Since SolarEdge Technologies $SEDG ($32.21) broke below its (now ex) weekly moving average support cluster (36/38/42w SMAs), it has been consolidating sideways between $20-$40.
But, why there?
A fresh calculation finds a new weekly MA support cluster it respects: 94/99/119w SMAs @ $29.65-$32.20
Northrop Grumman $NOC drops to the lower line of its weekly moving average support cluster.
Still supported.
NOC @ $480.72
Support: 241/320/332w EMAs @ $469.05-$500.84
UnitedHealth Group $UNH retests its weekly MA ex-resistance cluster (40/41/44-week EMAs) for 5 consecutive weekly sessions & prints a first green candle.
Price squeezes between that support cluster and the 5-week EMA line, which used to act as support and now acts as resistance.
Netflix $NFLX revisits its ascending weekly moving average support cluster, while the descending resistance closes in and forms a consolidation corner.
Watching the price action between these 2 MA clusters.
Resistance: 30/36/37w SMAs @ $81.43-$82.56
NFLX @ $70.30
Support: 354/379w EMAs & 400w SMA @ $57.17-$64.51
Ciena $CIEN printed an explosive green candle right off its weekly moving average (now ex) resistance cluster.
Nice!
No news with Symbotic $SYM.
Its weekly moving average support and resistance clusters continue converging.
13F forms are due by mid-November; therefore, price may continue this sideways pattern for the next 5 weeks.
Resistance: 26/28w SMAs @ $45.46-$46.04
SYM @ $43.28
Support: 157/160/176w EMAs @ $38.77-$40.33
Duolingo’s $DUOL weekly moving average support and resistance bands continue converging, and they are so tight (6%), that the stock’s price touched both bands last week.
A big move is brewing.
Resistance: 42w EMA & 55w SMA @ $152.78-$154.95
DUOL @ $149.92
Support: 9/11w SMAs @ $142.67-$144.85
Once again, Nokia Oyj $NOK shows strength and closes the week within its 9/10/11-week SMAs, which act as support.
Fresh calculation finds the 15/16-week SMAs as the current resistance band.
Market participants resolved the convergence of AST SpaceMobile’s $ASTS weekly moving average support and resistance bands by repricing the stock lower.
Intuitive Machines $LUNR drops and hits its weekly moving average support (upper) band.
The support & resistance bands converge.
Bounce or break?
POET Technologies $POET drops, but stopped by its ascending weekly moving average support.
In the past, the 84/85/97w SMAs acted as strong support, but also as resistance when price broke below the cluster.
Bounce or break?
Navitas Semiconductor $NVTS struggles with its daily moving average resistance and drops down to hit support.
The daily MA support and resistance clusters continue converging. Will price break below support, or bounce back up towards resistance? 👀
Resistance: 46/57/78d EMAs @ $12.26-$13.02
NVTS @ $10.78
Support: 351/359d SMAs @ $10.73-$10.93
Big red candle by Jumia Technologies $JMIA, but still within its converging weekly moving average support and resistance clusters.
Resistance: 43/44w EMAs & 279w SMA @ $7.34-$7.40
JMIA @ $6.28
Support: 166/203/206w SMAs @ $5.58-$6.06
Based on The Boeing Company’s $BA past price action during prolonged directional trends, there’s a good chance that once price closes ABOVE its 13-day EMA, it will reverse and begin trending upwards.
D-Wave Quantum $QBTS could not reclaim its 95/97-week SMAs, which functioned as support, after price broke below it.
