Trend Lines and Support for What Comes Next
Regression Trend lines drawn from 9/3 (42 bars), 9/17 (5 bars) and today 9/23 (1 bar).
A few possibilities here. A positive bounce of July support would take us back to the 50d MA. Unlikely that we would cross over that line without a pause. The 5d regression line points to a lower but still healthy increase of 1.19%. But the sharp downward action of Wed does not make those first two options seem likely.
More likely is either sideways riding the support from a July trading channel. Or if that support fails, then the next likely stop is a June support channel and the round number pause at 10,000.
A few possibilities here. A positive bounce of July support would take us back to the 50d MA. Unlikely that we would cross over that line without a pause. The 5d regression line points to a lower but still healthy increase of 1.19%. But the sharp downward action of Wed does not make those first two options seem likely.
More likely is either sideways riding the support from a July trading channel. Or if that support fails, then the next likely stop is a June support channel and the round number pause at 10,000.
Website: drewby.com
Twitter: twitter.com/drewrobbins
All ideas are for information purposes only. I may or may not invest in the stocks discussed. Before investing in any stock, do your research and trade using your rules.
Twitter: twitter.com/drewrobbins
All ideas are for information purposes only. I may or may not invest in the stocks discussed. Before investing in any stock, do your research and trade using your rules.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.