This is the perfect example of Support becoming resistance. Look at how many times price rejected off previous support now resistance, and every time it forms a new trendline which breaks and set new lows. This could be a great opportunity to short it towards $80 Keep in mind AMD reports earnings this week ...
ADBE has been riding inside this channel for months now. (Zoom out in the daily TD for a better view) Give market weakness, i would favor another leg lower after rejecting at the top of the channel. However if it breaks to the upside, could see a strong push towards $460.
Riding inside a channel, could go either way. Watch for either a reaction from the bottom trendline or if it fails.
Watching SPY forming this channel. Could go both ways, ultimately has been consolidating in between 420 and 425
IWM very weak in the larger time frames. It has just broken below a very important support level opening some further targets. If market continues to show weakness we could see IWM rolling over towards $172. Previous Support can be considered Resistance now and Stop loss.
LMT has been a strong name due to the conflict in Ukraine (defense) However alongside with the entire market, it has trading lower. This is showing a good set up below Friday's lows. Ultimate target (ideally) $400
Another one flagging that I am watching to the upside., Could easily see $78.50 It has to break $64 resistance though
Energy sector very strong. Ascending triangle and Consolidating right below 80.50 I will take a long position here targeting $84.00 if above $80.50
After ERs price made a below longterm support and it now can retest it as resistance. I am watching price action to see if we can form a new descending channel.
Last week it lost the $100 support level and has been selling since. I wanted to see a retest of $100 as resistance and rejection, so we can try to ride it for another leg lower. I am only looking at this to the downside. Targets: $85 , 73.50
MU is trying to bounce of long time support ($65.65) and has just taken out a swing low from 4/18 ($69.75) From here there is room to retest highs at $76.00 It does need to break above $70 again in my opinion. Trade idea: Entry: Above $70.00 Target: $75.00 Contract idea: $75c 6/13 (currently trading at $1.00) Stop Loss: 65.50 Disclaimer: This is not a trade...
NFLX sitting at long term support after reporting ERs, Could see a bounce from here to retest the trendline. Great R:R with SL right below support.
This trade has a great R:R imo. Just a couple of days ago some heavy flow came into the January $75 calls. Over $5MI in premiums. Price is bouncing off support and showing reaction. Stop loss can be just below support and target can be $75 / $80
SHOP is sitting right at support, a rejections and a strong day in the Qs can send it to the upside (667.45) However another weak day can have it retesting another support (3x) at 511.72
Descending triangle break on the daily and now forming a bear flag for a possible leg lower. Watching the flag break and confirmation. Another confirmation could be 56.85 price level. Targets: $50 , 47.93
Price broke out of long time resistance area, made new highs and consolidated for a few days, From here we can see just another push higher, or a retest of the resistance as support (ideal, better R:R
Possible bear flag? Trigger could below 982.37 with targets at 976.26 , 961.49 and 945.95
I am currently watching AMZN attempting to break out of a long term channel in the 1 hr chart. Waiting for some more confirmation once hourly candle closes.