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MORHO will be a big boy. I think it has potential to eventually hit $20+, but for now, we're eyeing the $5 level. I'm DCA'ing at the ~$2.9 and ~$2.4 level for a clean entry before pushing onward. Happy trading, Melonfarmer
Hey traders and investors! Daily Timeframe Analysis On the daily timeframe, there is a range. The current buyer's vector is 7-8, with a potential target of 2721 (2726). A buyer's zone (marked by a green rectangle on the chart) has formed in the emerging buyer's vector. For a detailed analysis, refer to the related post. The seller's daily bar from January 6, with increased volume, failed to engulf the buyer's bar from January 2, which created the buyer's zone (green rectangle on the chart). The key volume of the bar (the blue band on the chart shows the range where 33% of the bar's volume has been traded) is below the level of 2636.705, which we've been monitoring. This favors looking for buying opportunities. 1H Timeframe Analysis On the hourly timeframe, there is a range near the level of 2636.705, with boundaries indicated on the chart. Buying Strategy Buying patterns can be sought at the bottom of the range or after the buyer exits the range and defends the breakout. The potential target on the daily timeframe is 2721 (2726). I wish you profitable trades!
This is a setup involving the most important momentum indicator of all Volume and probably the number 1 ingredient that's needed for your trade to run towards a nice profit. Unfortunately where I am Australia, from here is where I do trading from, well the most important thing Volume is usually missing right through the morning session, but not always. But there did seem to be much buying during the recording of this pair and this trade went live from about 10am on Tuesday 7 January. Another wonderul indicator ftht is often overlooked with a view towards it not working, could not be further form the truth. When used correctly the MACD won't be only a trigger to buy or sell into a trade, but I use it sometimes in the current traded timeframe or the next timeframe up will allow me to steer price up or down by watching for any cross of the MACD and Signal lines. Standby
- For NYSE:NKE longs, they gotta feel 10-15% more downside for potential bottom. $63 is the 200 SMA on monthly scale where it could potentially bottom. - Ideally, NYSE:NKE has been losing market share to NYSE:ONON , deckers etc. On top of that there's zero innovation in the shoes and design. Premium price for Nike seems unjustified. - Fair value based on multiple compression seems to be around $78-85. Therefore, buying it in 70s isn't worth holding. I believe parking money here is like betting on dead horse as of now. - Turn around in brick and mortar business takes long time and patience as compared to SAAS business where one could see positive turn around within 1-2 quarters. - CEO is a veteran which is a plus but investors should be cautiously optimistic. - Buying around $58-63 provides good upside adjusted for slow rate of pace of growth and competition fears.
Short Term Elliott Wave view in USDJPY suggests rally from 9.16.2024 low is in progress as a 5 waves diagonal. Up from 9.16.2024 low, wave (1) ended at 156.74 and pullback in wave (2) ended at 148.64 as 1 hour chart below shows. Pair resumed rally higher in wave (3) with internal subdivision as an impulse. Up from wave (2), wave 1 ended at 152.86 and dips in wave 2 ended at 151.79. Pair resumed higher in wave 3 towards 157.92 and pullback in wave 4 ended at 155.94. Final leg wave 5 ended at 158.04 which completed wave (3) in higher degree. Pullback in wave (4) unfolded as a flat structure. Down from wave (3), wave A ended at 157.34 and wave B ended at 158.07. Wave C lower ended at 156 which completed wave (4) in higher degree. Pair has resumed higher in wave (5). Up from wave (4), wave 1 ended at 157.78 and dips in wave 2 ended at 156.23. Near term, as far as pullback stays above wave (4) low at 156, and more importantly above 148.6 low, expect pullback to find support in 3, 7, or 11 swing for further upside.
The chart illustrates a textbook Bullish Pennant pattern, suggesting the potential for upward price movement. Currently, the price action is encountering resistance near the upper trendline, indicating that a breakout may require additional consolidation. Key Observations 1. The pennant formation remains structurally intact, with the price consolidating within a narrowing range. 2. A confirmed breakout above the upper trendline is essential to validate the bullish thesis and initiate a sustainable upward move. 3. Upon a successful breakout, the projected target lies between $2.80 and $3.00, aligning with historical resistance levels. Strategic Implications Patience and discipline are paramount. Monitor closely for a decisive breakout with strong volume confirmation. Until then, be prepared for further consolidation or a potential retest of the lower trendline as the market gathers momentum.
NZDJPY - SHORT, Bearish Harmonic Pattern on H1 with divergence.
Price made a decent bounce off the low at 1.9900 on the H4 timeframe. We are expecting more upside from here. On the H1 chart, we saw a liquidity sweep and a break of structure of the previous high at 2.0000. If we can get a corrective pullback towards the FVG area, we have a potential long trade setup.