LULU - Daily Chart - Logarithmic Chart SP500 break the resistance, looks like market still have a power for bull to continue higher. LULU supported at level 65. There is a bullish divergence at MACD and RSI. LULU hang on strong when SP500 get lower since 2 week ago. I expect LULU might move to the upper red down trend line.
DJIA - Daily Chart - Normal Scale DJIA make a new high but we find divergence on MACD and RSI. This one is the leader of this bullish move. It's often happen in the past, most trader see DJIA as a benchmark about how US Market perform. While they don't see the majority of stock heading. When DJIA break the trend line, I expect a bearish move in stock market. SPX - Daily Chart - Normal Scale SPX might forming first ABC pattern in a possible topping formation. I expect SPX to trading range between 1470 -1530 within 2-3 weeks. A break to either side might initiate a bigger move. Personally I expect a break to the support. Please check 4 hour chart on SP500 Future too,there is a down trend line still attached to the tops. NASDAQ - Daily Chart - Normal Scale Similar to SPX, NASDAQ might move in trading range within 2-3 weeks. But NASDAQ sit at the trend line. Russel 2000 - Daily Chart - Normal Scale Russel 2000 already break the trend line. There is a...
MKC - Daily Chart - Logarithmic Scale MKC have a bullish trend, but early this year they have break the trend line. The price action want to retest the resistance. My trade plan is I want to see if the price action can break the resistance. If price can significantly break the resistance, then I will wait for a pullback. If price can't break the resistance level then I will wait for a bearish fractal to enter my trade. Personally I prefer the second scenario happen, because it will give us a high expectancy trade plan with a good risk reward ratio. But price can be irrational, OVER BOUGHT DOESN'T MEAN OVER, so rather than trade what we expect, It's better to trade what we see and manage the risk wisely. If scenario 2 happen, the stop loss would be slight above the resistance line.
Comments
Post a Comment