Hello everyone, I sketched an approximate price movement on a logarithmic chart.
It almost touched the SMA50, which indicates us that it has the role as a support. A lot of wicks in this area. Personally, I see it hit a bit lower than the previous resistance(the double top). The path tool illustrates the way it will react.
When discarding covid19 effect, only once since September 2012 has SMA200 been above SMA50. Right now there is a balancing act going on. Yet over this week the price has broken out from the previous 3 tops and had strong support in 420-430 after Q1 postings. Since then there has been a strong RSI14 development and is showing a strong yet not "overbought"...
So much for the premature announcement for the return of value stocks. Besides industrials and utilities sectors, the pecking order remains the same in Sept. NDX has recouped a big chuck of its loss since early Sept and seemed to have shrugged off other recent negative news.
Short it at the supply zone (132 to 140) and close the position at the target lvl coincides with SMA 200!
LTC/USD Daily outlook Litecoin is getting closer to a falling wedge pattern breakout most likely to recover some lost territory heading to $100. The drops are slowing down as shown by the Poshtrader Hull Moving Average period 50, where Litecoin price has broken out above the trendline resistance. However, the Litecoin bulls must reclaim the support at $45 to...
AVT has been in a consolidation pattern since July 10th, with a bull technicals behind. Last candle today is a hammer. Showing buyer strength when price fell to $43.6. Technical data Price just below SMA(50) Price just above SMA(200) RSI @56 trending higher OBV confirming trending higher Directional move index turned positive If we can continue above...
$NOMD bounced off sma50 support, at the lower end of its Bollinger Band. Looks like a good entry spot.
$MNTA Is uptrending, it just gapped down to its sma50 and bounced off that level. $25.00 looks like the area of support, it was also a previous swing high resistance, so now it should be a swing low support. The stock closed green when major U.S. indexes closed red, so it's a sign of strength.
$MPW Overall trend is up. Just bounced off the sma50 with above average volume.
$COR Just bounced off the sma50 support, the mid-term trend is up. Looks like a good entry point.
Reits are strong lately. $PSB Just bounced off its trendline and sma50 support. Let's see if it continues trending higher. $129.35
$NTRA Already up 182% year-to-date. Today it bounced off the sma50 and printed a hammer candle with 1.82x average volume. Looks like a good entry spot with a stop-loss on close below the sma50. Ref. price: $25.29
$WRE Trending along the sma50. Currently offering a good entry spot with the sma50 as support. $31.30
$GNL Testing bottom of the channel, close to support area. Let's see if it keep trending. $21.25
$RDWR is up 40% ytd, currently testing the sma50 support, looks like a good spot to open long.
$NTAP The sma50 acting as support, just bounced off, looks like a good entry point.
$LSI uptrending since february, yesterday tested the sma50 and bounced off, good r/r.