SHOP range bound with potential for Bullish continuationHi guys so this is a Macro analysis on Shopify (SHOP). Recent weeks of price action have got my eyes on SHOP.
Lets jump right in. This analysis is done on the 1 week timeframe thus supporting a Macro lens look on whats happening.
As you can see, ive highlighted key area with an Orange rectangle.
Below it, you can see candles attempting to get into it and getting rejected few times.
However since Nov 2023 till present time, we've been inside the Orange rectangle.
Recently, we've made it to the bottom of the Rectangle to test it as SUPPORT.
We had about 3 weeks of Testing. With this weeks Candle printing a potential Large lower wicked Hammer candle.
This can be an indication of a attempt to reverse our downtrend from $90ish.
At the same time, we have Support confluence of this Ascending Channel.
And our current candle attempting to break Resistance trendline that formed since Feb and local top of $90.
Remember though a breakout above Resistance trendline is not enough. We would need confirmation of it acting as support.
On top of that, at the posting of this idea. Our weekly candle has yet to close. Maintaining price Above 73.50 would be key.
And to keep in mind that there is also Resistance Above $74.00
If things progress look to where the Upper trendline of Ascending Channel and the Upper border of Rectangle meet to potential target.
Also keep an eye for updates on further signs/ clues to take into consideration to help us make informed decisions!
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Thank you for taking the time to read my analysis. Hope it helped keep you informed. Please do support my ideas by boosting, following me and commenting. Thanks again.
Stay tuned for more updates on SHOP in the near future.
If you have any questions, do reach out. Thank you again.
DISCLAIMER: This is not financial advice, i am not a financial advisor. The thoughts expressed in the posts are my opinion and for educational purposes. Do not use my ideas for the basis of your trading strategy, make sure to work out your own strategy and when trading always spend majority of your time on risk management strategy.
Supportconfluence
AUDUSD Exposed to Pivotal Support in the RBA AftermathThe Reserve Bank of Australia raised its 2024 inflation forecast on Tuesday and appeared more concerned around achieving its 2-3% target. Despite considering the case for a hike, policymakers decided to hold rates at 4.35% for fourth straight meeting.
The Aussie reacted lower, as markets likely expected a more hawkish language from the RBA, given the upgraded CPI projections. At the same time, inflation persistence in the US has turned the Fed cautious towards lowering rates, pedaling the higher-for-longer narrative. Markets have pushed back the timing of such moves to beyond summer and price in just 25-50 bps worth of cuts this year.
AUDUSD is now exposed to the critical confluence of supports, provided by the EMA200 and the 38.2% Fibonacci of the April low/May high advance. Daily closes below it would shift immediate bias to the downside and open the door to further losses towards 0.6464.
However, the policy differential is unlikely to fuel sustained weakness and if anything, it could become supportive. The Fed is still projected to cut this year, whereas markets have priced out such moves by the RBA for around a year more and Governor Bullock did not rule out hikes. Above the EMA200 and the 38.2% Fibonacci, bulls are in control with the ability to set higher highs.
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Past Performance is not an indicator of future results.
Dont Bet Against Tesla while Bullish Strength ExistsHi guys. This is a Technical Analysis on Tesla (TSLA) on the 3 Day chart.
BRUH.......I was aspecting prices to be around the FIB retracement levels i pointed out in my previous ideas (200-220 range) a little longer. Though its still possible we can retrace back down from this current area. BUT Some bullish signs exist, therefore in my opinion we are Bullish until Proven Otherwise.
Jumping in, our current move is fueled by our Major bounce from a Critical Confluence of Supports.
We have the RED ZONE
We have the Black trendline
We have the 50 SMA
We are also ABOVE the 21 EMA, which when support is Confirmed it indicated UPTRENDS. As long as we respect the 21 EMA and stay above it.
Volume is picking up as well. WHich is also indicative of the current move. To break ABOVE resistance lines, we need to continue to see VOLUME increase.
MACD is also showing signs of waning Bearish Momentum, with Light Red histobar prints and flattening of the Blue line.
We need to avoid printing a Dark Red Bar. Instead see print of Green bars with a Bullish Cross.
RSI is also getting close to testing the Black moving average i have added. The way i use this is: Usually if RSI is ABOVE the Moving AVerage, it signifies UPtrends.
But do note: This current candle closes on the 8th of September.
And note that we are hitting some Major Resistance Area. There is always a risk of sell off. BUt as long as we continue the current trends in volume, stay above the moving averages, and maintain patterns in indicators Uptrend will continue.
__________________________________________________________________________________
Thank you for taking the time to read my analysis. Hope it helped keep you informed. Please do support my ideas by boosting, following me and commenting. Thanks again.
Stay tuned for more updates on TSLA in the near future.
If you have any questions, do reach out. Thank you again.
DISCLAIMER: This is not financial advice, i am not a financial advisor. The thoughts expressed in the posts are my opinion and for educational purposes. Do not use my ideas for the basis of your trading strategy, make sure to work out your own strategy and when trading always spend majority of your time on risk management strategy.
ARK Innovation Support Area to Watch for BounceHi Guys! This is a Technical Analysis on ARK Innovations ETF (ARKK) on the 1 Week Timeframe.
Jumping right in:
Our current Price action is currently bouncing off a Confluence of SUPPORT Test
We tested this Confluence of Support area the prior 2 weeks.
The Confluence involves:
1. 50 SMA
2. Support Line of the Uptrend Channel
This would make an area to go LONG.
We are currently in the process of testing RESISTANCE from 21 EMA
Since this is one the 1 Week timeframe, we need to observe how this weeks candle interacts with the 21 EMA.
If we can close ABOVE, at the end of the week. That would be a good sign.
NOTE: If we can confirm SUPPORT on 21 EMA, this is a bullish sign. Since UPTRENDS are associated with being ABOVE the 21 EMA
It would hint at or strengthen the probability we move towards the Horizontal "Resistance Line" Above in Red.
This would also be an area to TAKE PROFIT.
BUT my main focus for ARKK would be to BREAK Above and CONFIRM Support over the MAJOR Resistance Line in Orange.
Once we do that, we have CHANGED our MAJOR TREND.
Though we have a long ways to go, keep in mind that when this happens, itll be a CRUCIAL AREA to watch.
Since we havent had 3 touch points, we could be rejected which could make it a short play also.
Now since i believe we must always be prepared. Lets look at the downside, if we can't maintain this current SUPPORT area.
My first downside target would be the line titled "Support Line#1
My 2nd downside target would be the line titled "Support Line#2
To find more evidence of whats to come, i look at the current indicators placed.
STOCH RSI, is currently BELOW the 20 level. A BULLISH CROSS, where Blue line is above Orange ABOVE the 20 elvel, would indicate Bullish momentum coming in. This would help push prices towards Resistance Line.
Notice also RSI, particularly the Black line. We were for a short time, below this line but currently attempting to move back ABOVE. If we can maintain SUPPORT on this, our trend would be intacted. Which would support UPTREND.
Finally the MACD, we need to watch this one closely. We have crossed BEARISH. We need to see a Bullish Cross and maintain staying ABOVE the 0 level. If we do this, i can eventually see ARKK move towards the "MAJOR Resistance line".
__________________________________________________________________________________
Thank you for taking the time to read my analysis. Hope it helped keep you informed. Please do support my ideas by boosting, following me and commenting. Thanks again.
Stay tuned for more updates on ARKK in the near future.
If you have any questions, do reach out. Thank you again.
DISCLAIMER: This is not financial advice, i am not a financial advisor. The thoughts expressed in the posts are my opinion and for educational purposes. Do not use my ideas for the basis of your trading strategy, make sure to work out your own strategy and when trading always spend majority of your time on risk management strategy
STX/USDT | Key Level | Support Cluster | Trade Setup Todays Analysis – STX/USDT – Retracing to establish an S/R flip re-test of daily support.
Points to consider:
- Healthy Up-trend
- Support Confluence (key level)
- Declining Volume
- Oscillators Below 50
STXUSDT needs to hold the re-test of the daily support zone to form a higher low on the chart and continue its bullish uptrend.
The Support cluster also coincides with the 200 EMA and .618 Fibonacci retracement, putting emphasis on the key level.
Volume is declining and below average, usually an indication of an influx being imminent; likely to coincide with the retest of support.
Both the RSI and stochastics are testing the 50 level, further price development will determine a directional bias. Oscillators need to range above 50 to maintain strength and momentum in the market.
Overall, in my opinion, a successful re-test of support validates a long trade to technical targets above with risk defined below local swing low.
If you’ve read this far - thank you for following my work!
And as always,
Focus on you, and the money will too!
OGN/USDT | Holding Structure | Support Confluence |Trade Setup Today's analysis – OGN/USDT – Consolidating at daily support as it retraces from the local swing high.
Points to consider:
- Strong Counter-trend
- Daily/Trend Support Confluence
- 21 EMA Visual Guide
- Declining Volume
- Oscillators Below 50
OGN USDT retracing in a strong countertrend from its previous swing high as it reverts to trend support, historically seen to be a key pivotal level.
Price consolidating and respecting trend support as it coincides with daily support putting emphasis on the key level.
Further price development will allow the 21 EMA to act as a visual guide, assisting in trade management.
Volume is steadily tapering off indicating an influx being imminent, likely to coincide with the breakout.
Both the RSI and Stochastics trading below 50; an indication of lacking strength and momentum in the immediate market. Oscillators are likely to neutralise as the trade sets up.
Overall, in my opinion, price needs to hold trend support; a successful S/R flip of the 21 EMA validates a long trade to technical targets above with risk defined below daily support.
If you’ve read this far - thank you for following my work!
And as always,
Focus on you, and the money will too!
LENDUSDT | BULL-FLAG | .618 Fibonacci | Trade Setup Todays Analysis – LENDUSDT – Breaching its bear-flag neckline looking for a trend continuation.
Points to consider:
- Support Confluence (higher low)
- Bull-flag (trend continuation)
- 55 EMA (visual guide)
- Increasing Volume
- RSI above 50
- Stochastics overbought
LEND held local support, in confluence with .618 Fibonacci retracement upon retest of the key level, establishing a higher low, further solidifying the importance of the level
S/R flip of the bull flag neckline further establishes a bullish bias in the market.
The 55 EMA will act as dynamic support and a visual guide, assisting in trade management.
An increase in bull volume nodes is present; further influx of volume will be essential for price action follow-through.
RSI has broken above 50 showing increasing strength in the market, ranging above 50 will maintain the bullish bias. Stochastics reaching oversold conditions and may remain there for some time.
Overall, in my opinion, A long trade is validated to the technical target above with risk defined below .618 Fibonacci retracement.
What are your thoughts?
If you’ve read this far - thank you for following my work!
And as always,
Focus on you, and the money will too!
DLTBTC | Support Confluence | Low Volume | .618 Fibonacci Todays Analysis – DLTBTC – Trading within a range as price retraces to test daily support
Points to consider:
- Support confluence
- Declining Volume
- RSI below 50
- Stochastics Oversold
DLTBTC needs to hold daily support upon retest as it confluences with the .618 Fibonacci resistance to substantiate the thesis of a long trade to structural resistance.
Volume has tapered off and below average. As price tests daily support, bull volume influx will be a key indicator supporting the bullish bias adding validity to the price action.
RSI has broken below 50 and is likely to decline further as price retraces to support, allowing for ample space for incline before reaching oversold conditions.
Stochastics reaching oversold condition and may remain oversold for some time. However, this also indicates stored momentum to the upside as the market shifts.
Overall, in my opinion, price needs to respect and hold daily support with evident volume follow through to validate a long trade to structural resistance with risk defined below support.
What are your thoughts?
If you’ve read this far - thank you for following my work!
And as always,
Focus on you, and the money will too!
OGNBTC | Trade Setup | Support Confluence | Trend Continuation OGN BTC
Today's analysis – OGNBTC – Continues its upward momentum as it holds support at key level.
Points to consider:
- Support Confluence (key Level)
- .618 Fibonacci retracement
- 55 EMA (visual guide)
- Low Volume
- RSI breaking above 50
- Bullish Stochastics
OGN showing signs of trend continuation as price respects daily support in confluence with the .618 Fibonacci retracement.
Price respecting the 55 EMA allows for an additional layer of support. Holding above the MA is bullish, supporting the bias for a trend continuation.
Volume has been declining and remaining below average. Historically, an inflow of volume has coincided with bullish price action, indicative of an influx being imminent.
RSI breaking above 50 indicates increasing strength in the market. Stochastics projecting up, breaking the 50 level is indicative of increasing momentum in the market. Both oscillators need to range and hold above the 50 level for a bullish continuation.
Overall, in my opinion, a long trade is validated with a conservative technical target of local swing high with risk defined below daily support.
What are your thoughts?
If you’ve read this far - thank you for following my work!
And as always,
Focus on you, and the money will too!
