Resilience Next Week or Volatility Spike?
The weekly support and resistance levels modeled for the week ahead frame price action with precision. Technical analysis provides the directional probabilities, while these modeled support and resistance levels validate the thesis that technical indicators suggest.
For example, I anticipated a bullish reversal for $Alphabet(GOOG)$ based on technical indicators illustrated transparently to paid subscribers last Saturday, providing the central weekly level (CWL) of 341 as the trigger/confirmation. That move materialized on Monday, and the initial upside target was modeled at 349.4, the zone reached on Thursday and revisited today. The weekly move was +2.2% 🎯.
$Tesla Motors(TSLA)$ was set as a high probability bullish setup as well, setting 363.7 as the conditional level to hold as support, that central weekly level was respected yesterday when the market declined, the stock surpassed its weekly target of 381.5 gaining +3.3% this week 🎯.
Bullish expectations for $Costco(COST)$ were also documented with technical indicators shared on Saturday. The central weekly level was set at 918.5, holding above that threshold validated the bullish thesis. The upside targets were established at 933.1, and 945.6. By Tuesday, 933 was surpassed, and by Thursday the 945.58 target flipped to support. The stock gained +2.9% this week 🎯.
Given the precision of these levels, they are solid references to set a stop loss as well: $Broadcom(AVGO)$ , moved according to my bullish expectations, 372 as the bullish extended target was surpassed by Tuesday (+5% move 🎯), leading up to 384.14 before a measured rejection. When a target (372) is breached and flipped to support, it allows traders to lock in gains or set stops the level reached and let the price action to confirm any reversal by a breach of the level. We will study why the bullish setup is still in play.
$Amazon.com(AMZN)$ as a bullish setup gained +4.3% 🎯 by flipping our modeled target 258.8 to support, $SpaceX(SPCX)$ presents a case like AVGO: reversal from the surpassed target of 169 +6.4% 🎯, but the bullish case continues in play; not to mention that SpaceX signed a major deal that provides SpaceX with the specific wireless frequencies needed to power its “Starlink Mobile” initiative, allowing Starlink satellites in space to beam cellular signals directly to ordinary smartphones.
Markets are always moving - and sometimes, the best move is knowing what works for you.
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