FSLR PARALLEL CHANNEL - WILL IT BREAK SUPPORTMultiple hits on this parallel channel confirms the latest in Gareth's future FSLR play.
Garethsoloway
WBD hit some resistance and is ready for a breakout.Look at this chart of WBD on the Daily TF.
On the right side of the chart you will see a purple box which marks a pivot point.
Off of that pivot point, there is a Yellow resistance line, where price action was chopping along for some time.
The price action then started creating lower highs and lower lows creating a downward sloping megaphone pattern.
When you see this type of a pattern on towards the lows of the charts this becomes a bullish indicator.
Where you see the yellow line meet with the top of the megaphone pattern is a circle where you can expect resistance.
The resistance is due to the pivot point as well as the top of the megaphone.
If WBD were to hit the target within a couple of days then it would still be valid for a couple day pull back.
Now, if price action chops along the top of the blue line for 6 to 7 days the we can expect a breakout with a potential upside to the $17.00 range.
What do you think will happen?
Let me know in the comments.
Cheers,
BABA Nears Major Resistance, Short Sell PotentialTake a look at this beautiful chart.
We are looking at the BABA chart on the Daily TF.
Let's start out at the bottom of this chart where you can see the first measured move (purple measurement), which moved 36.30 points.
Then, notice that the second measured move (blue measurement), if we extend it up to 36.30 points, it takes you up to the yellow line.
The Yellow Line is a gap fill and with price action moving up, it will act as a resistance point.
Charts, (and humans) generally repeat past actions, this means that our possible target is around the 121 level.
Since gap fill is right at the 121 level and is coinciding with a measured move, this will be a great pull back level.
BABA will be closely monitored for movement in the next couple of days and this Idea will be updated if something in the chart changes.
What do you think will happen to BABA next?
Let me know in the comments.
Cheers,
p.s. this is not advice, it is just an opinion and what I see when looking at this chart.
TDOC is about to make a Breakout but which way will it go?What we are looking at here is TDOC on the Daily TF.
Draw your attention to down sloping trendline (Yellow). You will notice that the yellow trend line is acting as resistance and the price action has hit this line a couple of different times.
The price action from today (1/9/2023) helped solidify the downward sloping trendline and showed us that the resistance is strong along that line.
Now look at the downward sloping trendline (Green). It used the price action on Friday (1/6/2023) to help solidify that downward sloping trendline, which is acting as support.
The yellow resistance line and the green support line are creating a wedge pattern for TDOC to make a move.
If the Yellow resistance line gets tagged a couple more times, you can expect further upside and a breakout.
However, if you tag the support (Green line) too many times more, you will see price breakdown and the price of TDOC could go lower.
This is a situation where you just sit and wait for the price action and the charts to tell you what to do next.
TDOC will continue to be monitored as this stock has a lot of potential for a breakout.
What do you think will happen next with TDOC? Do you think Breakout or Breakdown?
Let me know in the comments.
Cheers.
META is setting up for a breakout.What we are looking at here is META on the Daily TF.
I want to draw your attention to the downward sloping line (yellow), where price action has been attacking since the beginning of April.
The yellow line was acting as resistance until the 5th hit of that line, when a break out occurred (purple box).
Now that we have seen a breakout above that resistance line, the chart is indicating that the price action wants to go a bit higher.
Once the price gets to around the $140 level it will hit the resistance line (green), where we can expect the price to stall out and eventually retrace back down to the blue support line (as it is an up-sloping trend line).
If it breaks through the blue support, it will head back down to the down sloping (yellow) trend line which will now act as major support.
The first hit of the blue line could possibly be a great place to start going long on META, knowing that if it does pierce the blue line, the yellow line will provide some additional support for a major move to the upside.
At the end of the chart you will notice the red arrows, which indicate how price action is expected to go.
META will continue to be monitored for price action and this post will be updated as things change.
In the comments, let me know what you think will happen.
Cheers.
SNOW with a potential short term bounce.Here we are looking at SNOW on the Daily TF.
I would like to draw your attention to the up sloping Yellow trend line.
If the price action closes below this trend line we can expect further downside action.
The next target for SNOW is to the Green support line.
Once the price hits the Green support line, you can look for a couple day bounce possibly back up to the Yellow support line.
Once the Yellow support line is broken and price action comes back up to it, that same support line will then become resistance and could even be a good short level.
What do you think is going to happen with snow in the next few days?
Let me know in the comments.
Cheers.
Silver W/ topping tail and possible pullback.What we are looking at here is the CFD on Silver on the Daily TF.
We are looking at a downward slopping trend line (top yellow line) that is acting as resistance.
Towards the end of the downward slopping trendline you will see a purple box which incases a potential topping tail. If this is a true topping tail (we will know at the close), combined with the resistance of the downward slopping trend line, creates a short term pull back.
The pullback that is being created will hit support at the convergence of the Orange Line (first support) and the bottom Yellow Line).
Where these two lines converge is also a 3.86 Fib retrace and a $22.00 dollar even number.
I will be watching this closely to see if this is a true topping tail so that way I can time my entry and exit.
What do you thing will happen when the stock hits the support, do you think it is going to create a bounce or is it going to break through for more downside?
This is not financial advice.
NVDA Is going to hit support but W/ further downside in 2023.What we are looking at here is a beautiful NVDA chart on the Daily TF.
We are going to start at the middle of this chart where you will see the parallel channel that is being marked with the blue rectangle.
The price moves through the channel and touches both the top and the bottom of the channel several times.
Ultimately the price action moves to the top range of the chart, when there are multiple attempts to break through. As the attempts get closer and closer together that upper channel that is acting as resistance becomes weaker and weaker, and then a true breakout occurs.
Now I want to take your attention to the upper yellow line, which is a downward slopping trend line that is acting as major resistance. Once past the parallel channel the price action busts through the yellow resistance line but since this is only the third hit of that line it does what we would expect and gets pushed back down.
Now that the price action is back inside of the parallel channel we can expect further downside in 2023.
On the right hand side of the chart you will notice that there are Orange support lines.
Keep an eye on those as those will act as key support lines for a small bounce before continuing through from the first support, to the second support, and to the third support.
The third support is also a shorter term double bottom so you can expect a little bigger bounce on that one.
What do you think will happen in 2023? Will the charts bust through the upper resistance yellow line or will they flush through the orange line down to the bottom of the parallel channel?
Let me know your thoughts in the comments.
Cheers.
MSTR hitting support but then further downside to fill the gap.Okay guys look at this beautiful chat.
Here you are looking at MSTR on the Daily TF and you have a lot of stuff going on.
Notice the wedge pattern that is forming from the down slopping (yellow) line and the parallel (green) support line. That is forcing action to the corner of the wedge.
You will also notice that before the continued downward movement in the stock there was an attempted breakout (purple box). Now, this is where most investors would have jumped on board and though that this was a true break out, however there wasn't any confirmation.
Without confirmation there isn't a true breakout.
Also notice how the big gap up represented by the green line is now serving as a major support and goes back to 2020. This line has been tagged times now and is beginning to weaken.
Once the green line is weakened enough it will break and head down to the gap fill (represented by the blue line) and you will see a bounce off of that level.
We will continue to monitor the progress of this chart and see if there is enough bullish price action to get through the yellow resistance line or if the bears will win and fill that gap.
Let me know what you think will happen.
Cheers,
Bitcoin head and shoulders Are we seeing a possible head and shoulders forming here on the 4-hour chart for Bitcoin? This would coincide with the $9500 target and possibly a slightly lower price into the $8900 level for Bitcoin. This price action would actually bring us into this Gareth Soloway yellow trendline.
