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EA - UPDATE/ TARGET REACHEDHi guys, updating my TA Electronic Arts Series. I've followed EA since the $108 - 112 range, as i noticed it to be a solid swing opportunity. I will be exiting MAJORITY of my positions on this trade, as it exceeded my expectations. This analysis is done on the DAILY timeframe. PRICE ACTION: As you can see we have filled most of the gap i mentioned in my previous charts. WE are now nearing the top of this down sloping Resistance Line (red line) that has been intact since June 2022. In my opinion, this will act as resistance and be a major test area. Price action has also exceeded my expectations as we have currently broke above this trend line titled in yellow that should of acted as resistance. So im being cautious here, as this could either be a downtrend fake out or our current price move up can also be a fakeout especially on higher timeframes perhaps. I would also pay attention to the size of the upcoming candles especially today and tomorrow. If they small sized bodies, that could be an indicator of a short term trend change to downside. My target for this move is between $126 and $130. $130 being less likely. A more likely scenario can also be the top of the green box at around $128. There is always opportunities to trade, so in my opinion this area is good enough for me to sell. Just hypothetically also, some potential setups in the future for EA could be: 1. If we break the red trend line and confirm above it and have it act as support. ( which is currently less likely in the short term) 2. If price comes back down to test some of the lines drawn below price action. ( maybe more probable) ALso note that the recent price drop from $129 to $108, people would have centive to sell to cut losses and take profits now if you think in a psycology point of view. INDICATORS: All indicators shown are at overbought levels and showing such patterns. RSI Is at overbought levels not seen since December 2020. I always base my decisions to sell on this indicator. If i see it above the 70 level, my sell mode mind turns on and i get ready. STOCH RSI This indicator also is at overbought area which is indicated by being bove the dashed line or the 80 level. How i use this indicator is i look for a BEARISH cross, which is when its pointed down and the orange line is on top of the blue. Also when it moves below the 80 level, that confirms for me that the momentum is becoming bearish. WAVETREND OSCILLATOR The green line has crossed above the red lines indicating overbought area which supports the other 2 indicators, making me think about potentially shorting. CONCLUSION: For the short term i beleive we are reaching a critical area, where potentially would be a solid area to TAKE PROFITS in my opinion. Price action is reaching strong resistance and is close to filling a gap. Indicators are in overbought areas which further supports the probabilty of a short term pull back. Ultimately, we also need to pay attention to the larger timeframes and the bigger picture to see if its possible for EA to break above this downward trend to continue its bullish-nessor if its a fakeout. Stay tuned for that analysis. HOPE THIS HELPED> Please boost, follow and comment. Let me know if you agree or disagree and why you do so! DISCLAIMER: The ideas expressed in this analysis are by no means financial advise. I am not a financial adviser. It is just my opinion and for educational purpose.
NASDAQ:EAShort
by SafofAllTrades
EA Electronic Arts - Still Bullish or Not?Hi guys welcome. Ive been keeping tabs on this after certain observations made me think it was a potential trade and thus am currently in a swing position. This is by no means financial advice. I try to look at the bigger picture in anything i chart keeping a flexable stance. I play both sides of the field and can change my strategy to meet the demands of the trend and to manage risk. * warning- this may be long winded* Analysis was done on the Daily timeframe. I was initially feeling like the 109-112 area was a solid buy zone. The move up past $113 really was adding confidence. However we topped around $114 and soon gave up all our gains. It did make me lose some confidence, since i like to see confident, swift moves in terms of how the candles are shaped. You generally want big green bodies for atleast couple days. We had an average sized candle on March 2nd, then switched to small bodied candles with upper wicks which shows a slow down in momentum and selling pressure. ALso note we got some big bearish candles thursday and friday, we dont want that to continue. That being said, i still believe until proven otherwise that my analysis in my previous ideas for EA is intact. I did have to adjust my downward trend channel a bit, but we are still currently in this. We are also below the red horizontal support line that stems back to April 2020 but we havent really confirmed below it. The bullish divergence seen in the 3 indicators, RSI, MACD and Money Flow is also intact. As you can see, by the white trend lines drawn on the indicators, we still have not broken this pattern. Which gives points to the bullish case. As playing out a bullish divergence, can push up price for decent gains. Just note, i unfortunately don't have a crystal ball and cant say for certain that this plays out. TO protect this we need to stay at these levels moving sideways and or continue our uptrend. Being below the red support line, does make me nervous. What we do have to keep at eye out is Weekly timeframe confirmation below this especially keeping an eye out on the next 2 weeks. Pay attention also to current price action, we are currently testing support again at the lower line of the downward sloping trend channel. I would love to see a bounce off this to gain back confidence. Bigger candle bodies are ideal but at this point anything works as long as it looks like we are consolidating sideways at the very least. Also pay attention to the Bollinger Bands (BB). We are in a tightening range, normally a tightening range indicates the "calm before the storm". Things can pop off to the upside or downside. HOwever for EA, we are actually slightly closed below it, which also worries me. Our next daily candle needs to stay above the lower band of the Bollinger Bands and above the downward trend channel. If we cant, we can also be going down lower. Next support range would be maybe the $102-$98 area indicated by green horizontal line/box. ALso note that our short lived move to 114$ was pushed down by the upper band of BB on MArch 06 as noted by the upper wick of that candle. ALso on friday the 10th of March, we were pushed down by the Orange median line of the BB indicating resistance. I would like to see this move above the Orange line ASAP. We want to avoid candle prints outside of the BB, as it would indicate selling pressure. BB can be a nice tool as price reacts well with the bands. Overall the price action still looks like price consolidation, and if i may be bold here kinda bullish consolidation. Especially if we dont print any crazy bearish confirmations going forward. Price printed a lower low on friday. WHILE indicators hold a higher low. WE have to, have to! hold this pattern. If you see the indicators crash below the trend lines, and wipe out the higher lows, we may continue to sell off and may need indicators to cool off into the oversold areas. Put also special attention on the ADX indicator. Here notice how the red is over the green line but it forming a lower high. This could mean we are losing bearish momentum and maybe moving towards bullish momentum or when green goes over red. Also expect some ADX chop which is basically what i describe (and if you look back at history) when theres multiple overlaps between red & green with low heighted peaks for both colors. Normally happens when massive moves occur to either the upside or downside, in this case downside ofcourse. So pay attention to that as well. So in conclusion: i would say we are still bullish or i am in my opinion expecting a move to the upside until proven otherwise. Next week overall will be important to observe. Watch the current price action interaction with lower border of downward trend channel and the lower band of BB. Hope this helped. Check out my other charts on EA to get the bigger picture. Expect more updates. Please boost, comment and follow for more charts like this. DIsclaimer: This is NOT financial advice. The ideas expressed here are my opinion and for educational purposes. Thank You
NASDAQ:EA
by SafofAllTrades
EA - Bullish UPDATEHey guys. Been keeping my eyes on EA, as im currently trading it. Thought id do another update. Do check out my other charts on EA to see what ive been seeing last couple of weeks. So just a quick update. This is on the daily chart. But it seems to me like we are starting the bullish divergence move to the upside. TOdays daily candle close will give a nicer picture on whats to come. But as of now, 2 hours before closing time -> We have ourselfs a BULLISH ENGULFING CANDLE. This would be amazing to close like this out of the downward sloping channel i have drawn out. Just a heads up we may even test support on the upper trend line of the downward channel i drew. So we still have time to buy positions. Stop loss would be below the lower Red horizontal support line. Around the $108.00 levels. A 5-6% risk is the max im willing to take. SO im looking at the red resistance line above us, as my first target. My next target would be the MACRO .618 fib level (check out my other charts to see the level) AND ill hold a little bit of my bag to see if the GAP we have fills. I will be adding more to my position today and or tomorrow. Hope this helps. PLease comment, boost and follow me for more ideas like this and a place where we I talk TA. Check out my other analysis on EA to get more information. Disclaimer: This is not financial advice. The ideas expressed here are my opinion and a place to express TA to grow my understanding. Always make sure you have your own strategies in place when trading and that you protect yourself with stop losses.
NASDAQ:EALong
by SafofAllTrades
EA - Bullish candlestick pattern?Hi guys. Heres another update on EA. Since im in this trade, i will constantly give updates when i see a development occuring. This is going to be on our current price action that occured on friday. This is on the daily timeframe. So we ended up breaking below the downsloping trend channel and major resistance red horizontal line. Note: If we confirm below this, it means the trend has changed, we will most likely drop in price further. The red horizontal line will act as resistance causing the push down in price, alng with the lower end of this downsloping channel. However note, there is only 1 candle below this. SO technically this has not yet confirmed a breakdown from this. We must have patience. AS far as im concerned this trade is still in play. ALSO note, the candle pattern. I believe, correct me if im wrong. This is a SOUTHERN DOJI. Normally when this appears its known to be a BULLISH reversal pattern. But it is also noted by many experts that dojis can lose their potency in a decline. So its not a stand alone candle pattern to be used. Therefore, we need to see what plays out next week, and what the next couple of candles print. Ideally we would like to go above the red horizontal line and lower end of downward trend channel. I would also like to see big bodied candles to close above the mentioned lines. Hope this helps. Please comment, boost and follow if you like this content. I will continue to update. ALso check out my other EA charts, posted below. Disclaimer: The ideas expressed are my own opinion. This is not financial advice.
NASDAQ:EA
by SafofAllTrades
2
EA - Price Action Update (daily)Hi guys. This is an update to EA, as ive been monitoring it closely. This is purely a TA post. Lets jump right in. This is on the Daily Timeframe. Price action tested the major red support line that has been major support since April 2020. We saw a strong bounce up indicated by the lower shadow of the candle. We also played support on the lower trend line of this down sloping trend channel, that we've been in for about 2 weeks. As long as we don't break below and confirm below the down sloping channel and horizontal support line, this is still in play as a trade. Also after a price drop, i would rather be in a downsloping channel than an upsloping one! We need it to break above this trend channel and confirm above. ANd i would say that it could be a solid entry point with stop below the red horizontal line. I have also added an indicator im also monitoring closely, The RSI. In my previous posts i mentioned that we are showing bullish divergence and confluence among 3 of my favorite indicators. This is still in play, thought the RSI broke my initial divergence trend, as long as we stay above the horizontal orange support line i drew, we keep a higher low and it still indicates that bullish divergence will play out. WHich is an uptrend. I think overall we are showing some level of consolidation, and it makes sense since we had a massive tumble in price quite recently. I hope this update helps. Please let me know what you think with a comment and do like/follow if you like this content. Check out my other ideas in different timeframes on EA below! Also Disclaimer: This is not financial advice and i am not a financial advisor. I am just a student of the charts. Thanks.
NASDAQ:EALong
by SafofAllTrades