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10.05.2021 07:05 AM
Buying and Selling in the Stock Market on May 10

Purchase of Johnson & Johnson shares (#JNJ).

On the weekly chart, the price is moving up for the second time from the global price growth channel starting in March 2009. The first time we left the channel was in the last week of January (checkmark), then on weekly it was only a puncture by the upper shadow.

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After the puncture, the price returned to the MACD line, pushed off from it (arrow), and synchronously with the reversal of the signal line of the Marlin oscillator from the zero line, and last Friday marked the exit from the channel. At the same time, the price also reached the 123.6% Fibonacci level. Growth Targets by Fibonacci reaction Levels: 175.15 (128,2%), 181.15, 187.00 (161,8%).

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On the daily chart, the Marlin oscillator turned upward from its own zero (neutral) line. The price was fixed above the MACD line. Further growth is likely.

Sale of Twitter shares (#TWTR).

On the daily chart, the price spent the entire past week at the 138.2% Fibonacci level, which also corresponds to a longer consolidation in December last year (gray rectangle). Now, the price is ready for a downside breakout.

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The targets are determined by the Fibonacci levels. The first level of 161.8% is skipped, since the price is close to it. The working target is the 200.0% Fibonacci level at the price of 42.32, the second target is 223.6% at the price of 37.81, and the third target is 238.2% at the price of 35.07.

Laurie Bailey,
Analytical expert of InstaForex
© 2007-2024
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