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AMD - bearish wedge & spinning top reversal. P/E 167 says it allFor any professional trader the situation is obvious: 1) Rising (bearish) wedge 2) Spinning top candlestick 3) Overbought RSI on both, Daily and Weekly 4) Low volume compared to the previous bullish candle 5) Overinflated P/E At this point, I can actually finish describing my call since it's more than enough to explain why "short" is the only way to go right now. However, I would like to go a little bit further: Bulls have to understand, that the only reason for AMD's "bullishness" is the decline of Intel stocks (Blue line on the chart). There is nothing else behind it and here is why: 1) New Ryzens will be released at the end of the year. Right now, AMD's sales are bad. 2) Ryzen XT processors failed in every single review. Those CPU's simply don't make sense since AMD asking $100 for 100MHz. If we would live in 1995, $1 per 1Mhz could be justified. But not in 2020. 3) Earnings that should be announced today not going to be good under no circumstances. Even in the beginning, right after the release of Zen2, AMD had bad earnings with a negative surprise and obviously, it's not going to be better now, when sales declined and potential customers waiting for the new generation of Ryzens, which makes a lot of sense. If this is not enough for you to stay in cash and away from AMD for now - don't worry, you still will earn experience ;)
NASDAQ:AMDShort
by LanaFL
20
BAC compared to SPX and NDX: Dot com top and bottomBerkshire Hathaway bought 33.9 million shares of the banking giant between Monday and Wednesday. That increased Berkshire's stake in Bank of America by $813.3 million to more than $24 billion. BRK holds 11.5% of BAC now. BAC chart compared to S&P500. Observe the top of both the NASDAQ and S&P BAC started bottoming when the 2 indices started falling. 2008 was a banking crisis which directly impacted BAC and it fell relatively harder than the indices. In 2020, Banks are well capitalised and backed by the FED, so chances of a banking crisis are slim. Add to that, NASDAQ is clearly overcooked at the moment(Check the historical chart. Top of the major trendline. That said, it Could also break up)
NYSE:BAC
by ashainp
Current topping patterns on the S&P 500 (Not much upside left?)The 2 hour chart above shows two key shorter-term patterns on the S&P 500 I've been watching. They are also visible on most other time frames up to the daily chart. The first pattern is the Island Reversal that has held as the top of this (bear?) rally so far. Despite all the good news surprises, Fed stimulus, and hopes for a "V" shaped recovery, we are still below February highs on the S&P 500, and unable to rally over the Island Reversal from early June. The second pattern is the Megaphone/Broadening Top we've been creating the last few weeks (blue lines). Recent rallies have been getting bigger, but are capped by this pattern and unless the pattern breaks out to the upside there isn't much upside to expect, even on hopeful days like we're seeing today so far. Don't be surprised if we again revisit the bottom of that pattern. And if price level eventually breaks down out the bottom of the pattern it might suggest an upcoming bottom break of the multi-year Megaphone pattern I've been tracking.
SP:SPXShort
by MystryBox
17
Expending Triangule or Broadening?In my point of view, we are in an Expending Triangule with 3 major options: A ➜ If June ends above the US$ 9,750, breaking the market structure, the next target will be our all time highest high near to US$ 18,000, but I think its is Improbable. B ➜ Closing June bellow US$ 9,750, we will still inside this long bear trend, aiming to test the bottom of the triangle, but its very possible that movement is just a Beautiful Bear Trap, climbing fast the prices back to US$ 10,000 with a breakout in a few weeks, and our next target will be $17,800. C ➜ The saddest option, without strong bulls, the bears hit the bottom of the triangule, triggering several stops orders, backing us to 3 years ago with the prices in $ 1600 and then $ 800. So... What do you think?
BITSTAMP:BTCUSD
by RodrigoKazuma
1
$EDO or $PNT hits resistance after 1700% rallyPretty good trade location for shorts. Right now in a pocket between 61% and 78% of a previous bear move. Bear divs on daily, and on 4 hour. We had 4h RSI breakout, and price action breakout, but it seems more like a fakeout, liquidating all shorts up there. Also price is now at the horizontal resistance, and upper fib channel. A lot of talk recently about $EDO swapping with $PNT, Binance just listed PNT, and after rally of 1700%, it could have a little break here. Sentiment is megabullish, as always right at resistance. I'm gonna go with the old rule "sell the news", with tight stop loss. Target not determined yet, but probably when I spot bull divergence on 30 min or 15 min chart.
EShort
by AjnoudaSikret