After my non-professional fish analysis (worth it - I'd do it again) I had better add some value.
Here is my take. I love indicators - i develop robot trading for exchange markets. Rarely do I chart a stock. My clue is not to whack an indi on and see how it performs today. You need to back in time and self optimise. Why you make ask. Well Exchange trading on EURUSD or XAUUSD or OIL or AUS200 lack the adhoc volatility of stocks. Have a look at the ticker in HC. No doubt there will be 100% + stocks - adhoc volatility. Now compare to AUS200 for example; when is the last time this went up 100%? Never. AEX went up 2200% last week then crashed back to its starting price. Also the currency market is almost open 24/7 so gaps are less likely.
So I can paint a picture of this stock, but if Covid gets worse tomorrow, or if tomorrow we get an announcement that our ScoobyDoo cancer trial was well received and a deal is struck then any analysis goes out the window.
First of all Stochastic has opening volatility bands and is rising. Tops!! Rarely does price break through the upper (or lower) and usually this means some correction is necessary. On my trading should the price break through the top I would hold, and dispose the second it breaks back in. Based on this I would have disposed my holdings a couple of weeks ago, but I hold. Secondly I've drawn a rough trendline, which the stock seems to be supporting. Really there are 2, a flatter one and this one, but I only drew the more recent one. As price is touching the trendline it becomes decision time. The middle Stoch line is a cent or two below and I would worry if this crosses.
ADX tells me the trend is slowing, RSI is healthy enough although weakened, and most notable is the MACD (which I use a lot). It is easy to see how it works. Look at the blue line crossing below orange indicating negative sentiment and red bearish bars are being created. This would indicate that a negative price action will develop. Now certain is this? Well we would run the same chart on a lower TF (4HR, or hourly), and I see whether this is confirmed. So as the lower TF moves quicker and MACD negative is confirmed, we can assume the main chart will follow.
or will it? If Covid get worse this weekend or Trump finds another button to press we will bleed. The right announcement however will send us soaring (if its a good one).
Personally, my call would be that our trout could be plankton for a short period, and then resume upwards. I will hold because trying to re-enter a couple cent cheaper could mean I get left at the dock, whilst the captain with his vybes sailes off into the sunset. I can hear his music on his boat from the distance, he's living life. and I sold :-(
Yes its 5PM Friday and a bottle of Double Barrel Shiraz has just been opened, so I must sign off quickly before I start posting pufferfish charts.
Back to seriousness: Another thing one could do is check even higher TF and I've missed an opportunity there some months ago. Scrolling to today the signals are
very mixed there. The reason for this is some signals move quicker, some slower. Hence the reason why many traders using MA (Moving Averages) of several lengths.
I think it is highly likely we have some immediate weakness, but expect it to be minimal, then the upwards action should continue. The fundamentals are too good - thats why.... We could open with blue skies at another plucked price tomorrow.
Personally I hold, and will look at picking some up on weakness.
I'm not a stock chartist - better do your own research. I've been wrong before!!
(20min delay)