MA is at the bottom of a double top trend and now it looks for a nice move
- The gravestone Doji at the bottom of the trend signifies a reversal
+ Where the Doji was the RSI was at its lowest which is another indicator of a reversal
- The fast moving MACD (5,35,5) line just crossed the signal line
- MA typically uses the midline of the pitchfork as a level of resistance
+ The midline + fibonacci extension estimate the resistance point would be around 378
+ The pitchfork estimates that MA would reach this point around September 22
5 hours ago
Comment: If MA falls then this is its support level
- If MA continues to trend up: entry $353
- If MA drops: entry $348.31, $346.69
- Stop Loss: $344
- The gravestone Doji at the bottom of the trend signifies a reversal
+ Where the Doji was the RSI was at its lowest which is another indicator of a reversal
- The fast moving MACD (5,35,5) line just crossed the signal line
- MA typically uses the midline of the pitchfork as a level of resistance
+ The midline + fibonacci extension estimate the resistance point would be around 378
+ The pitchfork estimates that MA would reach this point around September 22
5 hours ago
Comment: If MA falls then this is its support level
- If MA continues to trend up: entry $353
- If MA drops: entry $348.31, $346.69
- Stop Loss: $344
Note
MA ended the week on a bearish engulfing candle. On September 13, the support level is at $344.50. The monthly and weekly chart shows reversal patterns (doji and hammer), so MA should near resistance around thursday/friday
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.