S&P 500 experienced a slight rebound over the last two days and now comes to a critical level of resistance reassured by both a trend line and the Fibonacci 0.618. Buyers has been observed struggling to further pump up the price, which provides opportunities to short the etf once a confirmation signal (red candle) is observed. Happy trading!
The author observes that MA 150 has long become a critical indictor of the S&P performance. By using fib ratio, a short decision can be made if the price goes down below 3060 as MA 150 will likely become the new resistance.
Amgen has been cosonlidated in this bulish trend for more than two years. The author observed that the buyers were struggling to prop it up even more to a further breakout. AMGN is likely to fall onto the psychologcal line of 210 and a furthr space down to 200.
Although AMZN's resistence line (1940) has been acted extremely strong since Aug 2018, it is fair to expect a breakout in 2020 due to the bullish trend. However, this may not be a good entry timing for investors to come in as the US market is reaching its peak of this economic cycle.
First post: Ping An insurance experienced a fakeout followed by a sharp drop in price, probably aligned to the market performance according to the 2019-nCov. The price is currently back to its support at around 22.6. Considering its strong resistence over the last seven months, it is safe to buy once its resistence is reasured.
