Jinko Solar made a fresh low (by a hair) recently, practically double bottoming. Meanwhile the RSI is substantially higher relative to the first low. Important notion is that the RSI failed to press below 38.2, the inverse of the 61.8 (golden ratio). The divergence is therefore very strong. I am treating this as an indication the low might very well be in. If not,...
A familiar look, right? I'm watching closely if the VIX wants to bounce here, since there is a confluence of different factors possibly giving support: 1) the .786 fibonacci level still at play; 2) RSI is at a bit of a support line; and 3) of course the classic cup and handle -formation. I'm wary for a day or two now and hedging my equity positions.
This stock rebounded strongly today after hitting the 78,6 % retracement level. This could still be an elliott wave 1-2. This rebound comes after months of divergence between prices and RSI. If the RSI crosses 50 with determination, I'm expecting this pivot to hold. If it does, target is the median line.
It's a fools errand to play earnings, but why not. The triple top at $360 proved to be an effective sealing and given the fundamental and technical issues since, I think the stock now has to prove it's worthy of an uptrend. I see strong resistance at $320 area based on volume profile and the fibonacci retracement of 61,8 to 65 % from $360. An initial bounce after...
This downtrend has gone to extremes. We are talking about a defensive non-cyclical stock, a pharmaceuticals distributor, with intermediate to short term business troubles. Earnings could be the catalyst here. Despite it being "a falling knife", I'm willing to take some risk on this one.
Note that the RSI has been stabilizing and diverging with prices for a while...
Having followed this stock for years, it's been characterized by a high beta, sharp uptrends and slow bleeds to reverse those. Now it needs to decide whether to start a leg up or continue down. I have labeled a bullish and a bearish Elliott count in the chart. RSI seems very constructive to me. Keep in mind this has grown to be the largest photovoltaic solar panel...
As the fundamental cyclical business is improving with 5G, the technical picture looks interesting. We have now corrected 50 % of the move from earnings. Looking for signs for a classic (Elliott) wave 3 bullish trade. Also resembles a cup and a handle. With the fundamental backdrop in mind, hard to see this melting down from here. Need to capture the declining RSI...
A negative divergence has been building. Prices keep making higher highs, but accompanied by weaker technicals. I think this uptrend is tired and we could be headed to test the 200-day SMA.
The rise to new highs after the initial drop felt eerie. I believe it was part of a correction and not an impulse wave. Low volume too. If we wish to remain in an uptrend, this pattern could save the day.
Today TSLA touched the Fibonacci 50 % retracement level from earnings. We got a reaction and it seems to act as a resistance for now. Interesting to see if we manage to break it. Might be very consequential in confirming possible downward trend.
