TSLA : Looking for Long opportunity!TSLA is looking for long opportunity to take the move to the upside.
Dowjones
TESLA ON HOURLY CHARTTesla has been trading below 200 MA for good period of time & has formed Bearish Pennant price action pattern which indicates a Bearish continuation trend signal. Using Fibonacci we also plotted that, Tesla is not able to break its 50% retracement level which infact is exactly at the price level where 200MA is standing. It’s a double & strong reversal sign. Also if we look at the resistance level we can observe that every time stocks comes near resistance price there was a good reversal with good volumes.(Red Volumes bars more).
Reason for shorting setup because-
1)Sustaining below 200MA indicating major downtrend.
2)Fibonacci levels retracements.
3)Selling pressure up, red candle in volume increasing near resistance area.
4)Bearish Pennant pattern.
Trade safe.
DowJonesEarly signs of profit booking in DowJones coming up.
Negative RSI Divergence, followed by price rejection & now started to trade below ST EMA.
Resistance 32940
Support 32700-32500-32100
US30 why is it fallling ? and where is the support?on 1D time frame you can see :-
1. strong rejection of lower price near 50EMA
2. in the previous fall it did not tested the support ( green line)
3. RSI near 30-40 range
all these suggests that this fall was inevitable
in 1Hr time frame you can see a channel (dark blue lines) where its trying to break but fails every time
it is consolidating and every time it bounces a big selloff is there
reason :- the upper grey line acting as strong resistance . this resistance can not be asily visible in 1H time frame but in 1D time frame it has its impacts which further lowers the momentum to break out.
so what's next?
it will continue the flag pattern and will take support of lower grey line and move forward . by that time RSI will reach 25-30 (in 1D time frame) which will be considered oversold.
as it reaches the green line it will find its strength to bounce back from point marked ( yellow arrow)
and then will continue in consolidation in the upper gery and lower green channel.
after that it will take 1-2 days to break out(cyan line )
Nifty - Bears Dancing On D-Street Folks,
In continuation to my Nifty update (published on 21st Feb), I'm now posting an interim update in the 15m timeframe. Things have set course into the right trajectory as I had envisaged, at a timing which couldn't have been more right!!
I've labeled the Waves in the larger degree in Red.
Scenario 1 - We've completed Waves A and B (Wave count marked in Red) and now proceeding towards C which should run into 14162 or 13886 as depicted on the chart. Alternatively, we may have just started Wave 3 (marked as 3?) of a very large A (NOT depicted on the chart)
Scenario 2 - The C (depicted in Red) concluding at one of the above levels may be a Wave A of one large degree (as depicted on the chart as A?).If so, there will be a Wave B up (of one large degree, depicted as B?) and then a devastating Wave C down (of the same large degree), thus completing the whole correction process of the main 4th Wave (refer my previous chart)
Although, I'm tempted towards Scenario 2, it's too early to validate the same right now.
Please don't forget to 'Like' or a word of encouragement would be fulfilling too, for the hours of research that I put in before I publish any of my work :)
Cheers!!
Nifty - Will It Follow Mr. Dow Jones - Read OnSomeone told me - "Horses shouldn't be Shorted"... Yet those who had the courage to leash this animal called Nifty last March, must be owning a stud farm somewhere.
Exactly a year after, I'm tempted to dare and Short the Nifty, because prices are so ridiculously high that they appear rigged and if senses prevail, the following Wave count should hold true.
As depicted in the chart, we've completed the main 3rd and 4th (Wave count marked in Red) in Jan'21 and also the main 5th recently post the Union Budget in Feb '21 and now we are on our way down in Wave A.
Alternatively, we've completed the main 3rd (depicted as 3? in the chart) in Feb '21 post the Union Budget , and if so we are now descending down in the main 4th . Either way, we should look at 13750 Nifty levels by end of Mar '21.
Finally, if we still haven't done either of the 2 scenarios above and Nifty crosses 15500 levels, we'd still see a healthy reversal as the Master-of-All Mr. Dow Jones is stuck badly in a side-ways range since Nov'20 and trade Pundits predict it to crash! So hold your horses, be patient and sit on a pile of cash, for Rainy (read bloody) days ahead...
Cheers !!
What's nextI have been wrong in predicting the time of top but expectation was always around 31200-31500. Now index has reached to the target of current slope . Volume has been dropping in recent upmvoe whereas RSI couldn't cross the previous top and 70 levels. This is not a sign of strength where RSI is trading below 70 but still market is moving up. It can move higher once it crosses previous RSI peak in the 70 zone and also closes abv the upper boundary of trend. Till that time keep close SL on positions.
No conviction in upmove ?Dow future has moved up with continuously decreasing volume. RSI in the past 3 months couldn't cross 70 and that too in bull market. It poses a serious question mark on current upmove. If this upmove is also weak then RSI could halt at 65. Weekly RSI is also showing negative divergence.
DowJones - 29500 support - @mayurdharodDowJones has strong support at 29500-600 levels which is also the Feb 2020 high. Below that it may test the puple support line which has been formed from the March 2020 lows which is appx 29000-29200. Dow can reverse from here and reverse. Breaking both can be a bad sign ahead for the markets.
Head & Shoulder in SGX NiftyAs per the chart, SGX Nifty is showing a Head & Shoulder Pattern on its hourly charts.
Breakout is awaited.
Once a valid Breakout comes above the level of 13800, we may see SGX Nifty go to the levels of 14000 - 14100.
As of now one can keep it on his radar, and wait for the breakout to enter into the trade.
Dow Jones Flag and Rising WedgeThe US benchmark index Dow Jones has formed a Flag pattern along with a Rising Wedge pattern.
With both the patterns happening at the same time one should stay neutral and wait for breakout above or below the wedge pattern,
to get confirmation of the next move. Though the overall trend is still bullish but in the current scenario, its prudent to have patience.
So keep calm as its wait and watch till we get conclusive evidence.
Rounding Pattern Breakout In Dow JonesThe US benchmark index has given a rounding pattern breakout on hourly chart.
Though the breakout was given just an hour before market close on 4th Dec 2020, but today's gap up has continued the upside.
As per the bullish breakout of the pattern, dow jones can touch app 30850 - 31000.
And as per the current chart scenario one can buy with a stop loss below 30100.
Current price 30,225.
Cup & Handle Formation in Dow Jones HourlyThe US index Dow Jones has formed a Cup & Handle pattern on hourly charts.
Breakout is awaited.
A valid upside breakout will lead to further upside but previous swing high may act as a supply zone.
XRP/USD reaching short term RESISTANCE !!!the price is rangebound for short term unless broken with a good voulume , trade between marked support and resistance levels .
Is Mr. Jones ready for misadventure ?DJIA future is trading near to the upper boundary of channel. 30800-31300 can still be tested before a majore correction/consolidation. 28700-28850 is the support zone in case if it reverses from present level. 8-10 Dec and ,18-22 Dec are the times zones which require careful attention for any reversal sign.
