Good morning, let’s get started with some market analysis. Yesterday we had a nice gap up in the market, and we need to pay attention to what’s important. We have a bigger wedge pattern that shows a bullish trend, with a higher low from yesterday, and a higher high overnight.

The key level to note is 398, which has been a support level, with some resistance up to 399. This area is now a prior sell zone, which could potentially turn into a buy zone. We can manage the gap rules by marking off the key levels, such as 397.58 for the overnight half-back, and 403 for the measured move target above. By doing this, we can build our scenarios based on these levels.

If the price breaks the wedge, we can see that there is a rising trend line, which has produced an up channel that aligns with 403. However, before this can happen, there are a few things that need to come into play. For instance, 400 could disappoint the overnight buyers, and if it clears 400, 403 is up for grabs. But if it gets rejected at 403, we would target yesterday’s low.

If the rejection doesn’t have enough sellers to bring the price back down into the prior day range, it’s a bullish sign. If there’s only a partial gap fill, it remains bullish. This gap is actually quite large, so before the sellers can turn on their power, they should have brought the price down lower yesterday. The fact that they didn’t shows a bullish sign.

In other news, let’s take a look at some other stocks. JP Morgan and Bank of America have been beaten up and are not up as much, while stocks like Berkshire Hathaway, Apple, and Microsoft have pulled up quite a bit. We can also compare the QQQ and the Dow, and notice how the QQQs are leading the way.

Overall, it’s an interesting market to watch, and we’ll keep an eye on these key levels to build our scenarios.

So, as we can see, there are a lot of key levels and potential scenarios to consider for this stock based on the current market conditions and technical analysis.

One important factor to note is the bullish trend that seems to be forming, with a higher low and higher high indicating a positive direction for the stock. However, there are still some potential obstacles to watch out for, such as the possibility of 400 proving to be a disappointment for overnight buyers.

There are also a number of key levels to pay attention to, such as the 398 to 398.50 range, which could now serve as a buy zone after previously being a sell zone. Additionally, there is a measured move that could send the stock to 403, which would be another key level to watch.

In terms of potential scenarios, if the stock breaks the wedge and rises to the 403 level, that would be a positive outcome. However, if it gets rejected at 403, then the target would be yesterday’s low, though it may not necessarily happen all at once.

Overall, there are a lot of variables at play, but the bullish trend and various key levels indicate that there is potential for this stock to continue rising in the near future. It will be important to keep a close eye on market conditions and any potential obstacles that may arise.

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