Spotify Technology $SPOT challenges its weekly moving average resistance triad and closes the week slightly above it.
Earnings reported on Tuesday, BMO. That may trigger the big move. Direction? Unknown.
UnitedHealth Group $UNH breaks below its 5-week EMA, which acted as support for the last 4 months.
Lam Research $LRCX broke below its daily moving average (now ex) support band, and despite the +18% move on Thursday, price closed the week below that band, while respecting its descending MA resistance.
Any reversal by Space Exploration Technologies $SPCX must begin with an hourly price bar close above its hourly moving average resistance cluster.
▪️ Resistance: 68-hour EMA & 75/85-hour SMAs @ $116.60-$118.38
▪️ SPCX @ $108.43
Long market participants lost the price battle to bump Rocket Lab $RKLB up enough to close July above its monthly MA support cluster. That support cluster is now history, just like the weekly and daily bands are.
While still closing the week under its weekly moving average resistance band (5w EMA & 5w SMA), Redwire $RDW (@ $8.62) respects its weekly MA support cluster (176/177/187w SMAs).
Is that the point of reversal?
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Despite trading up last week, Northrop Grumman $NOC eventually closes right under its weekly moving average support resistance.
Pay attention for price action next week.
Jumia Technologies $JMIA closed July slightly below its monthly MA support triad.
On the weekly, the MA support and resistance clusters blend. If the share price closes a weekly candle above both, that could be the start of a reversal.
A monthly perspective of D-Wave Quantum $QBTS and its best respected moving average support cluster.
Market participants kept buying D-Wave Quantum $QBTS up off its weekly moving average support cluster, but sellers came it at the MA resistance level.
Both S & R MA clusters sharply converge, price will break one of them soon.
Rivian Automotive $RIVN post-earnings is down to $15.22, but the share price:
1. Is still within its weekly moving average support cluster.
2. Closed July above its monthly moving average support cluster (17/18/21-month SMAs @ $14.57-$15.06), that converges with resistance.
Uber Technologies $UBER did it!
Price closed July above its long-term monthly MA support band (38/48-month EMAs), notably above the 38-month EMA. Nice!
Note the 5/6-month EMAs, acting as a resistance band.
Price squeezes in between the MA S & R – a big move may be coming.
Nebius Group $NBIS had a volatile week, but managed to close higher on the weekly.
Price also respects its weekly moving average resistance band.
▪️ Resistance: 5/8w EMAs & 16w SMA @ $199.13-$205.00
▪️NBIS @ $190.41
▪️Support: 32/34-week EMAs & 45-week SMA @ $139.26-$166.27
