pravenmoorthy

pravenmoorthy

Daily Chart Report IWM is in a free fall. When a stock breaks through two support level in one go, you know how bearish the chart is. The first stop is at 190 support level and then head to 168 major support level. I want to note that there is a possibility that IWM might have a small bounce in the coming week to retest the breakout before it heads lower. The...

pravenmoorthy

Crypto Report BTC clearly looks like it is headed to the 29K support level. It has been steadily stair stepping down. If it can breakout off the top trend line then that will be a sign of a bullish reversal. Right now the chart show bearish all the way.

pravenmoorthy

Crypto Report Is it time to go long on ADA? It just hit and bounced off a major support level today. All the indicators are showing a bullish build up. We have positive divergence on the RSI. If it can breakout off the top trend line and the 1.60 resistance level it will be a bullish reversal confirmation. If the $1 support level is broken then we will see a...

pravenmoorthy

Daily Chart Report Is FB the next to fall among the F-A-N-G stocks just like NFLX did? It is now sitting right at support. If the bulls don't step in at the current level it will be an easy ride down to 248 support level. If you see the RSI it is already showing a breakout. I think FB breaks support and head to 248. Also the earnings are coming out in the first...

pravenmoorthy

Daily Chart Report XLP looks like it is forming a bull flag. If it breaks out to the upside then the first price target would be the ATH resistance level. If it breaks down then you will find support around the 73 level. If you see the indicator below the two lines are compressing. A compression always leads to an expansion. A big move is in the cards next week....

pravenmoorthy

Crypto Report ETC has been steadily going down. It is currently at support if that support is not held then it is headed to $20 support level. That drop will be another 17% down. Any quick run up in ETC will just be faded. So ETC has to start basing to show some strength.

pravenmoorthy

We have clear top trend line for ADA. It has gotten rejected 3 times. If that trend line can be broken then ADA will get some bullish momentum. I'm staying short until the trend line can be broken.

pravenmoorthy

Daily Report SPY closed today right at support. If the support is taken out SPY is most likely headed to the 444 support level and then 438. The 438 will be a major support level that might contain selling. I'm bearish until a resistance can be taken out.

pravenmoorthy

Daily Chart Report Is QQQ gonna bounce as soon as tomorrow? QQQ is sitting right at the 200D SMA. It is tagging the 200D for the first time since the pandemic crash. It also made the 10% correction. I would say we could see a bounce since we are entering into tech earning season. I think QQQ can violate the 200D and bounce off the gap support. I want to note...

pravenmoorthy

Daily Chart Report X looks like it is slowly rolling over. The chart is neutral leaning negative at the current moment. I also want to point out that it did close with increasing volume below the 200D SMA today which is a bearish signal.

pravenmoorthy

Daily Chart Report IWM finally breaking to the downside. The first price target is at 198 support level. It think it could move even lower. According to the TA a full measured move to the downside is at 168 support level.

pravenmoorthy

Daily Chart Report Is AAPL going to be the next tech stock to breakout to the downside? AAPL is the only big tech stock that has not broken support. But it is forming a topping pattern so a break below support can easily take AAPL to 158 support level. I'm staying neutral until I see a break below support.

pravenmoorthy

Daily VIX Report VIX is forming a nice base and sitting right at resistance. A break to the upside can easily push the price to 26 resistance level. If VIX fails to breakout it could find support at $18 level. That in turn will give some relief rally for the market.

pravenmoorthy

Daily Chart Report SPY finally brokeout of its up trending channel that has been held since the pandemic low. It brokeout with increasing volume. SPY could find initial support at 453 before it heads lower. A full 10% correction would put SPY at Oct lows of 431 level.

pravenmoorthy

Daily Crypto Report DOGE looks like it is getting some life. It is now back above support. We had a false breakout. DOGE is doing a bullish cross for the first time since Oct 2021 on the indicator. A major resistance would be the 0.22197351 level.

pravenmoorthy

Daily Chart Report XLF gapped down below support and failed to capture the support back. Since banks earnings season has started usually banks tend to drop after earnings. So we could see XLF retrace back to $40 gap support level next week. Also there has been plenty of put buying on the bank stocks and XLF going out to Feb exp.

pravenmoorthy

Daily Chart Report WMT is finally in the process of breaking out. It has been consolidating at the breakout level for over a week now. It did its first close above resistance today when the rest of the market was down. WMT is headed to the 152 resistance level.

pravenmoorthy

Daily Chart Report MSFT has been the weak stock among the FANG stocks. The breakout for MSFT has been confirmed. It is now headed lower to the 292 support level. Any move to the upside will be meet with sellers.