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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,
NASDAQ:WBDLong
by GarethSolowayOfficial
5
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.
NYSE:BABAShort
by GarethSolowayOfficial
10
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.
NYSE:TDOC
by GarethSolowayOfficial
12