rvirmani

rvirmani

Having broken out of the narrow channel that Tesla traded within from May to October 2021, it has now returned to those same pre-established levels. Currently a beak above $950 is needed to get above the top of this channel. The upward slope of this channel should see it approach $1,000 by the end of March 2022. I have also drawn higher resistance levels that...

rvirmani

SPY is testing it's 200 day Moving Average today - a level it last broke on 26 June 2020. It is also testing the parallel trend line from the COVID low from March 2020. It will probably not rally up from this level until after the FOMC meeting on Wednesday, Jan 26th.

rvirmani

Having broken below the 200 day Moving Average for the first time since March 11th, 2020, after the the COVID outbreak news, the next real support for the QQQ us at the Daily Demand level between $350 and $352. I am expecting it to test that level before the FOMC meeting concludes on Wednesday, Jan 26th and then, hopefully if the Fed Report is not terrible in...

rvirmani

Based on established support and resistance levels, we can expect the QQQ to pull back to 390 by the end of this week, November 26th 2021. This is marked as mid-line on the chart here and is the place where we can expect significant support.

rvirmani Updated 

This chart shows a channel that has upper and lower bounds being respected by TSLA for several months now. Even though the stock seems to be erratic in its price moves, such trendlines show a structure to the price action that has been established and can be used to take short-term swing trades off.

rvirmani

As I had mentioned 8 days back on September 20th, QQQ closed almost exactly at $360 today (see the related post ). This is a very important level for the bulls to defend as it is the last level of long-term support for the QQQ based on the trend lines I have been tracking. A close of this week on Friday, October 1st below this lower support line could mean a...

rvirmani

It is necessary to "zoom-out" a little to get a sense of what the market is doing since last week. As you can see here, the QQQ is trading right in the middle of the lower channel of its price range. Some more downside is possible (as low as $360) before a move to the upside can occur. A break below this lower channel with volume, velocity, and momentum could...

rvirmani

We need a weekly chart perspective on days like this. Looking at this weekly chart for 1 year of the QQQ we are still above the Lower Support level which is at about $360. A conclusion of this pullback could easily take us to the $360 level before this week is out.

rvirmani

A close above this level today could indicate an end to the move down or at least a recovery this week. A close below would indicate more downside action to come.

rvirmani

GLD is getting ready to close this week on a long-standing (multi-year) trendline. With the current conditions with skyrocketing US dollar debt and global uncertainty caused by COVID, I expect GLD to move up to a target of $175 to $178 in the coming months, at a minimum.

rvirmani

TSLA is now trading with a well-defined, upward-trending channel.