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the trend is strong with this ICE: a simple long term approachWas not planning to do any deep dive research for this one, but the long term trend of ICE is too obvious to ignore. Despite the choppy daily chart with now and then a small jump, it did grind higher and higher, decades-long. When dealing with such a long time frame, it's important to adjust the pr-ICE to splits, dividends, and rights offerings. And let the logarithmic trend be your friend. A drop deep into the lower channel, without breaking it, provides a once in a decade opportunity, So one simple strategy for long term investors, assuming you did your homework and will keep following the development of the company: Buy when under the middle line, hold or buy less when above; keep the first tranche light and periodically add a small sl-ICE.
NYSE:ICELong
by EuroStockOption
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Gentleman's OXY?Got FOMO'ed in b/c WEB kept buying? Take measure to protect yourself from a potential drop in the short term: It started with negative divergence in March, noticing that volume did not follow through after the breakout, it might end up with a H&S formation that project to the low 40's (blue lines). That region happens to coincide with: - the yellow trendline with multiple tops in the past, which can now function as support; - an interesting retracement level; - a volume profile wedge. This is a short term set up based on technical, invalidation above 70. With the intention to (partially) take over, it makes sens for a whale to keep buying regardless whether price goes up or down. Assess your own situation as it might differ.
NYSE:OXYShort
by EuroStockOption
SXLK: time to take profitThe ETF SXLK has been providing an easy access to the US big techs for the European investors, allowing us to piggyback the insane bull run over the past few quarters. However in the recent weeks, it's showing some weakness. While the (5) waves up off the March 2021 low looks complete, the daily RSI shows an downward trend. Above all, the weekly RSI and stochastic is leaving the overbought zone, indicating an exhaustion of the rally. When was last time that this happened? It was the covid crash in 2020. I'm aware of the small sample size due to the rather short existence of the SXLK, but I'm certainly willing to pay attention to it. If you take a close look at the XLK, the American OG of the SXLK; top two constituents AAPL and MSFT have signaled potential multiple top, while number 3 NVDA is already in a downward channel. As those three have a combined weighting of about 50% in the XLK, when they head into correction phase, so will the SXLK do. Currently I'm eyeing 66-69 as initial correction target, that is the retracement range of wave (4), and the volume wedge around 67 on the daily should also provide some support. The bounce of yesterday 12-Jan provides an exit opportunity, it's prudent to reduce exposure and/or buy protective puts. Let me be clear that the aforementioned are well run companies, and AAPL and MSFT also pay dividends and buy back shares. Long term I'm not bearish for them, in the short term however, I doubt the high multiples are still justified by the growth. I generally do not track US stocks closely and I prefer using ETF for exposures in the foreign markets, so DYOR. And maybe show some love for the European cyclicals/values?
EURONEXT:SXLKShort
by EuroStockOption
Some hopium for the TSLA bullsTLDR: short term upside target 1k - 1.1k if 860 holds. EW interpretation: On the 4h chart published above, we can see either a i-ii or a a-b movement off the Jan '22 low, with a higher low struct at 838. If a new higher high presents itself, preferably above 860, both counts will project us to ~1050 in the short term. The rising trend of the RSI, started prior to the Jan low, gives some extra hopium. The action off the low today is constructive so far, on the 5min chart I can solidly count five waves up before the pull back begins. Two probable targets for this mini correction, if this count is correct, would be 0.382 and 0.618 retracement marked with the purple fibs, around 875 and 860. (5min chart: ) Stop can be placed under the 0.764 fib ~852. Note: this was a request, not actively following it.
NASDAQ:TSLA
by EuroStockOption