2022 Charts, page-2290

Daily 21 Oct
Positives
Stoch 14 is in the bullish zone above 50
MACD is above its sig line & rising
Histogram is above zero & rising

Negatives
Stoch 5 is below its sig line, in the overbought area & has not made a higher high.

Outlook
The close was right at the top of the 20-day range & has recovered 50% of the move down from the Sept high of 61.
Overall, the recovery looks strong with momentum looking likely to continue on the next bar however Thu & Fri were both net sell days so the positive outlook is suspect.
If there is a breakout from this range the next resistance area is from 54 - 56. The upside target is 59 – 63.

The shorter’s were still active but seem to have given up or lost control this week. Monday saw the open short positions drop from approx. 3 million the prev Fid. to around 76,000. Mon.

Thu. was the only down day of the week on lower than avg vol & was -2,343,816 net selling.
There were also 1.8 mill shorts reported for the day, so 80% of the net sell vol then was shorts.
Immediate support for any pullback is around 50 then down to 48.

A dip back into the low 40’s is looking less likely now but I have not yet ruled that out.

Weekly
Like the daily, the weekly is looking very bullish at the end of last week.
The support around 46 – 48 was again tested & held. A double bottom?
Last week’s vol was slightly lower than the prev week & was overall -239,861 net selling with 82% of that being related to the shorts.
There were approx. 46 million shares loaned out to the shorter’s as of Wed. So, I guess we can expect to see the manipulations continue.
Over-all the indicators are rising & support seems solid. The weeks low dipped into the area of the fair value gap. Maybe that is sufficient or maybe not. Time will tell whether we fill that 41.5 – 46.5 imbalance area.
The candle has now moved back into the next projected range of 51 – 63 so that is the ultimate target going into next week or so.
A good update could easily see the sp making a new high & surpassing the prev high at 61.
A dollar xmas party would be nice.