Comments on: Mid-session Stock Market Analysis 10-22-19

By: orricobian

orricobian — Wed, 23 Oct 2019 19:44:58 +0000

In reply to rsotc. Got it. Thank you Randy!

By: rsotc

rsotc — Wed, 23 Oct 2019 17:40:17 +0000

In reply to orricobian. That depends on just how well a moving average has acted as support & resistance on a particular stock in the past & most importantly, the recent past. In the case of AMZN, I believe you are referring to the 40-week EMA which is the red line on my weekly chart. Yes, that has been a pretty significant support & resistance level for the stock with AMZN currently trading (and testing) below that 40-week ema now. AMZN has recently traded on & around that 40-week EMA so ideally, we would need to see the stock start to move impulsively below that level but as of not, the fact it is trading below it & currently backtesting it, provides a checkmark for the bearish case although just one good week in the stock could put it back above that level.

By: rsotc

rsotc — Wed, 23 Oct 2019 17:34:46 +0000

In reply to Mukherjee. Any chart requests for securities not covered in the post above a comment thread should be posted in the trading room, tagging the post with my username @rsotc. Thanks for your understanding.

By: orricobian

orricobian — Wed, 23 Oct 2019 00:00:04 +0000

Hi Randy, looks like AMZN is back testing the moving average on the weekly chart. Would that also be bearish? I just covered my short of AMZN. Maybe I should sit on the sideline through its earnings.

By: DJT

DJT — Tue, 22 Oct 2019 19:25:56 +0000

I took a put spread on $bac at resistance.

By: DirtyBlue86

DirtyBlue86 — Tue, 22 Oct 2019 19:01:06 +0000

Thanks for the update, Randy. Hope you feel better soon.

By: Mukherjee

Mukherjee — Tue, 22 Oct 2019 18:55:03 +0000

@rsotc Hi Randy, Kindly do an analysis on BAC some times this week, am thinking to short it.