Making new highs! Whether you choose to chase the price or are waiting for a retracement, there is two support that you should definitely watch out for! 1) 245 2) 220 - 200, this is more a zone. Your stop-loss price will have to be base on either one of the support. 220-200 is the price range in which major consolidation occurs. I.e loads of...
The sad story of coinbase. IPO right at the time when bitcoin was at its highest (60K). Now it fell alongside the crypto. While there is demand 210, is it enough to overcome the 2 major supply zone? As long as cryptos pressured, coinbase will remain pressured as well. Verdict: Not a good time to go.
A common misconception about trendline and Technical Analysis, in general, is that, Traders draw lines that they wish to see. When Trader is bullish, they will look and draw support that might not even be there. This cognitive bias is one of the major downfalls for traders who employ Technical Analysis. Just because you can draw a trendline, does not mean that...
Probably one of the meme stocks with actual potential. Palantir is a widely popular stock made famous on social media such as TikTok, Reddit, and forums. Major support has been established at 18.60 with resistance at 30.00. This huge range makes up the consolidation area where supplies and demand battle out. There was a sign of supply exhaustion on 26 Apr 21...
No doubt that Nike's surprise earning result and its gap up would tickle many Trader's FOMO nerves. Us included. The question is, is it too late to chase? In order to answer this question, we must first answer another question. Are you looking for a fast short-term Trade? If your answer is No, then the answer to the first question is also NO; it's not too...
While many will be elated on what seems like a "Trend Breakout", it is still early to tell. Newton law of motion "An object in motion will remain in motion in the same direction" holds true for stocks as well. A stock in a downtrend will most likely stay in a downtrend. Even if the breakout is legit, we have a nearby resistance at 6.00. Given that the current...
Along with Boustead TheHourGlass is one of the counters recommended mentioned during our weekly webinar in 23May21. This is yet again another great example of consolidation and supply exhaustion. During an uptrend, the purpose of the consolidation phase is to exhaust the short-term supplies (otherwise known as weak holders). Once the supplies are gone,...
Consolidation occurs when there is a presence of sellers in the market. Price will remain sideways until sellers have exhausted, then it will eventually rally up. The exhaustion in supply can be seen in decreasing volume within the same price range. As a trader, you need to understand that buying within this consolidation means, you will be held for some time....
Once an O&G giant at $6.00, it's quite heartbreaking to see the company become a penny at 0.150. This drop is most likely due to the proposed rights issue to improve its gearing to explore the merger with Kepple O&M. Regardless of its overall future outlook, the Rights Issue is never pretty for existing holders. Sembcorp Marine just very recently executed an...
Price is currently consolidated between a tight zone of 27500 - 29200. These two-level form the current resistance and support. Until either level is broken, it is best to stay away from trading the HSI as the direction is unknown. Trading within the range is not recommended as the movement is choppy and the range itself is very narrow. You can get easily...
Uptrend has been broken.. for now. Immediate Support levels are at 1) 33500 2) 32400 3) 30900 Look for a rebound at these levels Major Support is ar 28000 - 30900. As long as this major support is not breached, Dow 30 remains bullish.
Justification: Bottom bottom with good accumulation volume Very Risky: Wide Stop Loss on a downtrend price action
Justification: Breakout from support with good volume
Justification: Potential Bottom. Resistance Break out
Justification: Protentional Bottom. Covid recovery play.
Justification: Uptrend with good momentum breakout Aggressive: A much tighter Stop Loss than usual.