We have multiple setups here. On the lower time frames we will be trading within the structure. If it breaks the trendline and consolidates it would be an "abc" correction with targets of $17.00
Although the support level is shown on the weekly chart, also notice the MACD divergence on the daily chart.
Using a soft stop loss of $0.50 and a hard one of $1, I'm looking to make $2.50 per share for a 5:1 reward-to-risk ratio. Not being greedy, the profit target is even lower than $20, although climbing above that isn't unlikely, should the reversal occurs.
The weekly chart is in a clear uptrend. After a bearish divergence, price returned to value, and just got oversold. The high volume week warns of a selling climax (after a very short fall).
On the daily chart, there is a double bottom with a false breakout. The doji labeled on the chart has very high volume, a rare occurrence that really adds weight to the doji....
-The Share have completed a weekly double top pattern by closing below 19.85.
-RSI momentum bearish breakaout
-Main Rising trend line was taken
-Price is challenging the long term 52-week SMA, where a continuation below it would increase the bearish chances.
-First target at 18.30, second target at 16.70.
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We have bearish setup in $AMAT as the stock completed bearish harmonic trading pattern and made double top at the PRZ.
Now we need to see trendline break down to confirm the trend's reversal
Status Quo
- Seems that there is a base the price follows and it just reached its resistance.
- RSI, RMI, CCI are all on top of course, so the status quo is the following:
- Current action is done on decent volume
- Tripple bottom was indeed taken as support
Possible outcomes
- up - in case it breaches the channel i would expect a breakout on a high volume....
Technical Analysis:
The stock remains in a long term bullish breakout mode, after breaking 17.40 key resistance level(check the link below for the long term breakout).
-The price completed a bullish breakout above the 50-days SMA
-The price completed a triple bottom by breaking 19.50 neckline of the pattern
-High Volume levels on breakout
-The price could be...
