Get started

Double Top

AMD heading toward support areaFor those of you who are following along with me on my little obsession with AMD, the past week was pretty exciting for those who were shorting the stock as the price dropped out of that short-covering rally like a rock for a $9.46 gain. AMD is now reaching a very uncertain area with 3 support levels to get through and it's actually touched an ascending trend line, so I'm expecting a few bounces to occur. My first short target is the middle of the support area at 59.80, but with hindsight, it should have been 63.62 which is the first support level below the 2-year line. The ultimate target is still 50. It's very possible AMD will make a double-bottom before it gets to 50 so I would look out for that. I'm still bearish at this point. Disclaimer: I am not a financial advisor, and the above statements are not investment advice. My comments are only intended for educational purposes. You are solely responsible for your own trading decisions.
NASDAQ:AMDShort
by cdnbuzzard
Cardano double top (bearish breakout)Hey trader! This analysis is based on a bearish breakout as a result of a double top . As the previous resistance (at 0.5123 , 0.4262 , & 0.3769 respectively) and support levels (at 0.3398 , & 0.2443 respectively) indicate, the current development is taking place in a bear market . Despite the negative development, a bullish double top has formed which, upon breakout, could trigger a bearish trend down to the target at 0.1989 (as assessed by the Fibonacci ). I hope this analysis was instructive and useful for future consideration of Cardano .
Short
by Aksel_Rom
TGT Retracts From the Double-top Targeting $161TGT share formed a bearish double-top pattern by retracting from January high. The first bearish target would be 161.54 level and the EMA-25. Breaking below those lines shall pave the way for the next bearish area target between 159.49-158.34 levels. The area between 155.71-154.84 levels would be the further bearish targets ahead of breaking below the previous area. On the bullish side, a breakout above 165.59 may invalidate the double-top pattern and the buyers may target 167.28 level and 169.19 further.
NYSE:TGTShort
by SamerHa
2
FARM Wedge and W Pattern TargetsA ton of different alts making the same patterns. Smaller wedge breakout is headed towards the 200 day EMA (also halfway point towards TP 1) and then TP 1 and then 2. Smaller wedge reaches all its targets and remains above middle of W pattern, W pattern / double-bottom recovery begins and heads towards its TP 1 and 2 (with its halfway point to TP 1 equal to smaller wedge TP 2) Longer-term wedge success likely hinged upon all of the above succeeding, while DXY must not turn up quickly and strongly from where it is now (needs to continue moving down below 100, or hang out b/w 101-103 for a good while prior to moving up). Also be wary of Bitcoin Dominance, which looks bullish atm. If conditions are met, long-term target looks to be a slightly lower high double-top, for now. See related ideas in the links below, again many alts are making nearly identical recoveries along w/ Bitcoin.
COINBASE:FARMUSDLong
by dudebruhwhoa
3
SPX: Imminent Crash! Next Key Points to Watch.• The SPX reversed the short-term bull trend, as it lost our 21 ema in the 1h chart, failing in breaking the previous top (it did a Double Top chart pattern around the 4k); • In addition, it lost the support we mentioned yesterday, at 3,950, indicating a sharp correction – maybe even an overreaction; • Either way, the 3,950 is a new resistance on SPX, according to the Principle of Polarity; • Now, it seems the index is heading to the 21 ema in the daily chart, as I mentioned yesterday (link to my previous public analysis is below this post, as usual); • What’s more, it triggered our Shooting Star candlestick pattern, which reinforces the bearish sentiment, at least for now; • Let’s pay attention on how it’ll react around the 21 ema in the daily chart. Remember to follow me to keep in touch with my daily analyses!
SP:SPX
by Nathan_The_Finance_Hydra
6
TSLA: BULL TRAP? Pay Attention to the Most Important Support!• TSLA crashed yesterday, and it seems it wants to resume the bear trend, making the previous rally a bull trap; • Today, TSLA is trying to lose the 21 ema in the 1h chart (pre market), and if that’s the case, we can expect more drop ahead; • What’s more, if it loses the 21 ema in the 1h chart, it’ll lose yesterday’s low at the same time, triggering a Dark Cloud Cover pattern in the daily chart; • The area at $123 is the next technical support level in the 1h chart: 1) previous top level; 2) 38.2% Fibonacci’s Retracement; 3) Gap level; • Therefore, in my view, the $123 area is the most important support level. If TSLA loses it, the bearish momentum will persist, and it could easily seek the $100 again; • In order to frustrate this bearish thesis, it must stay above the $123, and do a very good (bullish) reaction; • I’ll keep you updated on this everyday, as usual. Remember to follow me to keep in touch with my daily analyses!
NASDAQ:TSLA
by Nathan_The_Finance_Hydra
9
Double-top may be in the cards for Bitcoin & Crypto MarketI feel like a recovery is well on its way here. Larger falling wedge is targeting a double-top with a slightly lower high - much of the crypto market looks the same, expecting something similar with many alts, ethereum may be an exception to this as it could stop a bit over 3k. Although, I think it's possible it could turn into a slightly higher high to push folks into a potential run to 100k before pulling back hard. Smaller falling wedge is testing wedge top now. May or may not see a brief pullback before we attempt to break out of it - daily RSI is near 81, while the 3 day RSI still has plenty of room to run. Smaller falling wedge breakout would target an area just above resistance. Watch closely what DXY does here, if it manages to hold below 103, we could see a bigger recovery. If it reclaims 103 and hangs out there before moving back up again - a much shorter recovery, here's an old chart I publish with a new addition showing the case for losing 103 (original chart linked in related ideas below):
INDEX:BTCUSDLong
by dudebruhwhoa
5
MELI Engulfing Green Bar Three Line Bearish886.75)MELI is like a hydrid between Shopify and Amazon on the South American markets Fundarmentally its revenue compared to market cap is more favorable than either of those. On the weekly chart, MELI double topped to its historical high in February 2021 and September 2021. It then descended to a pivot bottom in July 22 The chart now shows a large green engulfing candle taking out most or all of the previous 5-15 candles or a so called " Big Ass Candle". This could represent the end of a consolidation period and the beginning of the resumption of down-trending price action. Last August a similar engulfing green weekly candle preceded a downtrend. I have plotted the long-term anchored VWAP and also the 6-month volume profile. I will take a short swin trade if price drops below the POC line of the volume profile. ( 886.75) If however, price approaches or crosses the VWAP ( 1060) I will take a long trade. Given the stock price a 6 month expiration call or put option may be the best trade method allowing for the taking of multiple contracts and then scaling out type trade management stratery.
NASDAQ:MELIShort
by AwesomeAvani