HDHD 2-4+ Week horizon
I see 2 channels on this chart. A main downward trend channel (blue) and the past month or two price action bounced from the 200ema and seems to have created a new upward channel (purple).
For the 2nd time now, price action seems to be respecting the purple uptrend channel and hopefully it will remain this way for the next couple of weeks. Additionally price seems to be moving at the EMAs.
Key area is 282-285 area. Around this area is where I see a resistance from 61.8% fib and the upper boundary for the downward channel (blue). If Price action breaks this area, there is a good chance of a target 2 hit and possibly reaching target 3.
MACD histogram on the daily and weekly seems to be losing downward momentum for a possible bullish move. Stochastics on the daily time frame is at oversold level for a possible bullish move while around the 40 level on the weekly time frame.
Also, summer is around the corner and with interest rates at at its lowest, I anticipate a lot of home buying, renovations, and new home constructions.
Disclaimer
I am not a registered investment advisor and do not offer investment advice and recommendation. All my post is not a recommendation, advise nor a suggestion and should not be used as a replacement for investment advice from a qualified licensed professional. All my post is for, information and entrainment purposes only. You, the reader, bear full responsibility for your own investment and trade decisions and should seek the advice of a qualified securities professional before making any investment or trade.
