Lextrading

Lextrading

The current price action has been tracking the structure from the dotcom crash. Both has a head and shoulders peak before the sell off.

Lextrading

This parallel channel can only be observed on the log scale. Here I overlaid the historical pattern in orange from the recovery after the Great Financial Crisis. There is good alignment at the moment.

Lextrading

CVX rallied off the yellow TL, which seems to be the neckline in this possible head and shoulders formation. At the moment, it looks like it is forming the right shoulder around ~$180. Looking back to 2007, the stock has very defined levels of support and resistance.

Lextrading

This is a weekly chart. Looking for a potential head and shoulders pattern. The yellow lines is a mirror image of the rally leading to the head.

Lextrading

Spent the last 5 weeks trying to break the 100sma (orange line) with no success. Broadly, it has been trying to break the 50sma (teal line) since June/July! Now both moving averages are converging. It'll be important to see how this weekly candle close. If it resembles anything like the tombstone doji that we see now during the mid-week, it will likely fall.

Lextrading

Should the pattern repeat, this will make a full recovery by summer 2023.

Lextrading

Will the pattern hold? Also, Botox rival, Revance Therapeutics, got approved. Longer lasting than Botox. Remains to be seen if it can eat into ABBV's market share.

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Same trading pattern from 2006-2012. Approaching long-term supporting trendline with gap to fill at $37.6. Accumulate under $40.

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If the pattern repeats, looks like a sharp reversal in 2023. AMAT recently put out a bullish outlook.

Lextrading

1 more dip if the pattern repeats. no position yet.

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Bounced off the long term trendline. I'm expecting a reversal, V-shaped recovery, back to ~$120.

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Buffet just released their 13F. The fund dropped all their shares on ABBV and BMY. Both are at the top of the channel. Yellow line is my prediction.

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Monthly macd crossing down. support ~135 form the 50sma (teal)

Lextrading

Once this breaks through the 50sma on the daily, this will probably fill gap at $225.

Lextrading

Strong volume today. I believe the shares are worth at least $~40.

Lextrading

Broke through the yellow downward trendline today with volume. The 50sma coincides with my gray trendline. Big upside if it can break through that.

Lextrading

Monthly view - the arc and bottom supporting trendline is targeted at 220-230.

Lextrading

Breakout from the downtrend today. Cupping to ~$31