ContraryTrader

ContraryTrader

Headed to 900 next stop. And then I expect a correction back to trendline support or 750.. Rising wedge here and extended is an overstatement. I think the only stock more over at this point is $Pltr. After we tag support again we'll either correct back down to 450 or bounce and rally up to 1000.. So 1st. Push to 900 2nd . Pullback to 700-750 3. Either...

ContraryTrader

This post here analysis is more about the longer term picture (Months).. It's been awhile, so here we go. Lets start with TVC:NYA This represents 3000 stocks and gives a better picture of the market then S&P which is heavily weight tech. Weekly chart - We are at the top of a 15year resistance. Price slightly broke above it but was slammed back inside last...

ContraryTrader

Price tagged upper trend monday... I highlighted last 2 times price went this overbought and tagged uppertrend. The first tag was after the August sell off. We reached the uppertrend and chopped for 2 weeks before dumping The second tag was mid Sept, we again chopped for 2 weeks but afterwards we bounced off the 20sma and grinded up another 2% or 90...

ContraryTrader

Top watch here on WFC.. approaching 25 year trend line 🚩 Outside weekly Bollinger band 🚩 Outside monthly Bollinger band 🚩 AMEX:XLF banking sector near resistance 🚩 The cup and handle that sent WFC from 50 to 75 is completed Expect a correction back to 60$ from here .. price shouldn't close above 75.00$

ContraryTrader

Looking for 2 targets this week... My low end target is 565 support . Despite the early week movements price should start to fulfill the weekly bearish by early or late Wed. My upside target would be 580 once we break back over 576.. Seasonality belongs to small caps and the bulls , the only difference this year is we are coming into November near...

ContraryTrader

In my last meta post I said a pullback was warranted and we did get one just not to the extent I wanted and not as quickly as I wanted it.. the pullback was controlled and has now actually for a bullflag inside a wedge that I think will push meta pass 600

ContraryTrader

Headed into AMD earnings next week. Price is showing a rising wedge here at ATH and is also overbought. Now the technicals provide a condition for a bear short but you still need a catalyst, and I'm thinking AMD earnings maybe that catalyst My target price is 127 gap close or 130 area but Nvda could bounce at 135 are because of 20sma and 133 gap close

ContraryTrader

November is coming! Small caps usually outperforms every other index during that time So here's what I see Channel perspective Has been bumping it's head against this trendline With the exception of one fake out , this trendline has held Fibonacci level 225 is the place to beat.. I think price could be forming an ascending triangle for a big push...

ContraryTrader

I think we are at a pullback zone here.... Price is sitting outside bollingerband and More importantly price has now extended 2½% away from its 21ema. Last 4 times Spy has extended 2-3%, away from its 21ema price Usually pullsback to retest. Here's an example If price gaps up tomorrow 10/15 , then I would be weary of chasing or swing longs.. I'm looking for...

ContraryTrader

Super extended here At ATH... Out of all the 2020/2021 Spacs that IPO, PLTR defied the odds and outperformed. I think a pullback is coming for that 30$ gap close but a drop that steep won't come without some company specific negative catalyst. Last time price was this extended technically on PLTR was July 31 of this year.. price corrected 30% over the next...

ContraryTrader

Bearish divergence on the hourly RSI.. Rising wedge here... Look for price to retest 544 breakout in the coming week or whenever wedge breaks to the down side. Best short entry IMO is either under 564 Or if price retest wedge resistance again. As long as price is inside wedge they can keep grinding this higher 570-585 This the sector of Meta AMEX:XLC Chart is...

ContraryTrader

Look for a pullback here to 560-562 next week minimum.. too many red flags showing right now. The biggest is flag is NYA which represents the broader market then just the S&P 500 Closed at the top of a wedge with a reversal candle .. I expect a pullback to support thena final bounce higher around mid October I expect a wedge flush and bigger correction.. So...

ContraryTrader Updated 

Next week or 2weeks and we should see price correct back to 20sma for Spy and Qqq.. Spy has broken uptrend from May 30th low (Yellow channel). 20sma is near 536 gap so that will be your target.. price could dip below 535 to test trendline support but unless we break 533 or trendline support they'll buy it up.. The sectors look weird.. I'll give you an...

ContraryTrader

Priced formed a falling wedge and bounced off 200sma this week.. currently right below 20sma at 113. strong long over 113 with a target back up to 120. If XOM breaks back over 120 your summer road trips will become a lot more expensive Also energy sector XLE showing identical price action with a wedge and bounce off 200sma Energy should run high throughout July

ContraryTrader

Looking a test of the 20sma this week. Lots of support near 528-530.. I'll list then here 1. 20/21 Ema - 528 2. Trendline - 530 3. Gap close support 528 They could dip this to 526 to trap some bears but unless it closes below 525 I wouldn't linger short. The only reason I'm leaning towards 540 is because of the Dow and XLY sector.. dow wants 40k again in...

ContraryTrader Updated 

Most likely they push this up to 195-200 or trend line resistance here.. Hammer candle with volume at 50sma Looks like a cup and handle to me Stop loss below 180

ContraryTrader

Pennant here forming at the bottom of a larger megaphone... Breakout coming in the next week it seems. 200.00 first or 200sma... Over that and 217 comes next

ContraryTrader

192 stiff resistance. 189 price action support.. 189-192 is chop.. We break 189 and we head to the bottom of this channel at 187... Below 186 and 182 is incoming.. Above 192 and 195 or channel top is next