TRUE MARKET LEADER

06/17/2024 analysis

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MOVING AVERAGE LINES USED

REDLINE = 50 DAY MOVING AVERAGE

GREENLINE = 10 DAY MOVING AVERAGE

PINKLINE = 21 DAY MOVING AVERAG

BLACK LINE = 200 DAY MOVING AVERAGEIf you personalize losses, you can’t trade.

NASDAQ : The Nasdaq made nice rebound off 21- day moving average on Tuesday and it had gap up on Wednesday though the volume was below average . The index succeded to close the week while holding the gap up.

The next week we can expect to know the type of the gap and whether the gap will be filled or not, if it will not get filled then we can have good uptrend move.

Chart courtesy: marketsurge NASDAQ DAILY

Chart courtesy: marketsurge NASDAQ WEEKLY

S&P 500: This index also did the same as NASDAQ index , the best thing about general market indices are trading above longterm and short term moving average , so uptrend move may persist in the comming weeks.

Chart courtesy: marketsurge S&P 500 DAILY

Chart courtesy: marketsurge S&P 500 WEEKLY.

ARM : I have position on this stock bot at around $140 but i didn’t like it is move on the friday because it has downday on volume , will add to my existing position when it will cross the buying zone ( blue zone) on volume.

Chart courtesy: marketsurge ARM DAILY.

Chart courtesy: marketsurge ARM WEEKLY.

MU: I started a position on this stock on Tuesday and the stock had nice follow through , will continoue to hold my position because the company has good positive future earnings and best current earnings and sales.

Chart courtesy: marketsurge MU DAILY.

Chart courtesy: marketsurge MU WEEKLY.

NVDA: I still do have a position on this company and the stock is currently acting well inspite of being extended from moving averages . The stock chart is showing that it is extended 7%, 15%, and 35% from 10 -DMA, 21-DMA, 50-DMA.

Will not be suprised if we can get some sort of pullbacks in the comming weeks/ days.

Chart courtesy: marketsurge NVDA DAILY.

Chart courtesy: marketsurge NVDA WEEKLY.

NXT: Disclosure i have a position on this company bought on Thursday , will continoue to monitor it is moves , the company has good sales and earnings , although the Relative Strengh line is lagging which implies that the stock is not quite stronger yet.

Chart courtesy: marketsurge NXT DAILY.

Chart courtesy: marketsurg NXT WEEKLY.

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TML FIVE TRADING RULES

1. Buy the stock as it break above base or trendline on above average volume 

2. Sell -4% to 7% from buy point,intra-day

3. Take gains 20-30% above buying point

4. Use trailing stoploss to protect your gains

5. If you have three straight failure -4% to 7% ,stop buying and do postanalysis