Using a combination of chart techniques such as the DC channel; FIB; ADX and MACD to determine the direction and support / resistance. My humble view of ICLN is that it will retrace towards 10.62 range as the near support area. If we look at the ADX, though weakening, DI- is still relatively strong which reflects that bears are still in control. MACD is...
Looking at the daily and weekly charts, both have depicted a Head and Shoulder formation with the neckline broken. Possible movement back to 120 area. Just a newbie's view and not to be taken as a trade setup, pls do your own DD...thanks for your comments.
Looking at GE towards a downtrend towards 8 which was the previous low in mid Aug. The top Green bar shows where previous support has turned to resistance. The next possible support is marked by the green rectangle box. Further, ADX shows a climb above the 20 level and shows that the bears are in control for the moment.
SPOT has been on a downtrend and looks like its heading towards 105-100 support area. It bounce off the lows last Christmas and I think history might repeat itself again. Currently, ADX is hot and making steep climbs with DI- calling most of the shots. Pls do your own DD. Newbie analysis
One of my earlier newbie TA that I did a few weeks ago but wanted to confirm the resistance level at 10.5. Seems that its trading within a range of between 9 and 10+. GE has seen better days and perhaps, trying to find a new footing. Waiting for ADX to show a more robust and clear upward above 20 with corresponding DI+ before going long. Just a thought.
Bounce off the 180 range, should move towards 1st resistance level of 204 and expecting a retrace to the 180 range. Noting that there is an earnings call on the 3rd Aug.
From a newbie's POV on support and resistance. Looking at BAC to have some pull back this week towards the 30.1 range.