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Neckline

CRM - approaching neckline @ 195CRM had been basing for about 10 month now (since last May), the first sign that the worst could be over was when it broke above the 200 day movving average on 27 Jan, then a retest of this MA a month later on 27 Feb which validated the 200 day MA as the new "support". Several days later on 2nd Mar, it gapped up strongly on earnings beat, stopping right at a significant neckline around 195. Then proceeded to pullback and almost closing the entire gap in the coming days. While the stock has been staging a recovery since hitting the low in Dec last year, it also experienced steep pullbacks on the way up. Buying the dips would certainly had been a better option in this chopping conditions. Despite the volatility, what is clear however is that the stock is still on it's way to recovery, forming higher hi's (HH) and higher lo's (HL), with RSI staying at 50 or higher since early Jan, and a Golden Cross since 10 Mar. It could attempt to break the neckline @ 195 again in the coming days and if and when it is finally able to break and stay above this level, then we could (hopefully) see more a more steady rise with pullbacks that are less steep (ie within 50% fib retracement of each mini up swing). And the next target could be around 220. We can "predict" price targets but it is important to manage our risk with trailing stop losses and see what the market gives us. Disclaimer: Just my 2 cents and not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Take care and Good Luck!
NYSE:CRMLong
by Juliac
3M Monthly Chart Signaling Further DownsideMMM has entered a downtrend on its monthly time frame. Downtrend was confirmed with a lower high in June of 2021, followed by a retest of strong support at 108 a share (which is also where the 200-day SMA currently sits). 3M may get a short-term bounce due to oversold reads on indicators, but this stock is clearly in a downtrend. The next big move in the medium term will be to the 62-69 support zone. Notice how there's virtually no support between 108-69. Good luck! This is not financial advice.
NYSE:MMMShort
by Gooby_Trades
4
AUDUSD - We Keep On Going?I've published an analysis about the head and shoulder last week, which was looking really good on paper. It broke the neck line but then, it came back right in, looking more like a fake out than an actual break. I've collected something from the the neckline break but, I had to close before TP because of the strong reversal that happened last friday. But anyway, that forced me to take back my technical analysis, and I've found more evidences in favor of a rebound of the aussie, conforting the fact that we might be facing a fakeout. Technically we're still in an uptrend. Even though we've been falling lately, the uptrend's structure remains intact, and we should treat it for what it is. The situation : 1) We're in an uptrend 2) We've experienced some weakness lately 3) Price just visited an imbalance area (look left) 4) Price is touching 2 major trendlines and seems like it's reacting to it 5) Last Daily candle is a bullish pinbar in an uptrend, last 2 H12 candles are making a bullish tweezer, last 3 H8 candles form a morning star This one is a tricky one because, if we forget the head and shoulder, it's a clear buy, with strong candlestick formations at a clear level, so a long would be valid, but in the other hand, the price has retraced right to the neckline level, which is extremely precise in this situation. Price could still potentially break down and both scenarios could play out. But the favor goes for the rebound on the trendline because it is with the trend. If price was to break both trenline, we'd have a confirmation for a trend change, even if it was to go in a range for a while, but as is, we're in a uptrend. I'll be watching this one until I get a clearer picture of what's going on. I'd like to have confirmation about whether or not price wants to stay under or above the neck line until I make a move Cheers everyone and safe trading!!!
by aemerydufoug
RIOT - Adam and Eve pattern in the making?RIOT appears to be forming an Adam and Eve pattern (8 months in the making now) with the stock flirting with the 200 day moving average since 30 Jan this year. What is worth noting was its volume pattern since the start of this year: higher volume up days (accumulation) vs lower volume down days (distributions). A tell tale sign that the stock is probably on investors' radar rather than shortists' at current prices. While it is tempting to long the stock at current levels, there is still risk that the stock could continue to trade sideways for a (long) while more. I would probably wait for a break above 7.78 (neckline 1) to initiate some long positions. Even so, be mindful of headwinds @ 8.67 (neckline 2) and then @ 10.52 (neckline 3). However, should the stock be able to clear above 10.52 eventually, then it is a stronger signal that uptrend is underway (volatility not withstanding). p/s buy the dips is also a good strategy once an uptrend is established. Disclaimer: Just my 2 cents and not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Take care and Good Luck!
NASDAQ:RIOTLong
by Juliac
AMD - uptrend underwayAMD had a classic breakup (of both a neckline and its 200 day MA) on 1st Feb and then subsequently did a retest back to near it's breakup level on 10 Feb. The retest brought it close to but did not violate the "neckline" before it began to rebound rather strongly again last night. This served to validate that the neckline has now turned "support". I would go Long with an initial stop loss about $1 below its recent pivot low @ 80.40, and trail stops up at intervals to protect profits. Disclaimer: Just my 2 cents and not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Take care and Good Luck!
NASDAQ:AMDLong
by Juliac
AMZN - testing neckline supportAMZN broke above an inverse Head & Shoulders neckline @99 on 27 Jan and went on to hit 114 before disappointed earnings crashed it back down to 98 - 99. It could be find support around these levels due to a confluence of: 1. neckline (resistence turned support) 2. 50% fib retracement of AC upswing @97.80 3. 61.8% fib retracement of BC upswing @ 100 It is a second opportunity to go long at current level with an initial tight stop loss slightly under $96 Disclaimer: Just my 2 cents and not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Take care and Good Luck!
NASDAQ:AMZNLong
by Juliac
2
SNAP - could be emerging from baseSNAP plunged 10.3% on 1st Feb after announcing yet another quarter of dismal results. However, what happened after that is interesting. The stock began to recover steadily in the last 3 days on good volume, a stark contrast to the correction the general market was experiencing. This exhibits "hidden" strength / support for the stock. There is a good chance it is going to test a critical neckline @ 12.94 in the coming days. Should it begin to break above this neckline and also the 200 day MA, then the odds are good then it has entered into a recovery phase. Let's wait and see. Disclaimer: Just my 2 cents and not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Take care and Good Luck!
NYSE:SNAP
by Juliac
2 overlapping 4hr chart bullish patterns on ethusdWe can see a bit of a pump in price action on the 4hr chart for ether here. It appears to be breaking above the neckline of an inverse head and shoulders pattern(in yellow). Of course many times these patterns do not trigger their breakout on the first break above the neckline but rather dip back below it and wait until the 2nd or sometimes even 3rd break back above the neckline before confirming the breakout. Always a chance though this one could confirm on the first candle break above the neckline so its always wise to prepare for all possibilities. If it does indeed trigger the breakout of this 4hr inverse h&s pattern, the measured move target should carry price action above the neckline of a slightly larger double bottom pattern (in green). We’re this to happen, it could very well then flip that green neckline from resistance to support upon retesting it, thus triggering a double bottom breakout next which would take us to the green price target. Of course it could also trigger the breakout of the double bottom without retesting the green neckline, or it could break back below the green neckline and not actually trigger the double bottom breakout until the 2nd or even 3rd time above the green neckline (just like with the yellow inv h&s neckline)If I remember to be open to all of these possibilities, await for confirmation, and then make my move I’m sure I will play these 2 patterns wisely. We must also remember that a fakeout of the double bottom pattern or both patterns is also a possibility as well. The resistances/supports, price candles, and volume candles, should clue us into into which one of these possibilities will be the ultimate outcome soon enough *not financial advice*
BITSTAMP:ETHUSD
by DrDovetail
4
Gold heading to descending channel breakout trgtOn its way to the breakout target from the descending purple channel, Gold has now also formed an inverse head and shoulders which has an even higher breakout target. Price action is currently above the neckline of the inverse head and shoulders (in yellow). It could easily dip back below the neckline momentarily, but can also just as easily trigger the inverse head and shoulders breakout without going back below the neckline first. If it triggers the breakout for the head and shoulders the breakout target for it is notated here with the yellow price tag. I have included a link below to my previous idea on gold where I first spotted the breakout potential for the descending purple channel for posterity. *not financial advice*
OANDA:XAUUSDLong
by DrDovetail
2
W - strong price actionW had begun to form a saucer base pattern since Sep2022 (4 months basing), eventually cumulating to a break above it's neckline last Friday ( 20 Jan23) on very large volume. The following Monday on 23 Jan23, W announced it will cut 10% of its workforce and the market reacted by gapping the stock straight above it's 200 day moving average on yet another high volume day. Since then it had pulled back a little, forming a potential bullish flag. Will the recent gap close soon? not necessarily, if it is a breakaway gap (which usually signify the start of a new trend). Can only wait and see. Meanwhile, it is worth a shot to go long as long as it starts to break above the bull flag, with initial stop loss placed just slightly below the start of the gap @ 46.70. Trail stop up once the trade goes our way. Disclaimer: Just my 2 cents and not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Take care and Good Luck!
NYSE:WLong
by Juliac
2
CDAY - on the verge of trending up?CDAY had been basing since hitting low on 16 June 2022 (7 months now). It formed a Golden Cross on 17Nov 2022 (2 months+ ago) but continued to trade flip flopped within a sideway range while it's 200 day moving average began to flatten out. With it's 200 day MA having shifted from a downtrend to a flat line, the odds have increased for start of a sustainable up trend in the near future esp when it can start trading above it's last recent hi @ 73. Let see! Disclaimer: Just my 2 cents and not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Take care and Good Luck!
CLong
by Juliac