Low CPI Data, ๐ Unemployment claims increase ๐ผ Fed preparing to go brrr ๐ค๐ช on lnterest rates?
Hey mooers, ![]()
Hope you guys did well in making money in the market. ![]()
In the previous post looks like most of you had voted that meme stock is going to rise ![]()
Unfortunately, time and time again, every earnings report we keep seeing disappointment after disappointment. ![]()
So should we give up on meme stock?!
Personally in my opinion, meme stocks should not be a technical play, instead it should really be a sentiment play! ![]()
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With the rumours of FED reducing interest rates polls for the week!
Leave a comment below if it is for others. Would love to hear from you. ![]()
Disclaimer: all information are based on my personal opinion and it is for entertainment purpose and not Financial advice. Do your own Due diligence. It is not a recommendation to buy or sell. All information provided are based on the best personal accuracy and may have some discrepancy of information. ![]()
MACRO
More details in this post
With more and more unemployment claims, we are looking at the direction where there is an expectation of lower spending especially in the consumer discretionary![]()
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. However, the rich being rich, spending on luxury food sectors will be as usual. ![]()
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Whereas for CPI Data at its low, it was probably due the high unemployment which had lead to lower spending power. ![]()
Personal opinion. I think that with all the Macro's in play, we are going to see more voilatility ahead. Sentiments will be heading to places like high dividend yield stock, energy, gold and crypto as a safe haven.
Index
Nasdaq
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Nasdaq shows a bullish sentiment showing resistance at 17800. There is more support at 17100. Major influence is coming from $NVIDIA (NVDA.US)$ and $Tesla (TSLA.US)$ RSI indicating of fair value to the up trend. Caution that I might see a weakness happening next week rather than a strength. As the 3 green candle assuming like the HA indicator, there is a pivoting point slowing down. So there would be more downtrend than an uptrend next week. ๐ป
Stock Highlight
Oh Tesla you cheeky little stock you. ![]()
With sales of EV doing well in the Asia region. I am not surprise that Tesla is going to do well as they are the leading developer of EV. Despite the sales of EV is better in China companies why Tesla is going up then? ![]()
Well several factors. I believe that Tesla is not an EV company. โก ๐ Instead, I see it more of a tech company.
Currently I see Tesla is getting promising with the development of DOJO โฏ to create robo taxi and Optimus. ๐ค
Robo taxi to be unveil soon on Oct 10 to be a full Self Driving car in the future without a driver. ![]()
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On top of that optimus is slowly becoming more and more fluid in movement which would be able to withstand long hours of work depositing batteries in crates and probably our co workers walking around the office doing mental task. Probably serve tea ๐ต and coffee โ to Co worker. ![]()
Details here:
With so many good news happening. I'm going long on Tesla target range to 313! ๐
However, what does the technical says about Tesla ![]()
let's find out
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Currently Tesla is starting to show resistance at 233![]()
. All it needs now is some good news or a contrarian news ๐ฐ to break that barrier, ๐งฑ. Before we could lift off to 250 range. Strong support can be seen at 215 range ![]()
Trading range could be seen between 210 to 233.
Supporting evidence
RSI indicated that is still above fair value and may still move strong to the uptrend.
However candlestick shows a slowdown which may start to pivot to a pullback to 217. Additional evidence is showing from the volume which is slowing down.
If anything happens i would be cutting loss below 205 ![]()
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Now as of late I am getting really excited with this stock. Here are some of the reasons why I am charging into this. Not financial advice please do your Due Diligence. ![]()
1. Turbulent times ๐ข
With such turbulent times that is happening, sentiments will be moving into more safe haven places such as gold ๐ชfor safe haven. However with Trump plan to endorse Crypto as part of the basket of currency. We can speculate that that crypto will be the new safe haven. ![]()
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๐ฎ
The moment crypto is a safe haven. MARA may soon be a subsidised company to mine for bitcoins in the future to reduce the cost ot producing bitcoins.
Currently what is the positive note about MARA is that most of their bitcoins and other crypto is mined with sustainable energy and not based on non renewable energy which is a plus point for the company.
See website for more info.
2. Attractive PE ratio and price to book value
The PE ratio is what attracting me to enter into the company. It is below 20 which is considered to be undervalued for a tech energy company. Forward pe at 15 considered to the relatively safe to start a position.
Price to book value is below 2 which I find is sustainable and safe.
There are some downside to thisย company ![]()
currently the balance sheet is promising but as crypto currencies are getting harder and harder to mine. Operating cost will start to increase. ![]()
this means just like gold, the profit margin will be getting lesser and lesser in the future. However, this could be offset if Trump comes to power as this will become the next subsidised company. ![]()
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Technical analysis
Let's see what will happen in the short term ![]()
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This week. We will be seeing some pullback if there is any based on the long wick indicating a reversal. Possible pullback to 14.75. Currently RSI indicating trade of fair value trending higher supported by MACD and Volume. There is a possibility of an uptrend to resistance of 17.55.
Trading range would see at 15 to 17.50. Cutloss point below 13.
What I could conclude for the following week. We would be watching more turbulent times ahead with the FOMC, Trump and Harris Debate, and FED interest rate cut. Be prepared for a wild ride! ๐ข Voilatility $CBOE Volatility S&P 500 Index (.VIX.US)$ is anticipated to go higher.
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Alright will all that being said. And done, looking forward to see you all at the Merdeka Moo fest 2024 Malaysia.
See you real soon! ![]()
Good luck and may your trades be ever in your favour.
P/S: If anyone is interested to discuss technical analysis and scalping opportunity. I would like to have an open invitation to join my group. Looking forward to see you there.
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
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Casual social trader and investor. Love to read charts for trade and love to read financial report to invest.
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