SPX: Must-know support/resistance levels for the short/mid-term!• The index is losing strength this morning, and if it loses the purple trend line in the 1h chart, this might be a sign that it wants to seek the next support level again, around 3,906;
• In order to avoid a sharper correction, SPX must react and break the 3,980 as soon as possible – however, there’s no bullish evidence to sustain this idea for now;
• The 3,906 is the key support, and if SPX loses it, the correction would persist and it could fill the last gap around 3,800 (yellow square below the price, daily chart);
• It all depends on how it’ll react in the next few hours and on how it’ll close the candlestick in the daily chart. I’ll keep you guys posted every day on this. The link to my previous analysis is below this post.
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AMD: A TOP sign under a MAJOR RESISTANCE! What if it corrects?• AMD is stabilizing in a resistance area, as seen in the weekly chart;
• However, the trend is still bullish, as AMD is still doing higher highs/lows;
• From the previous top to the previous bottom at $70.16, AMD corrected nearly $10;
• It is important to notice that the $70.16 (red line) is very close to the 1st retracement at 38.2%;
• If AMD loses the 38.2%, frustrating the bullish reaction seen yesterday, then the momentum would be strong enough to drag it to the 61.8% near $64;
• This would reinforce the top sign seen in the weekly chart;
• For now, let’s pay attention to the $70.16, as this is the most critical point on AMD for now, in my view. I’ll keep you updated on this, as usual.
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TSLA: We nailed the TOP! Is there a BOTTOM now?• We nailed the previous top on TSLA, thanks to the dual-confirmation of the Bearish Flag (1h) + Resistance at $198 (D). The link to my previous analysis on TSLA is below this post, as usual;
• Now TSLA just hit its technical support at $177, as expected. There’s not a single bullish reaction on it yet, but if we see one, the timing would be perfect;
• By losing the support at the red line, TSLA would just resume the bearish sentiment, and the next target would be something around $150 - $130;
• The volume is very low, and TSLA is just very weak at the moment. What if it reacts and triggers a reversal? The $198 would be the next target, as this is our main resistance to break in the short-term. I’ll keep you updated on this, as usual.
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SPX: We nailed the bottom! What's next on it?• Since the SPX hit our target at 3,911, it did a bottom sign, indicating that it wants to resume the bull trend (link to my previous analysis below this post);
• In the daily chart, there are two gaps, one above the price, and other beneath it;
• Since the index is doing a bottom, in theory, it would keep climbing until it fills the gap above 4k;
• For the index to fill the gap around 3,800 we must see it frustrating this bottom sign completely, by losing again the 3,911, our main key point;
• Tradingview’s data is very inaccurate today. Usually, there are minor differences between the opening price in the daily time-frame and the 1st hourly candlestick. However, this time, the difference was so huge that the shape of the candlestick in the daily chart and in the 1h chart (while trading in the 1st hour) was widely different – they were supposed to be equal. This is quite problematic, since it is a platform that focus on charts and I would like to know why this happens;
• Either way, I’ll keep you updated on this. For now, let’s pay attention to the gaps and to the line at 3,911, our key support.
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AAPL: A TOP sign? What's next on it?• Since our previous post, AAPL did everything it should do, as we expected, filling our last gap, and it hit our key resistance at $152 before doing a top sign yesterday (the link to my previous analysis is below this post, as usual);
• Now, this might indicate a correction, and in this scenario, the Fibonacci’s Retracements are the next support levels to work with;
• Although there’s no clear buy sign right now, any bullish reaction near a key support could be a buy opportunity, with a good Risk/Reward ratio;
• It seems the only thing AAPL has to do in order to correct is to trigger the H&S chart pattern in the 1h chart;
• In addition, the volume is low in the past couple of days, another weakness sign;
• Therefore, I would pay close attention to the retracements from now on, especially if AAPL triggers a bearish pattern in the 1h chart, as there’s a good chance one of them will work as support next.
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TSLA: Another BULLSEYE! What to expect next?• Since our last analysis, TSLA hit our target around $179 with an astonishing precision, and now it seems it wants to bounce again (the link to my previous analysis is below this post, as usual);
• In the 1h chart, it seems TSLA is in a bull trend, as it is doing higher highs/lows, and it triggered an IH&S chart pattern as well. However, I noticed recently that it might be trapped in an Ascending Channel, which could become a Bearish Flag;
• In order to avoid a bearish scenario, TSLA must react as soon as possible, and break the $198.55. As seen in the daily chart, this key point was a previous support, which is working as a resistance now;
• In addition, if it triggers the bearish flag by losing the support at the purple trend line, it will frustrate any bullish thesis;
• Therefore, the key points to watch are the purple trend lines and the $198 area. The next movement will probably be dictated by the breakout of one of these two lines.
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SPX: What if the index corrects? Take a look at these key points• The SPX is still in a bull trend, despite the bearish candlestick pattern from yesterday – A Shooting Star;
• The SPX couldn’t trigger the pattern yet, as the 21 ema in the 1h chart did a good job holding the price yesterday - therefore, our target at 4,119 is still valid;
• However, there’s still a chance it’ll trigger a top sign if it loses the 21 ema in the 1h chart, along with the Shooting Star’s low around 3,956;
• This could trigger a pullback to the next support level around 3,900. In case it does a sharper pullback, the next stop would be the 21 ema in the daily chart;
• Yesterday’s volume was quite low as well, indicating weakness;
• For now, let’s pay attention to these key points: 21 emas, 3,956, 4,119 and 3,900.
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AMZN: Trading in a VERY IMPORTANT price area!• AMZN is in a very curious price area;
• In the 1h chart, the trend is bullish, as AMZN is doing higher highs/lows, trading above its 21 ema, and it recently broke another resistance at $97;
• Now, AMZN is doing a pullback to this dual-support level (21 ema+$97);
• However, in the daily chart, AMZN is still in a bear trend, as it is doing lower highs/lows, and it just hit its dual-resistance area made by the 21 ema + $101;
• If the bear trend wins, AMZN would lose the dual-support in the 1h chart, and AMZN would just resume the bear trend from here;
• However, if the bull trend in the 1h chart wins, AMZN must break the $101 + 21 ema area in the daily chart;
• What would be the technical targets for these scenarios? The gaps (red lines), as they work as magnets when the trend reverses.
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AMD: Hit a MAJOR RESISTANCE! What's next?• AMD is in a very strong bull trend, since it broke the $62 area, triggering an Ascending Triangle chart pattern;
• Now, AMD is in a resistance area, as seen in the weekly chart (blue area);
• This resistance area is a key point where AMD found support level multiple times in the past, and now, it is near the 21 ema as well;
• If AMD does any weakness sign in this area, it might correct again (there's no clear top sign yet, but one might occur soon);
• However, as long as it stays above the $62, the bullish bias would persist, meaning, any pullback would be anoher opportunity to buy, despite any possible short-term pullback in the next few days;
• The situation is critical on AMD, so it is very important to keep our eyes open in this area.
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SPX: Still Bullish! Could it reverse?• The SPX is still bullish, as it is doing higher highs/lows, and there’s not a single bearish structure indicating a top sign (not at the moment, at least);
• The key support seems to the area around 3,900, as it is a key support seen in the 1h and D chart alike;
• Any pullback to the 3,900 would be normal and acceptable, if we see a top sign, however, if SPX loses this key support, the 21 ema in the daily chart would be the next stop for it;
• Either way, the trend is still bullish. Could it reverse? Yes, but we have yet to see a top sign on it. I’ll keep you guys posted on it every day.
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AAPL: We nailed the bottom! How to proceed?• AAPL is doing exactly as we expected since our last analysis on it, and it is bouncing just after it hit a clear support level (the link to my last analysis is below this post, as usual);
• Although this movement was pretty obvious, we can’t say this bounce will become a reversal structure yet – it is too soon;
• However, AAPL has more upside, as the last gap is a technical target. The problem is that AAPL is having a hard time around the 21 ema in the 1h chart;
• By breaking this 21 ema, AAPL might finally turn bullish again. On the other hand, by losing the previous day's low, it might frustrate the bullish bias;
• In the daily chart, the 21 ema is very close to the gap area, making this point a dual-resistance level on AAPL;
• Let’s follow it closely from here.
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TSLA: Crashing! Is there any hope for it?• TSLA is in a bear trend, and it lost the previous support level at $198 (daily chart);
• The volume is quite high, and today, TSLA is doing another gap (yellow square);
• Since the trend is bearish, and it lost the previous support level, in theory, TSLA is heading to the $179, our next support level as seen in the weekly chart (red line);
• The $179 is a key support from March 2021;
• There’s not a single bullish sign indicating that we found a bottom or that we’ll reverse from here – at least not right now;
• If TSLA fills the last gap today or tomorrow, it will be an Exhaustion Gap, and this might indicate a bounce to higher levels, but again, we lack bullish evidence at the moment;
• For now, let’s focus on the $179, on the last gap, and on how TSLA will close today.
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NVDA: Still BULLISH! But keep your eyes on these KEY POINTS.• NVDA is still incredibly bullish in the daily chart, as it is still doing higher highs/lows, trading above its 21 ema (which is pointing up, by the way);
• On our last analysis, NVDA was about to lose a key support, and although it showed some weakness as we expected, the movement was short-lived, and NVDA quickly recovered again (the link to my last update on it is below this post, as usual);
• There’s a warning sign though, as NVDA is in a key resistance area in the weekly chart, made by the red line at $141 and the 21 ema as well;
• Any evidence of a top sign in the daily chart could translate in a correction, but so far, there’s no top sign on the daily chart yet;
• If NVDA corrects this week, the 21 ema in the daily chart would be a technical support to work with;
• The volume is still low in the weekly chart, so we must keep our eyes open;
• Since NVDA is not doing any top sign yet, we can assume it’ll try to hit the 21 ema in the weekly chart first, filling the last gap in the process (red line at $149);
• I’ll keep you guys updated on this, as NVDA is doing many technical movements recently.
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USD/CHF: multi-timeframe perspective. What's the plan?The Weekly timeframe chart of USD/CHF clearly shows how the price has been unable to break above the important area of resistance portrayed on the graph. The lower-timeframe graphs at the same time, illustrate how nicely the price has been pushing to the downside.
The 1.002 - 1.004 structure has been penetrated but not re-tested. We don't see how the price can continue dropping without pulling back to this region and correcting the recent impulse. And hence, that is the region we are monitoring for SELL positions. Once the price re-touches the key area of resistance that lines up with the golden Fibonacci level (0.5-0.618), we will be aiming towards entering short positions and going for the 0.98100 area of support as our initial target.
GU Price Action for WC 1107 - Short upon LTF BoS confirmationMTF analysis are in the anchored notes for M,W,D,H4, AND H1
Annotations/ Notes and Markups are on the charts
KEY LEVEL = Tried & tested S&R zones
S/R zones are labeled as S/R zones
High Impact News / Potential price catalysts: (My time is GMT +8. Adjust according to your timezones)
TUE, 11/08/2022, (NO SPECIFIC TIME) - CONGRESSIONAL ELECTIONS (USD)
THUR, 11/10/2022, 9:30 PM - CPI NEWS (USD)
FRI, 11/11/2022 , 3:00 PM - NOV 2022 GDP STATS (GBP)
FRI, 11/11/2022 , 11:00 PM - NOV 2022 Prelim UoM Consumer Sentiment (USD)
AAPL: Did it just a BOTTOM? What's next?• AAPL is doing many technical movements recently, as it behaved exactly as we expected since our last analysis (link to it below this post);
• It lost our key support level (purple trend line in the 1h chart + 21 ema in the daily chart), and this triggered the sell-off;
• Now, as we expected, it is just after its next support levels. Today, we just hit the previous bottom at $134 (with an astonishing precision, by the way), and AAPL is trying to stabilize in this area;
• There’s not a single bullish reaction yet, but if we see one, the timing couldn’t be better;
• In my view, any bounce would make AAPL fill the previous gap (yellow square) and seek its 21 ema in the daily chart;
• This wouldn’t be a bullish reversal, just a bounce, and to reverse this bearish sentiment, AAPL must do a clear bullish structure first;
• I’ll keep you guys posted on this.
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BTCUSD: Hit our TARGET! What are the next key points to watch?• BTC hit the target we mentioned yesterday, as it triggered our Double Bottom chart pattern. The link to my previous analysis is in the link below this post;
• Now, BTC shows some exhaustion, but it is still bullish in the short/mid-term, as it is doing higher highs/lows and it is above its 21 ema;
• There’s no clear bearish top sign yet, and BTC would only trigger a sharper correction if it loses the dual-support area made by the 38.2% retracement + 21 ema in the daily chart;
• In fact, if it closes above the $20,800 in the daily chart, it’ll trigger another bullish pivot point;
• For now, let’s keep our eyes on these key points. I won’t set any other public target on it for now, but I’ll keep you guys updated on this.
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SPX: Where is the next bottom on it? Key Points for next week.• As we thought last Friday, the index did a sharp correction this week – the link to my analysis on Oct 28 is below this post;
• It just a dual-resistance area, made by the black line at 3,911 in the daily chart (multiple support/resistance level) and by the 21 ema in the weekly chart;
• Now, the index is rejecting completely last week’s positive candlestick;
• For now, there’s no clear bullish reaction indicating we will avoid a bearish scenario to the 3,500 area again;
• However, if we see a bullish reaction, now is the best time for it, as the index is struggling around its Fibonacci’s retracements in the daily chart;
• In my view, these retracements are the most important support levels in the short/mid-term.
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BNBUSD: Under a KEY RESISTANCE! What's next?• BNB is very bullish, but it has to face its most challenging resistance now, around $337;
• The $337 is a triple-resistance area, as seen in the daily chart, and only if BNB breaks it, we’ll see a bullish run to the next resistance at $413;
• However, if BNB fails in breaking this resistance, and triggers the Double Top chart pattern seen I the 1h chart by losing the purple trend line, a pullback is plausible;
• The next support level is at $299 (red line), near the 21 ema in the daily chart – making it a dual-support level;
• So far, the situation is under control, and the volume is quite high. Let’s pay attention to these key points.
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BTCUSD: Trading at a KEY SUPPORT LEVEL!• BTC is in a key support level. We see a Double Bottom around $20k (1h chart), and BTC just hit the 38.2% retracement in the daily chart, which is very close to the 21 ema as well;
• Although today’s candlestick is bullish, BTC has yet to break the black line at $20,387, as this is the trigger point for the Double Bottom;
• In this scenario, BTC would seek the next resistance, at $20,800;
• What could frustrate this scenario? If BTC loses the retracement level, along with the 21 ema in the daily chart. This would frustrate the bullish bias in the mid-term, and in this scenario, BTC would seek the next retracements as support levels.
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SPX: Hit our TARGET! What's next?• We nailed another target on SPX, as it did exactly what it had to do, and it hit its 21 ema yesterday, just after I posted my daily analysis;
• Today, it is under the 21 ema, indicating that the sell-off was intense, but we see some reaction;
• While I’m writing this, SPX is trying to do a Hammer/Doji candlestick pattern in the daily chart. The pattern is still forming, and there’s a good chance it won’t close like this, but if it confirms a bullish reaction, it might bounce to its 21 ema again (daily chart);
• The index is trying to stabilize just above the 50% retracement, as seen in the daily chart, and this point might work as a support level for us;
• However, SPX has yet to show more bullish signs in order to truly reverse. For now, I won't set any public target on it, but I’ll keep you guys posted, as usual. Soon we'll have more definition.
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AAPL: Hit our TARGET! Time to BUY the DIP?• AAPL hit our target, and it is behaving exactly as we expected since my last public analysis (link below this post, as usual);
• Now that AAPL hit our target at the 21 ema, it is doing a bullish reaction in the daily chart;
• In addition, AAPL hit a trend line, in the 1h chart, that connects the previous 3 bottoms – another meaningful support level;
• AAPL could turn bullish from here, but it has a few challenges. First, the $152 area, our previous support level, which might work as a resistance in the future. Second, if it loses the dual-support area made by the trend line (1h chart) + 21 ema (D chart), it’ll frustrate the bullish sentiment and seek the next support levels;
• AAPL looks very technical, and it has been very easy to read it lately. I’ll keep you guys posted on this.
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SPX: Key Points for next week + Trend Analysis!• SPX is in a bull trend, doing higher high/lows in the daily chart;
• In addition, it triggered an Inverted Head & Shoulders chart pattern, as evidenced by the yellow lines, and this supports the bullish sentiment;
• Now the index is facing its first resistance area, made by the previous top at 3,908 (as seen in the daily chart), and by the 21 ema in the weekly chart;
• There’s no top sign indicating it’ll correct, but it is important to keep an eye open in this area, as the odds of a pullback increase near resistances;
• Regardless if the index will break its main resistance or not, we’ll have our answers next week, on Monday, probably.
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