prochartinsight: INDICES

Wednesday, December 20, 2023

AMAZON confirmed a high upward target

Adel Onsi Mohamed December 20, 2023 0

Amazon stock analysis chart with confirmed bullish target - ProChartInsight

For those interested in making deals in the financial markets using technical analysis with its simple and powerful tools, I present to you now this stock, which is Amazon stock.

Technical analysis of Amazon stock.

Moving Averages intersection:

As can be seen in the drawing attached below, a positive sign or indication of the continuation of the rise so far appears, which is the positive intersection between the moving average 14 and the moving average 50, which gives the impression of the continuation of the stock’s rise in the medium term.

AMAZON weekly chart.

Inverted Head and Shoulders Pattern.

It is also clear from the drawing attached above that Amazon stock has formed a famous technical pattern, which is the inverted head and shoulders pattern. The stock confirmed the pattern by penetrating the level of the confirmation line, which is the neckline, by penetrating the $145.53 level.

As we know the inverted head and shoulders pattern has an upward target after breaching the pattern’s confirmation line (the neckline), and the pattern shown above shows us that the upward target for Amazon stock is in the range of $211.61.

The level of $145.53 has now become an important support level, and the decline to it in the future is called a “Throwback” process, it will be a normal technical decline to retest the neckline penetration level of an inverted head and shoulders pattern.

There is no doubt that in the upward direction to reach the upward target mentioned above, the stock will face resistance levels that are shown on the drawing too, and the resistance levels begin with the first resistance level, which is a horizontal level in the range of $158.87, which is the first resistance level, then the $171.80 level, which is the second resistance level, then the $187.97 level, which is The third resistance level.

As for the support levels, they have also been clarified on the drawing, and the support levels begin with the neckline penetration level mentioned above, which is the $145.53 level as the first support level, the second support level is around $133.88, then the third support level and stop loss, which is the $118.35 level.

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Saturday, November 4, 2023

Apple and Microsoft, good technical analysis signals.

Adel Onsi Mohamed November 04, 2023 0

Apple Inc.

This is my first article in my new website (TRADINGMOST - (Prochartinsight currently). This article is considered to be a simple Technical Analysis Report for some of the USA stock market, so I’ll try to make it as summarized as possible, and I will also try to make it include the most important levels, Targets, Resistances, and supports for the included stocks.

Technical Analysis (Short Term):

I will start with Apple Inc. because it is one of the most interesting charts I have seen recently. When you see the chart from the first glance you will find a famous pattern, a clear Falling Wedge. Apple succeeded in breaking the upper line of the Falling Wedge upward direction, which made a new entry signal.

Apple - Daily Chart.

To be clear enough, let us mention the target of the upward penetration to the Falling Wedge. Due to this breakup action to the horizontal level at 176.75, the target of this upward penetration now is about 198.83. As I used to advise my followers before looking forward to the targets, you have to take into consideration and not forget to set the stop loss point (level) to keep your profits safe.

So from the above-mentioned words, we have to say that the stop loss of Apple stock now is 173.35. The support levels start by the upper limit (line) of the mentioned Falling Wedge itself, which has been considered before as a strong moving down resistance! Now it has reversed its position to be a high solid moving down support, and it is the first support level started at level 176.

The second support level is the stop loss level itself at 173.35, my advice is above this level 173.35 you have to keep and hold the stock with you until you reach the above-mentioned target of 198.83.

On the way to reaching the upside target (198.83), some resistance will appear the way and can make some delay or backward steps (Throwback) before reaching the upside target, these resistance levels started by the level of price GAP at 181.47 which is the near to the previous top level at 182.34, so the first resistance level is wide range between 181.47 up to 182.34. The second resistance level will be a wide range too, between levels 187.37 up to level 190.69.

Technical Analysis (Medium Term):

Using the above-mentioned pattern (Falling Wedge) on the weekly scale, the upside target after the actual close higher than 177 is around 239.

Apple Inc-technical-analysis-Weekly-Chart.

Apple - Weekly Chart.

The above-mentioned resistances - in the short term - will be as they are in the medium term too, and level 200 will be added here to be a strong resistance in the front of the stock in the upward direction before the target. Finally, the stop loss for this medium term is 165.

Microsoft Corporation

Technical Analysis (Short Term):

The second stock we have today is Microsoft Corporation. Again you can easily see a very famous pattern already formed in Microsoft Corporation stock, the pattern is Double Bottom Pattern (Adam and Eve). By closing higher than the pattern confirmation level which is 340.86, the upside target is 372.20, but we have to know that, there is a possibility to return to check the breakup level 340.86 as a Throwback phenomenon.

Microsoft-Corporation-techanical-analysis.

Microsoft - Daily Chart.

On the way to reach the target of course there are some resistances on the way, these resistances started by July 2023 top which is 366.78 at this level some steps back can be done even to return to check some support levels which start at 351 as the first support level. The second support level is 340.86.

Technical Analysis (Medium Term):

Here on the coming chart – the weekly chart – you can expect a solid pattern “not confirmed yet” which is the Cup with Handle pattern, this pattern will be confirmed after breaking up the confirmation line or level at 366.78 this case the upside target will be around 463, I believe that it should be under your focus to catch the first signal.