Analyzing this week's 4DX performance "objectively". 8-June-2024...

Analyzing this week's 4DX performance "objectively".

8-June-2024 : Keeping It Simple With Price Action & Technical Analysis

4DX gave a stupendous performance this week !! Patience pays...
Here I am analyzing its performance and trend "objectively" using P & F charts and patterns.

* This is a 3-box reversal Daily PnF on high box value of 0.025. That's around 3-4% of the closing price. That's a pretty high box value range to capture the long term trend.
* Notice the Orange (Resistance) in the downtrend, and the Green (Support) zones.
* The long term downtrend since Dec'20 is evident with the big RED "O" columns in Jan'21 and Jan'22.
* This down trend was "HALTED" in Apr'23, as can be seen by the 1st long GREEN "X" Column since Dec'20.
* This can also be seen if we draw a straight almost 45 degree resistance line since Dec'20, and its break in Apr'23.
* Since that "HALT", it is encouraging to see that the previous low has not been breached.. In fact, the price since then has been making higher lows.. as can be seen by the green zones.
* As long as these support areas are not broken, we can consider that the trend will remain up.
* The immediate resistance can be seen at around 0.810.
* Once it reaches that immediate ORANGE zone above, you can visualise an "Inverse Heads & Shoulders" pattern with the Orange zone it's neckline, which once broken should take the price higher.
Now when that happens, will be anybody's guess. But as long as the previous lows are not broken, I am going to enjoy the trend ride.


Please note, I own this stock and my analysis may be biased and can be incorrect. So kindly DYOR, and do not trade without a Stop/Loss.