Drawing some lines on a few stocks, fast and loose style, to see opportunities for swing / range trading.
Where price hits the bottom of a channel and the market enters a downturn, we may see that acting as a catalyst for a trend change.
If price is still within mid to upper ranges of a channel it is more likely to hold stronger, chop sideways, or meet support at...
Bearish divergence on the RSI and MACD preceded the recent fall in price.
Double bottom may or may not be significant here, as the last impulse down is likely related to stock market crash fears.
In Dec 18 and May 19 we saw the highest selling volume since Jan 11.
Legal & General is in a solid uptrend over the 10 year timeframe.
Since the lows of 2007-2009 it has increased 1000%
Currently holding a key macro support line and coming down to test the 30RSI.
The last time it broke lower oversold was during the 2009 crash.
GSK is showing a macro uptrend.
Bearish divergence showing on the MACD and RSI.
I have marked the previous divergence also, which preceded a sharp fall.
We may be coming down to test the support line.
The 2007-2009 dip is shown (38%)
Just throwing some lines on BP (BP.) and it is clearly trending downwards over 20 years.
I have been checking how various stocks were affected by the 2009 crash.
BP experienced a sharp correction in Oct 2008 and June 2010. However feb 2016 was another low point.
This forms a preety much parallel gently downward sloping channel.
This is indicated as reference for...
Just throwing some lines on HSBC (HSBA) .
We have a broadening channel, higher highs and lower lows on a 20 year timeframe.
Currently in a downward trend on the monthly, just about holding historical support.
This would probably be a good place to exit if we are expecting a market downturn.
"These formations are relatively rare during normal market conditions...
Looking at Glaxo to see how it might perform in a market crash and recession.
It has been making lower highs after a blow off top, and is now trending around the mean.
Could be a reasonable place to sell here
Watching this one. Many stocks have entered this parallel channel pattern since the beginning of 2019.
Fib channel shows good heartline support.
It all depends on what happens with the financial system and stock market in general, but nice swings have been playing out here.
We broke out of the triangle briefly last night but bounced back off 12k.
Momentum was not convincing and the daily candle closed red by a hair.
Still, it's possible a breakout could be on the cards.
I've redrawn a couple of lines on the wedge / triangle and for all I know we are just trending sideways for now.
Divergence on the RSI (4H) but volume doesnt look...
Not too proud of this one as I learned afterwards that the company was responsible for a terrible accident, part of the reason the price dropped so quickly.
Lesson learned, and next time I will do at least the minimum fundamental research rather than only looking at charts. For me that matters, and I wouldn't invest in oil for example.
Anyway, the general plan is...