Up, then Down - Ignore crash talk. Be Patient.

Jul 19, 2022

Blue lines show long term S/R since 2019. Yellow lines show S/R since Aug 2020. Picture a tiger lying in wait for its prey; listen to the sounds but be still until the time is right to pounce.

11th July week saw RSI (14) rise to 48.73. If the downtrend is too strong it could fail lower here, however stochastic and RSI indicate an alternative. Price moves up to the yellow resistance line (and upper gray line) at 156-157 as RSI moves above 50. Since RSI did not break 33.33 in the recent drop, it is realistic that RSI moves over 50 before turning back down if selling resumes. This idea is also supported by a currently rising stochastic .

Jul 19, 2022

Note

Pay attention to AAPL and XBI on the daily charts - both are inside candles thus far with 2.5hrs until close. Also on AAPL's daily chart, RSI(14) dipped below 33.33 with the June lows and now may stall under 65. Direction will be confirmed on trade above or below 18Jun candle.