HIMS a gender focused health care company LONGHIMS had an excellent earnings report for a small cap company; it is consumer driven quality
focused and helps the customer feel good about him/her- self. It does not have any gender
orientation agenda nor any obvious political inclinations. On the 120 minute chart, it started
a moving averge convergence about a week before earnings. The Greeny TTM squeeze indicator
did its thing as the post-earnings action began. I see this stock as a good long to hold into
the next earnings and perhaps through it. HIMS is now at its all time high. There is no chart
horizontal resistance overhead and traders will note that. I see the bullish momentum
continuing perhaps with some healthy ( no pun intended) corrections while underway.
Healthcare is considered to be a hot sector for 2024 this small cap seems to be warmed up.
M-oscillator
NKTX: A technical perspectiveNASDAQ:NKTX is a clinical-stage biopharmaceutical company, develops and commercializes natural killer cell therapies for cancer and autoimmune disease treatment. While highly speculative, the daily charts have presented a purchasing opportunity after a stock offering to raise capital.
MACD and TTM Squeeze tend to be reversing, and selling pressure seems to slow. I expect price to bounce off of the critical support level around 8.47. A price below 8.47 justifies a premium valuation of the underlying.
Short-term price action appears to be slightly bearish, but the conditions are right for a reversal. Biotechnology stocks tend to be highly volatile, make sure to manage your risk correctly before making a trade. My R:R ratio is around 5:1 with a SL at 8.08.
NEARUSDT / Short / 27,04% (4x Leverage) / DT failing supportStrategy: Short
Entry: 6,74600
TP: 6,29000 (6,76%)
SL: 6,97500 (3,39%)
Decision Making process:
Subtle RSI bearish divergence
EMA crossover
Double Top bouncing off resistance and failing support
Support retested
General (BTC) bearish market
I see a bullish reversalEven thou BTC is in a correction, in this macro regime altcoins should outperform, so looking at CTSI, i think it should be one of the outperforming ones short-term:
- Day MACD is in the oversold zone and reversing, being in a uptrend indicated by the 50/200 MAs
- On Day timeframe (TF) there is a bullish reversal divergence as well as bullish continuation divergence on different oscillators
- on the 4H TF MACD has already reversed from the oversold zone and about to cross MACD downtrend. Also, the histogram rate of change is slowing down.
- on 4H price chart i see a strong level at 0.2827 and some kind of H&S reversal formation
So, if BTC will stay here w/o any strong moves downside, CTSI should give me 20-40%
QQQ has recently broken below its upwardAfter going on a nice rally QQQ is starting to show signs weakness in its price action and RSI.
QQQ price action for the first time in a while breaks below its upward trend and holds below for two straight trading days
RSI 20 has also been forming a bearish divergance pattern with it trending down while price has been climbing over the past month.
Key signs to watchout for:
RSI breaking below 50
Price action breaking below its flat support line.
It is very possible that QQQ will simply do a pull back through time where trades flat for a month or two months before starting to rally again. Due to its more tech heavier lean, a correction and sell off in price is very likely as well.
Tighten your stop losses to protect downside risk
SMH breaks above its updward, reversal likelySMH has gone on a wonderful tear the last year and has recently showing signs that it is way overbought and due for a correction.
From a 1W period we see that SMH has broken above year long upward trend.
This is a first for SMH to do over the last year
The ETF has gone through some notable contractions like from Aug - Oct of 2023. This occured without breaking above the trend.
RSI 20 is now also for the first time showing that it has reached above 70 in over a year.
We should expect a decent contraction or elongated pull back in time to correct fore this over purchasing it went through.
Tighten your stop losses to protect against downside risk.
NVDA indicates a bearish divergenceComparing the price action to the RSI 20 indicator we can see a bearish divergence forming.
RSI is trending downward
Price action is continues to trend upward during same time
Gives indication that a reversal is becoming likely
RSI still remains above 50 which is bullish indicator overall
While NVDA has gone on tremendous tear lately we start to see signs of weakness in the price action and RSI. This does not mean its time to sell. I would recommend tightening up stop losses to protect against possible downside risk.
Apple Reports Soon. Can it Bounce?Apple has lagged for months, but some traders may expect a recovery.
The first pattern on today’s chart is the emerging double-bottom around $168.50. AAPL bounced at that level in early March and is trying to hold it again. The kind of price action may suggest the downtrend is slowing – at least for the time being.
Second, the tech giant is expected to report earnings in the next few weeks. Considering the nearby support, will sellers wait for the approaching catalyst to push the downside? That could give an edge to buyers in the near-term.
Third, MACD is starting to rise.
Next, consider the falling trendline along the recent highs. Closing above that line may also suggest the near-term direction is less bearish.
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Short opportunity on SPXSPX index showing bearish divergence on RSI. While price have been moving up steadily for the last two months. RSI doesn't seem to track price instead it has been falling. This bearish divergence indicates there could be possible correction in SPX. From past correction, I guess it could be around 10% where there is a good support. Also this correction can be welcomed so we don't see a bubble burst scenario.
Hope you like this analysis. If you like please boost the idea or leave a comment on your thought. Otherwise, happy trading :-)
Salesforce Could Be StallingSalesforce more than doubled between late 2022 and early 2024. But now some traders may think the provider of marketing software is stalling.
The first pattern on today’s chart is the November 2021 high of $311.75. CRM rallied above that level on March 1 but couldn’t stay there. Such a failed breakout is a potentially bearish reversal pattern.
Second is a trend line rising along the lows of January and February. CRM touched that support more frequently in March. That could suggest it’s at risk of breaking. (The 21-day exponential moving average may be providing a similar signal.)
Third, MACD has mostly fallen since mid-February. That may reflect weakening momentum.
Fourth, Bollinger Bandwidth has narrowed. Will that tightening price action give rise to increased volatility?
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Bitcoin Liquid Index Gann Square & EW CountHere I made an elliot wave count, this is a complete wave assuming the 5th wave is short like in 2013/2014.
I will look into making an alternate count that shows one more 5th wave to go before a major correction like 2014/2018... Or unlike we've seen in bitcoin history? 60k-1k???
Well no need to get too excited, time will tell which way we're going and it's too soon to say for sure.
Amazon is overbought as price heads into overhead resistanceAmazon weekly chart analysis indicates an overbought condition at significant resistance.
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Past Performance is not an indicator of future results.
Algorithms open mean-reversion Short positions in Bitcoin.Trading algorithms have initiated mean-reversion positions in Bitcoin through Futures and other structured derivatives.
Despite the clear bullish sentiment in the mid-term and long-term trends, we are observing indications of traditional Elliott Wave patterns in conjunction with a Relative Strength Index (RSI) touching 50 on the Daily chart, signaling a potential deceleration of the current trend.
In response to these observations, several trading algorithms are adopting Short positions as a mean-reversion strategy ahead of anticipated mid-term uptrends.
This proactive approach aims to capitalize on potential short-term fluctuations in Bitcoin's price while maintaining a broader strategy aligned with long-term bullish trends.
We continue to monitor market dynamics closely to optimize trading strategies accordingly.
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Possible indication of another move downThis could be descending channel forming. BTC need higher high now to avoid bear div on 12hrs SRSI. If not, new lower low is in the cards. This is too many "if" but just keep in mind and be extra careful with long positions since most of alts follow BTC correction.
Good luck traders!
AUD/JPY Poised for Downtrend Amid Fibonacci and RSI Signals
The AUD/JPY pair is exhibiting a bearish demeanor in the upcoming market cycle. A close examination of the chart reveals that the previous bullish trend was notably robust, ascending sharply to the 100.62 level. However, the ensuing bearish trend has unfolded in a less direct manner, adopting a zigzag pattern that incrementally steps downward. This pattern increases the likelihood of retracements, which we have already observed.
The initial retracement occurred within the Fibonacci levels of 0.382 to 0.5, with price oscillations between 99.182 and 99.369 respectively. This price behavior provides a strong indication of a continuing bearish trend. Subsequently, the second retracement transpired within the range of 98.82 to 98.70.
Currently, the price is situated at the third Fibonacci retracement level between 98.65 and 98.56, and we anticipate a pullback from this zone. A further descent is expected, particularly if the price breaks through the 98.19 support level.
RSI Insight:
During the aforementioned retracement phases, the Relative Strength Index (RSI) also plays a pivotal role in determining the strength of the retracements. For the third retracement to be deemed significant, the RSI should cross above the 60 mark, reinforcing the validity of the pullback.
Stop Condition:
The outlined bearish perspective could be negated if the price breaks and sustains above the 98.92 level. Such an upward movement would call for a reassessment of the bearish outlook and potential revision of trading strategies.
Endnote:
The current technical setup of AUD/JPY suggests a bearish continuation is more likely, with Fibonacci retracement levels and RSI confluence supporting this view. Traders should monitor these levels closely, with a keen eye on the RSI for additional confirmation. As always, it's prudent to implement sound risk management practices to mitigate against unforeseen market movements.
$SPY April 2, 2024.AMEX:SPY April 2, 2024.
15 Minutes
Took support at 200 averages twice and bounced back.
In 60 minute time frame considering the rise from 508.6 to 524.61 we can see oscillator divergence in play.
We are also having AMEX:SPY around 9,21,50 averages in 60 minute time frame.
61.8% retracement is around 514 levels. So this level must hold for any uptrend to continue.
In 15 minute time frame considering the last rise from 521.06 to 522.79, AMEX:SPY must hold 521.5 levels.
If this level is broken I will try for a short for a target 518 initially being 38.2% retracement for the hourly rise.
At the moment long is only above 525.8 levels.