Head & Shoulders, 4 Apr 2023
🖼 Daily Technical Picture 📈
➤ Equities continued their advance although it was the DJIA large caps that led the way. We haven't seen that for a while.
➤ S&P500 has hit the first resistance zone. I also got the exit signal to my long position. I guess that's a pretty good place to part from a solid profitable trade.
➤ If we observe some chart patterns, noticeably people have been calling out the head and shoulders formation for a bearish outlook. The right shoulder is being formed. This will be easily discounted if prices moves above the head (2nd Feb high). One could also argue we are in the midst of a bullish double bottom formation with the Dec 2022 and March lows being the bottoms. That will be affirmed also with a move above Feb 2.
➤ Conclusion: I don't rely on chart formations as they are a bit of a hit and miss but it's always beautiful to see one work out.
EQUITY TREND:
⦿ Short-term (weeks) - NEUTRAL
⦿ Medium-term (< 6 months) - UP
⦿ Long-term (>6 months) - DOWN
➤ Equities continued their advance although it was the DJIA large caps that led the way. We haven't seen that for a while.
➤ S&P500 has hit the first resistance zone. I also got the exit signal to my long position. I guess that's a pretty good place to part from a solid profitable trade.
➤ If we observe some chart patterns, noticeably people have been calling out the head and shoulders formation for a bearish outlook. The right shoulder is being formed. This will be easily discounted if prices moves above the head (2nd Feb high). One could also argue we are in the midst of a bullish double bottom formation with the Dec 2022 and March lows being the bottoms. That will be affirmed also with a move above Feb 2.
➤ Conclusion: I don't rely on chart formations as they are a bit of a hit and miss but it's always beautiful to see one work out.
EQUITY TREND:
⦿ Short-term (weeks) - NEUTRAL
⦿ Medium-term (< 6 months) - UP
⦿ Long-term (>6 months) - DOWN
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✅ Verified Track Record 📈
Not Investment Advice
✅ Copy My Trades @ eToro, etoro.com/people/mrstocky
✅ Verified Track Record 📈
Not Investment Advice
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