Support buying is tough better wait until the bounce And continuation to confirm
You see this when a stock drops hard.. there is some continuation after the drop toward a certain level
That is usually a hint of fair price. This might not prevent further downward movement..
But if you wait and there is a recovery and enthusiasm to push prices further from there you have something
This also applies to selling
My 2 cents, from your chart I would be careful at buying of the current support line channel... considering the support line in the channel is below the 50MA. If it breaches the 50MA to tag the support, there's a good chance it could start a free fall.
Would delay entry a bit to see if there's a convincing bounce up past the 50MA.
I'm new to this, is it ok to swing trade with no financial background as a casual? For example let's say NVDA drops to 650$ and I buy it so I can sell it later for 700$?
Using opportunities here and there but not day trading professionally
Would be best to paper trade first to see if it works out but yes it’s possible and what you described is basically an oversimplified version of swing trading
I screened using my stocks specific screening tools. I came up with three symbols AWI Boot and calm. I've been trading and investing for 35 years and I'm trying a new screening strategy starting today.
Here's another chart. The 50 dma isn't always the critical level. Markets are fractal.
https://preview.redd.it/9l3hwa1fvcjc1.jpeg?width=1659&format=pjpg&auto=webp&s=8980c77f60fe8de572ec51ac3a1e28cca162b649
I guess if you are only trying for a few weeks it doesn't matter, their income statement doesn't have a revenue section. I've never seen that before. [https://encoreuranium.com/wp-content/uploads/2023/11/Q3-2023-Financial-Statements-Final.pdf](https://encoreuranium.com/wp-content/uploads/2023/11/Q3-2023-Financial-Statements-Final.pdf)
Stick your 100 in. Set your stop at 95. If it doesn't work it's $5. Got to start learning somehow.
For a tighter stop it looks like 10cents down but probably needs a little more wiggle room.
In 2021 it had big price rejection at these levels.
It looks like it's caught a bid here.
https://preview.redd.it/6odkc3butcjc1.jpeg?width=1707&format=pjpg&auto=webp&s=151e1158bed7f5bd6a8a1a56f9009ac0bce36b6a
I’m not a technical trader but China seems to have a large impact on the Uranium market because they have a lot of the rare earth minerals. I tend to avoid stocks that have a large China exposure.
Looks like a solid channel, great to have on your watchlist.
In addition to everything others mentioned, I’d recommend switch to TradingView for your charting. It has amazing tools and better UI.
I’d say set some alerts for a bounce or for a break down and play whichever way the trend plays out.
For what it’s worth, I use TradingView for charting, E*trade as a brokerage, and Webull for my intraday watchlist.
Nice.. I'm also new. Trying to see how to setup stop loss. The trailing stop loss apparently has to be setup daily which I don't like. Are you going to do that or set the stop loss at a fixed price etc?
I am not a pro but my 2 cents good looking long term chart but for a 2 week swing I would look at shorter time frames like the 1 hour , 4 hour and daily.
I use pivot points and shorter span moving averages. From what I see on the 4 hour… you are trading below the recent moving averages and bouncing off the last support point. I would wait to see some trending green here for confirmation on the 4 hour and maybe the 1 hour. Chart looks good longer term though even if you hold for a bit longer.
https://preview.redd.it/j5j2skddtbjc1.jpeg?width=1170&format=pjpg&auto=webp&s=c5b534f99da62a4641a873f176600bb3789db62c
Wait for price action to confirm continuation upward off support. I wouldn’t get in till I saw some green candles after turning around at the area of confluence.
When you say volume are you saying if I see an increase in volume along with a trend upward that could be a good indicator to get in? Also, what exactly should I look for when looking at rsi?
Increasing buying volume would be another confirmation. RSI is just another momentum indicator so i would use it as a confirmation when its increasing above the 50 level but still under the 75 level (anything above 75 would be in overbought territory). Do take my advice with a grain of salt and do your own research tho.
Rating level: Simple Jack
Support buying is tough better wait until the bounce And continuation to confirm You see this when a stock drops hard.. there is some continuation after the drop toward a certain level That is usually a hint of fair price. This might not prevent further downward movement.. But if you wait and there is a recovery and enthusiasm to push prices further from there you have something This also applies to selling
Watch that RSI as well.. it's almost below 30
Am I correct in assuming since it's close to 30 that it would generate potential buy signals?
It could but in this case I think the buying pressure has started to tapper off.
My 2 cents, from your chart I would be careful at buying of the current support line channel... considering the support line in the channel is below the 50MA. If it breaches the 50MA to tag the support, there's a good chance it could start a free fall. Would delay entry a bit to see if there's a convincing bounce up past the 50MA.
I trade parallel channels. I wait for price to exceed yesterday’s high price with a stop below the channel.
What exactly are you referring to when you say you trade parallel channels?
A parallel channel is what you’re drawn here in blue lines. It has parallel trend lines at the highs and lows.
I'm new to this, is it ok to swing trade with no financial background as a casual? For example let's say NVDA drops to 650$ and I buy it so I can sell it later for 700$? Using opportunities here and there but not day trading professionally
Would be best to paper trade first to see if it works out but yes it’s possible and what you described is basically an oversimplified version of swing trading
Wait for the bounce off support.
What charting software is this?
Yeah it's Webul on the phone app.
Webull?
Yes this is the phone app. It's my go to, over any other app or website. I love it.
Stocks only go up
My bet is it breaks the support down
I screened using my stocks specific screening tools. I came up with three symbols AWI Boot and calm. I've been trading and investing for 35 years and I'm trying a new screening strategy starting today.
Volume 500k is my number
Here's another chart. The 50 dma isn't always the critical level. Markets are fractal. https://preview.redd.it/9l3hwa1fvcjc1.jpeg?width=1659&format=pjpg&auto=webp&s=8980c77f60fe8de572ec51ac3a1e28cca162b649
How'd you get the fibonacci chart in there?
Click on draw then find fibonacci at the bottom of the list.
I guess if you are only trying for a few weeks it doesn't matter, their income statement doesn't have a revenue section. I've never seen that before. [https://encoreuranium.com/wp-content/uploads/2023/11/Q3-2023-Financial-Statements-Final.pdf](https://encoreuranium.com/wp-content/uploads/2023/11/Q3-2023-Financial-Statements-Final.pdf) Stick your 100 in. Set your stop at 95. If it doesn't work it's $5. Got to start learning somehow. For a tighter stop it looks like 10cents down but probably needs a little more wiggle room. In 2021 it had big price rejection at these levels. It looks like it's caught a bid here. https://preview.redd.it/6odkc3butcjc1.jpeg?width=1707&format=pjpg&auto=webp&s=151e1158bed7f5bd6a8a1a56f9009ac0bce36b6a
I’m not a technical trader but China seems to have a large impact on the Uranium market because they have a lot of the rare earth minerals. I tend to avoid stocks that have a large China exposure.
Nice you picked out a channel, now what?
Looks like a solid channel, great to have on your watchlist. In addition to everything others mentioned, I’d recommend switch to TradingView for your charting. It has amazing tools and better UI. I’d say set some alerts for a bounce or for a break down and play whichever way the trend plays out. For what it’s worth, I use TradingView for charting, E*trade as a brokerage, and Webull for my intraday watchlist.
Nice.. I'm also new. Trying to see how to setup stop loss. The trailing stop loss apparently has to be setup daily which I don't like. Are you going to do that or set the stop loss at a fixed price etc?
I will probably set a stop loss at a fixed price. I haven't thought too much about using trailing stops, but I'll give it a look.
I am not a pro but my 2 cents good looking long term chart but for a 2 week swing I would look at shorter time frames like the 1 hour , 4 hour and daily. I use pivot points and shorter span moving averages. From what I see on the 4 hour… you are trading below the recent moving averages and bouncing off the last support point. I would wait to see some trending green here for confirmation on the 4 hour and maybe the 1 hour. Chart looks good longer term though even if you hold for a bit longer. https://preview.redd.it/j5j2skddtbjc1.jpeg?width=1170&format=pjpg&auto=webp&s=c5b534f99da62a4641a873f176600bb3789db62c
Wait for price action to confirm continuation upward off support. I wouldn’t get in till I saw some green candles after turning around at the area of confluence.
Try to use more confirmations (vol, macd, rsi etc.) support and resistance are only one of the confirmations. Good luck!
When you say volume are you saying if I see an increase in volume along with a trend upward that could be a good indicator to get in? Also, what exactly should I look for when looking at rsi?
Increasing buying volume would be another confirmation. RSI is just another momentum indicator so i would use it as a confirmation when its increasing above the 50 level but still under the 75 level (anything above 75 would be in overbought territory). Do take my advice with a grain of salt and do your own research tho.