Newbie Trader's Lounge

Low failure and now a higher low, will buy on pullbacks. 820 is support.

Strong selloff yesterday after hit new all time high previous day. Bears are cautious now since the move might be done, support are close. Bulls are caught by the sudden selling. The new high 2 days ago were made in a very choppy market, a possible clue to smart money selling disguising as buyers?

Heads and Shoulders pattern have reached target. No new pattern has emerged, but the trendline support are near. Support is 819-820, it’s also 21.4% level. After that, 917 (monthly support). Resistance at 830-832 area.

New all time high, just breaking out but still needs to confirmed. It moved only 2 points from the bullish breakout level, a bit shallow. 840 is support. Let’s how this play out. Market was choppy yesterday, not sure if smart money was scrambling while trying to look like it’s buying. We’ll see how they play out next couple of days. It looks like a rising wedge forming.

840 is all time high. Was rejected but a cup-and-handle pattern gives it a more bullish look to go higher. If 840 fails, then short rallies down. Will wait for the breakout to be clean and clear before going long.

Friday was a strong breakout trend day. Double-bottom formed before the up trend. Target is 833.

Possible support here at 815, monthly support, also broadening pattern trendline touched. Wedge on daily still in play. 819 is nearest resistance.

Near at lower trendline channel. Watching for possible reversal or continuation here. Wedge still in play.

Broadening pattern still in play, so is wedge. The gap opened on the 5/9/07 was filled pre-market. Is this a valid fill??? The trendline channel at play. 835 still resistance and 830 support.

Gap fill play video (18MB)

Market is not in a trend, that’s for sure. One moment, traders are shorting like there’s no tomorrow, and next moment, bulls are looking to take out the old highs. 825-835 range here, buy support and short resistance. The daily wedge is being watched but may take a while and may die.

840 is the major resistance now, anything above it bullish, but 830 is support, below is signal that the daily wedge might be ripe to short. But in meantime, the small trendline channel is making, it’s tradable but volume is reducing while the prices are moving up so have to be careful here.

Bulls have been strong lately, pushing hard from support up higher, bears tend to cover quickly and not dare try to push through support. 835 is strong resistance, after that 840. 810 is the sellers signals to strengthen. The rising wedge on the daily chart is shaping to confirm? If the push up here fizzles, could be the confirmation shorts are looking for to take it down past nearest support, 810. Watching for between 835-840, no trade.

Exit here, looks like the market won’t break the support 830.0, bulls are still in control

Short here, at R3 and POC, 831.5

Exit here, target met.

Long entry after the first pullback from the push from the previous day’s late rally. Also, the double-bottom formed to measure 824 as target

Wedge on 60min and daily is forming, but not confirmed, if this pullback back to 830-840 and reverse, then it may be the confirmation. Intraday, it’s bullish from upmove late from yesterday. Will watch for 825 as 50% retrace and possible reversal area. Support 810 and resistance 825.