Get started

Engulfing Candle

QCOM-Has Two Bullish Patterns!Patterns Identified -Falling Wedge & Bullish Engulfing patterns weekly chart! QCOM filled a gap from November 4, 2021. I can clearly see that QCOM is going through price correction (ranging). If you take a closer look it has popped out of the upper trend line slightly. Take a look at the yellow box to verify. I've identified a bullish engulfing that leads me to believe that the stock has potential to break the channel and move to the upside. However, if it breaks the bottom of our channel, then we should expect to see price go down. However, a falling wedge pattern was identified with confluences (rising volume and momentum). Therefore, I am bullish on QCOM. My entry will be based on these findings to include the patterns identified. A break of the recent candle and channel will be my signal to enter a swing position. *This is not financial advice. Freedom & peace is prosperity, MrALtrades00 Gap up from November 4,2021 Falling Wedge Bullish Engulfing inside Falling Wedge pattern!
NASDAQ:QCOMLong
by MrALtrades00
4
SPX: Is it a BUY now? Only if it does this.Hello traders and investors! The index hit the 4,456 today again, and as we have been saying, this is the most important resistance to defeat. As long as it stays under this point, it won’t be bullish for real. Let’s see what’s going on here. In the 1h chart, the index is in a bear trend, and the only thing that could make it reverse is the breakout of the 4,456, in my view. If we do, probably the index will fill the gap at 4,481, and seek the next resistance at 4,521. If it doesn’t react quickly, it’ll just keep dropping, probably to the 4,400 again, or even lower. Let’s look for more clues in the daily chart: The index just hit its 50% retracement, and it is doing a good reaction. Yesterday, we had a classic Bullish Engulfing candlestick pattern, which is great, but we still must break the 4,456. Keep in mind that the 4,456 is at the same time the 38.2% retracement and it is near the 21 ema in the daily chart, making it the most important resistance level in multiple time frames. The 4,400 is at the same time the 50% retracement and the previous top on March, and if the index loses this point, the 61.8% retracement would be our next stop (4,345). Since the SPX is still inside our “danger zone”, my neutral view didn’t change, and I will only believe in a bullish reaction if we break the 4,456, or in a bearish reaction if we lose the 4,400. I prefer to see a bullish reaction, because the Risk/Reward ratio favors the bulls (the upside potential is higher than the downside potential). Since I do daily analysis on the SPX, I’ll keep you guys updated on this every day, so remember to follow me to keep in touch with my future analyses. Have a great Holiday/Weekend.
SP:SPX
by Nathan_The_Finance_Hydra
5
FANG is not holding up.Happy Weekend Everyone. I put together a custom FANG Plus index to track the overall strength of the popular large cap growth stocks as these stocks have been the most widely held stocks for the past several years. This particular chart is a weekly candle chart using Fibonacci retracement levels taking the previous low from the past calendar year to the last high. As you can see the index retraced 100% of the previous 1 year move and then rallied back to the 50% retracement level. However that 50% retracement level proved to be hard resistance as we can see on the chart. Moreover, the last three weekly candles completed a bearish evening star pattern and the closing weekly candle is a bearish engulphing. While the two patterns are not text book perfect, the main tenets are in place IMO. Also bearish is that the basket of stocks could not hold the 30 Week EMA. RSI seems to confirm this negative setup. The RSI did get into positive territory during the rally from the low, but it failed to hold and fell back into the bearish regime. If the downtrend continues the 78% retracement level could offer support. Seasonality says that stocks should do well for April. It doesn't say that all stocks should do well. Time will tell. Anyway I found this interesting. Good luck to all. NASDAQ:AMZN NASDAQ:AAPL NASDAQ:GOOG NASDAQ:FB NASDAQ:NVDA NASDAQ:ADBE NASDAQ:MSFT NASDAQ:NFLX NASDAQ:TSLA On another note, I have Carolyn Boroden's book on Fibonacci Trading but I find it lacking. If anyone has a good book recommendation on Fibonacci please leave it in the comments below. Thank you!
NASDAQ:TSLA
by Breakout_Charts
7