I have yet to be bullish on markets given the current world events. Clear round top had formed and found support at previous ATH. Earnings have pushed it higher with a possible handle forming. Something to watch, I am doubtful bulls are out of the woods yet.
The EV sector looks to be the next to lose most of it's gains. Nio had broke out of its long wedge, only continuing to fall. Fridays close might help it bounce here a bit, but further downside looks to persist. We could see IPO levels soon.
Although a wedge is a neutral pattern that can go either way, market is weak and I expect no different here. I did not like the volume from a bear mindset as it was very strong buy volume Friday. But if you look a bit back on the volume, this volume was way less than the last time we had a little bull run. Buyers are few.
Micron exiting from the rounding top and bouncing off 200 day ma before falling more. More weakness to come as it dropped below 200 day and wasn't able to reclaim on that eod run we had friday. Expecting further downside as chip makers like AMD and QCOM report earnings next week. Doubt it will be any good, guidance wise, as chip supply shortage is still very much...
Many looking for a bottom here. Short term there is momentum as we have crossed short term ema. But no meaningful bull run until we get over the 100 day ema and for now we are dead cat bouncing here; bear flagging. I personally wanna see 4000 by weak end.
FSLY moved strong AH on ER beat but at open it did not hold gains. Mostly because they did not improve much financially since last ER and outlook had been lowered. But, I do think FSLY is very strong at these levels and patience will pay off here. FSLY had again filled its gap from May and got rejected, retesting 20 day MA. If it can hold 20 day MA, I don't see...
RBLX had a robust, retail fueled, run up since IPO. Now that the fun is over, RBLX is showing a lot of weakness ever since. Rejected three times from top resistance and making lower highs. ER is coming up and I am expecting them to beat but not by much. I feel like this wont amount to anything for RBLX and we will continue see downside short term. A nice support...
DOCS recently found IPO support on the line but has again failed to move much after. VPVR is showing a heavy POC line right where it got rejected last week, forming a nice bullish ascending triangle. I am confident DOCS will show a strong ER and it will finally break over the POC and start to rally again.
SPOT has been gaining traction lately after being in a downtrend for some time. Bollinger Bands indicating a 247 resistance which matches around with the volume shelf. I could go far as to say SPOT might get to 260s before letting the volume shelf around 245 act as support before the next leg up.
Riot looking to swing down on the bottom of the wedge and the volume shelf. Looking to short to 32. Although, I am bullish longterm as crypto becomes the standard.
PLUG's volume has been slowly drying up as it closing in on the end of its wedge. RSI showing a nice wedge as well, eyeing a breakout In September
I thinks its pathetic that after hitting ATH not long ago, SQ could close over it. That is why I think this is still pushing forward and trying to hit 300 soon. From the chart, we can clearly see the three circled areas. All are areas where we bounced off that 20 day MA. SQ is still in an uptrend, nothing has changed from that perspective. For the selling that is...
Last couple of days have been rough for SQ. 285 range has been rejected hard over and over again, with the same support laying us around 270. Charting is a bit choppy but, I can see a potential flag down on an hourly time frame. I put myself in two scenarios, bull and bear. I can't see a bear situation that this goes down below 270, coming straight from technical...
Lots of room to keep going for SQ as of right now. But, the rising wedge is a bearish pattern and we might see 290 as the end of the bull run for SQ. Play both sides, bull and bear. Good Luck
Watching ER be the catalysts for the breakout. Im a bit undecided what will happen if it break and hit resistance of the rising wedge, a typical bearish pattern. Cant tell until the breakout, Bullish as of right now.
JMIA had dipped into the loading zone but, It has also kept itself in a falling wedge. A typical bullish pattern, watch for break forward.
DKNG is in a symmetrical triangle as of right now but, looking at the RSI it might want to fall down into the symmetrical wedge below. Wait for confirmation on either side. Personally I am short.
No surprise here. Rising wedges tend to be bearish, and PLUG is following through with that trend. Where will it fall? Doesn't really matter, general idea is in the box below. The "Loading zone" for longs.