets see how the daily chart is doing: In the daily chart, we broke the purple trend line we’ve been mentioning, and as we discussed in our previous analyses, by breaking this line, the index is putting an end to the bearish bias in the daily chart. However, unlike in the 1h chart, the trend is not bullish yet! In order to do a clear reversal, the index must break the 21 ema, and most important of all, break the 4,090 (red line). This will trigger a mid-term reversal pattern called Double Bottom chart pattern that could lead us to the 4,500 again. As usual, there's a problem. I would just like to see a higher volume. This is not enough to ruin our bullish thesis, but it is something to keep in mind. The index is finally bullish in the 1h chart, and this may trigger a reversal in the daily chart as well. Our next target is 4,090, for now. I do daily analyses on the SPX, so if you want to keep in touch with my thoughts, just remember to follow me to not miss any of my future analyses.
SP:SPX
by Nathan_The_Finance_Hydra
9
SPX: Almost REVERSING! Watch these key points for now!Hello traders and investors! Let’s see how the SPX is doing today! Again, the 3,979 worked as a resistance, and this is not a surprise at all. We've been talking about the 3,979 since last week, and we know that as long as the index stays under this price, it can’t do a decent reversal. The link to my previous analysis is below this post, as usual. At least, the index filled the last gap, making it an Exhaustion Gap, which is a sign of a reversal ahead, but again, in my view, we still must break the 3,979, as this will trigger a Pivot Point in the 1h chart. Another interesting thing is that we are trying to break the purple trend line in the daily chart, and this will surely put an end to the bearish bias. This alone is not enough for a bullish reversal, but by adding the other signs we have (Exhaustion Gap and possible Pivot Point in the 1h chart), we can build a nice bullish thesis. If the price finds a resistance at this purple line, and loses today’s low, we could drop again to the 3,858 (previous support). By breaking the 3,979, I see the index retesting the area around the 21 ema and the 4,090 in the daily chart, in the short-term. By breaking the 4,090, it’ll trigger a Double Bottom chart pattern in the daily chart, a mid-term reversal, that could take the SPX to the 4,500 again. I do daily analysis on the SPX, so remember to follow me to keep in touch with my insights!
SP:SPX
by Nathan_The_Finance_Hydra
4
SPX: Still BEARISH, but these patterns could REVERSE the trend!Hello traders and investors! Let’s see how the SPX is doing today! Yesterday’s reaction was quite good, but as we thought, not enough to trigger a real reversal. We pointed to the 3,979 (black line) as the main resistance to break, and not surprisingly, this point was yesterday’s high multiple times before it melted today. The link to my previous analysis is below this post, as usual. As long as the index remains under the 3,979, it won’t trigger a proper reversal sign, in the short-term. If it breaks the 3,979, it’ll probably fill the last two gaps and hit the 4,090, another important key point, as we’ll see next. In the daily chart, we are still under our purple trend line, so the trend is still bearish. If we break this line, we might see something new, but only the breakout of the 4,090 would trigger a mid-term reversal in the daily chart, as this is the breakpoint of a (possible) Double Bottom chart pattern. If the index triggers this Double Bottom, the 4,500 would be our next stop, but for now, we have many challenges to overcome: The 3,979, the purple trend line, and the 21 ema in the hourly and daily charts. Right now, I'm neutral on the index, but if it reacts properly, it could be a buy again. Only time will tell. Since we are near a support level, we must pay attention to these key points this week. I’ll keep you guys updated every day on this, so remember to follow me to keep in touch with my future analyses!
SP:SPX
by Nathan_The_Finance_Hydra
3
audusd buy setup for todayHi Traders, Today I am looking at AUD/USD, I can spot a very simple setup on the 30 min timeframe with multiple confluences coming into play, Firstly price has rejected a previous level of resistance at 0.7070. The price has consolidated throughout the Asian session and gave a strong bullish engulfing candle on the London open indicating that we may now have some buyers stepping in. apart from that I love that price has created a minor resistance at 0.7088 and then broken the level with a strong engulfing candle. I will be waiting for price to retest this minor support and start rejecting it so I can get ready for a buy position. I would love to see wick rejections at the level as well. I will be keeping an eye out for the minor resistance at 0.70980 It should not give us too much trouble if price begins to push with strong volume, but just stay focused. plan your trade and trade your plan. Renaldo Philander
Long
by Tradebudz
NIO Cars Have Four Wheels & A Double Bottom?NIO Cars Have Four Wheels & A Double Bottom? I am confident that NIO vehicles have four wheels and a double bottom pattern on the daily chart. Expected move-From the neckline to the peak of the pattern is approximately 10 bars or 10.99 ticks. What confluences further influenced my position on NIO? -9 MA approaching the 21 MA for a crossover -Broke above the weekly timeframe resistance zone -Bullish Harami pattern spotted on 4H chart. *Special note- NIO gapped down January 24, 2022. The gap size is approximately 5.08% or 1.32. The reasons aforementioned is the explanation for my bullish stance on NIO. *This is not financial advice. Peace & Prosperity, MrALtrades00
NYSE:NIOLong
by MrALtrades00
SPX: What does it take to reverse? Watch these technical points!Hello traders and investors! Let’s see how the index is doing today! First, it is back to our “neutral zone”, but the reaction since the last bottom was quite strong, and we broke the 21 ema as well. Now, it seems it has only to break the resistance at the 3,979 area in order to fully reverse and enter bull territory. If it drops again, that’s expected, but if it loses the 21 ema again, it’ll lose strength, and the bullish bias will get weaker again. Either way, we don’t see a clear bullish structure in the 1h chart yet, like a bullish reversal candlestick/chart pattern (just a V-shape recovery which is taking us to the resistance at 3,979, but that doesn’t mean much). Let’s take a look at the daily chart for more clues: Unlike the 1h chart, here we see some important reaction, it is not much, but might be the beginning of a bullish movement. Last Friday we saw this Hammer candlestick pattern, closing above the previous support at 3,858 after a brief intra-day violation, aka false breakout. The size of the shadow under the candlestick’s body was impressive. Usually this indicates a lot of buy force, in an attempt to reverse, and this is our first bullish reversal sign. Today’s candlestick is bullish, which is good, but the next thing the index must do in order to reverse is to break the purple trend line. The trend will remain bearish as long as we stay under this line. If we do break it, the next resistance will be the red line at 4,090. If the index breaks the 4,090 it’ll trigger a Double Bottom chart pattern, a reversal pattern that could lead us to the 4,300, at least. This is what it takes for the index to reverse, and we must watch these key points closely from here. I’ll keep you guys updated every day on this, so remember to follow me to keep in touch with my daily analyses!
SP:SPX
by Nathan_The_Finance_Hydra
5