pravenmoorthy

pravenmoorthy

BTC is currently sitting at a long term support level. BTC could most likely see a bounce towards the 30K before going back down or even breaking the support. If the support is broken the next support is at 12K.

pravenmoorthy

Weekly Chart Is todays fake break out to the downside the sign of a bottom? Every time QQQ has hit the 200EMA it has seen a bounce. The only time QQQ broke the 200EMA was during the 2008 financial crisis. We could see a potential bounce from this level.

pravenmoorthy

Daily Chart KWEB looks like it wants to breakout. Nice call options flows coming into KWEB. Price target of the breakout will be the 31 level.

pravenmoorthy

Daily Chart Is SPY getting ready for a relief rally? Both declines took exactly 35days and similar angle of decline. The 385 level will be very crucial for a relief rally.

pravenmoorthy

Daily Report Is GM getting ready to breakout. It is forming a falling wedge on the daily chart. The RSI is showing a breakout which usually happens before the price breaks out. A breakout can easily take GM to 47 resistance level.

pravenmoorthy

Daily Chart PFE sitting right at trend line support. If it breaks support could see a potential drop to 43 level. If it bounces from the trend line it would head to 52 level. Earnings coming out May3 pre market so that would be a catalyst for the direction.

pravenmoorthy

Daily Chart Is CCL getting ready for a breakout rally? CCL is basing nicely at it support at 16.58. A breakout of the trend line can easily take it to 30.60 resistance. Seasonally it is a good time for travel stocks. I would be looking for a breakout on the RSI which sometimes can show a breakout before the price breaks out.

pravenmoorthy

Daily Report Is OIH getting ready for a next leg breakout? It has been contracting for the past month. The RSI is showing a early sign of a breakout. The immediate resistance will be the 307 resistance. A full measured move will take it to 336 level.

pravenmoorthy

Daily Report ABT looking really good for a breakout. A break above 124 resistance can easily take it to 131 resistance level. The RSI is already showing a bullish breakout. This will be a nice stock to watch for the coming week.

pravenmoorthy

Daily Report SPY broke below the 449-450 support level with a gap and it failed to fill the gap. Which kinda makes it look weak for the short term. SPY is most likely headed down to 440 support level which will be a retest of the march breakout. If the 440 level does not hold then SPY is most likely going to go down to 400-410 level. For the upside the bulls...

pravenmoorthy

Daily Report VIX is continuing to hold its trend line support. If it starts closing above 23 then we could see VIX rally back above 30 and that will send the market lower. If VIX can close below the support trend line then that will be bullish for the market.

pravenmoorthy

Daily Report AMD can't be anymore weak. AMD has been underperforming among the semiconductor stocks. SPY has rallied for the past couple of weeks but AMD is getting back to it march low. If the 100 support is taken out AMD will have a massive sell off because the 100 level has been held multiple times. The trend is bearish until it can get back above the 125 resistance.

pravenmoorthy

Daily Report SPY sitting right at support. If the support holds we could potentially go fill the gap above at 465 in the next couple of day. If the support is broken SPY would go down to 440 support level and then 425 support level. The catalyst for SPY is the FOMC tomorrow. SPY will most likely find a direction after the FOMC minutes. The trend is still bullish...

pravenmoorthy

Daily Report It's decision time for VIX. If VIX breaks the support trend line then VIX will most likely go back below 18. If it finds support at the support trend line then it could rally to the top resistance trend line.

pravenmoorthy

KMI looks like it is getting ready to breakout. A break above $19 resistance level can easily take it to 22 which is where it crashed during the pandemic. The strength is to the upside.

pravenmoorthy

Daily Report SPY had some bullish price action today. 2% up day with increase volume. The RSI is currently breaking out. We could see a nice run up to the 435-440 level by end of this week. Since the FOMC meeting is tomorrow that could give it some boost if we get some good news. I want to note that any bounce on SPY will only be for the short term.

pravenmoorthy

Daily Report AMD once again coming down to the $100 support level. This level has been held for so many times. The more times a level is tested then most likely it will break. If the 100 support level is broken it will be an easy ride down to the 85 support level. I think we break support this time.

pravenmoorthy

Daily Report IWM price action is looking weak. It had a 2% down day with increase in volume. So it looks like the bears are motivated. The RSI just broke out to the downside so most likely the price will break down and head to 178 support level.