RELIANCE TECHNICAL ANALYSIS FOR INTRADAY AND UPCOMING WEEKRELIANCE TECHNICAL ANALYSIS FOR INTRADAY AND UPCOMING WEEK
Trendingsupport
NETE and a possible move upwardsNETE has played nicely down to my support line $6.36 and a nice one day bull move with supporting volume.
Does this mean that this stock will begin running north? My belief is that it is ready after consecutive bear moves, finding its floor.
I expect NETE to move north to $7.96....why $7.96? because that price point supports the $4.30 bull candle/plateau.
I expect a retest down to $7.09/$7.00 where that is my target dip buy and a move north nets me 12% - 14% profit.
Will this happen? It's stocks, who knows....
Let's see what happens!
*DISCLAIMER* - I am not a professional trader. These are merely my opinions and hopes and dreams pertaining to this stock. Please seek professional advice in all your trades.
SIRI and a lesson in trend line chartingA nice flag setup 1/10 to 1/17 allowed this major bull move up and over the RSI Indicator past 70. Now it needs to retest and confirm its bull pricing. It may take several days to get to $5.83ish, as that is my solid support line in green. Alternatively, it may open sitting on top of trending resistance, thus making it a new support line and make another run. But i'm going with my original prediction lol
**Let's see what happens**
Drawing trending support and resistance lines allows you to really see where a stock is heading and what price points it wants to go. Add to that the RSI indicator (which tells you when the stock is overbought , or oversold ) and the volume chart and the picture gets clearer.
When drawing trending support and resistance lines, find commonality with several points (at least three) to draw from. If the points are drawn correctly, you will find more candlesticks near or touching your trend lines.
I am a new trader, i appreciate any feedback you have. Please help me if i need to update my thought process.
*Disclaimer- I am not a financial advisor. These are merely my opinions. Do your own research and formulate your own opinions regarding any moves you make. Seek professional assistance.
