bullrider_21
Excellent Contributor
joined discussion · Oct 8, 2022 00:21
TA Challenge: Chart to find breakdown stocks
A support is the price level where a stock is likely to rebound. A strong or major support is the price level where a stock tested several times and rebounded. Conversely, a weak or minor support is the price level where a stock tested a few times and may rebound or breakdown. So what should you do when a stock breaks down? This is discussed below. FedEx
Fig. 1. FedEx
The figure above shows the chart of$FedEx (FDX.US)$. In Sep 2022, FedEx reported a 20% yoy drop in first-quarter profit. Moreover, the company expects business conditions to weaken further in the current quarter amid weaker global volume. The stock broke down below its support around USD198.50 that day. Since it gave a weak outlook, it's better to cut loss near the day's high. Find out the level it is likely to fall to. It has a support zone of between USD145.50 and USD131.00. Also it tends to fall until it's very oversold with RSI equal to or below 20. Indeed, the stock fell to a level around the middle of the support zone. Should you buy back the stock? It is better to wait until the outlook improves. Sembcorp Marine
102935673 : Can Semco Marine enter now?
bullrider_21 OP 102935673 : Can I have the ticker symbol?
102935673 bullrider_21 OP : S51
bullrider_21 OP 102935673 : Oil prices have risen strongly. If $Seatrium (S51.SG)$ breaks out above 0.121, it may reach around 0.13.