GLP1 Drug producers started 2024 with very strong momentum with Lilly touching nearly a market cap of 1T USD. But since then, the GLP1 manufactures have lost a lot of momentum. Novo Nordisk is at 52 weeks low as shown by the red line. Eli Lilly stock chart also showing bearish engulfing candle. The 20-Day, 50-Day and 100-Day are almost below the 200 Day SMA showing bearish divergence. IN the short to medium term the Price trend looks bearish unless there is a positive catalyst for the stock.
Currently, it appears to be a buy signal on the lower timeframe. On the daily timeframe, it has already touched the support level and has the potential to rise up to 2744.10. To identify the buy signal, I will wait for a retest at the 5-minute support level. At that point, I'll look for a double bottom formation. Once the price breaks the 2704.17 level on the 5-minute chart, I'll open a buy trade. Key Point is Wait for the right moment: Be patient and wait for the right timing before making your move. Reevaluate on 5-minute support: Check the 5-minute support level to confirm your next step. Surpass the entry level (5-minute trend): Aim to break past the entry level based on the 5-minute trend. Identify the signal candle: Look for the signal candle as it crosses the entry level and observe the buying pressure on it.
Hello traders, The chart resembles the pattern of an inverse head and shoulders. This formation is significant because it illustrates the shifting dynamics in the market, allowing us to anticipate the next trending phase. The critical levels to watch are $1.74, $2.05, $2.83, and $3.42. If these levels are surpassed, the price could move to the next level. Otherwise, we may need to retest the previous critical level to find support. If everything goes well, the sky is blue and the grass is green, then we can reach our final destination! I will keep you updated on this chart as we progress.
This video describes the indicator fully, let me know what you think. Link to the indicator will be on my profile under scripts.
Midterm forecast: While the price is below the resistance 2789.95, beginning of downtrend is expected. We make sure when the support at 2475.27 breaks. If the resistance at 2789.95 is broken, the short-term forecast -beginning of downtrend- will be invalid. Technical analysis: A trough is formed in daily chart at 2582.95 on 12/19/2024, so more gains to resistance(s) 2726.10 and maximum to Major Resistance (2789.95) is expected. Take Profits: 2657.88 2601.87 2532.10 2475.27 2380.00 2279.87 2219.63 2145.04 2087.89 __________________________________________________________________ ❤️ If you find this helpful and want more FREE forecasts in TradingView, . . . . . Please show your support back, . . . . . . . . Hit the ? BOOST button, . . . . . . . . . . . Drop some feedback below in the comment! ? Your Support is appreciated! Let us know how you see this opportunity and forecast. Have a successful week, ForecastCity Support Team
I have been keeping this count of SOL/BTC for a while. Wave 4 turned out to be perfectly matched with Wave 2 according to Elliot's guidelines and right now we're at the 5th wave rally. This also fits in with the narrative of SOL that all big boys are pushing. Either way, I'm on the look out for LIGHT pull back to re-entry SOL, as long as it doesn't break the key levels!
https://www.tradingview.com/x/E6elpaRP/ ✅EUR_CHF is trading along The rising support line and We are already seeing a bullish Rebound so we are bullish biased And we will be expecting a Further bullish move up LONG? ✅Like and subscribe to never miss a new idea!✅
I got into SOL at 200 and regretted that I didn't buy more. Anyways I'm looking at JTO right now, the zones are acquired via volume footprint and some VRVP analysis. It's obviously bullish, and the Elliot waves pattern looks really nice. Waiting at 2.749, 2.53, 2.49. Let's see how this goes!
When we look at the history of BTC we now arrive at the final expansion phase.
Market closed outside of Value after failing under 6074 - 54 HTF Edge. We are set to open inside 6064 - 23 Intraday Range unless market gaps under/over after Mondays Holiday but if we open inside it then that tells us we are over Value and there are two thing we can do here, continue grinding/balancing inside the Intraday Range and try to push towards/into above Edge ? Or do we find more selling over Value that would bring us back into/under VAH, if we get under VAH we would be under Daily Stops so that could trigger moves towards the Mean/VAL of the range. If we do get back inside the Value we could find support and holds around it BUT careful if we take out out and get under Value, that can bring in more weakness for lower targets where we would watch for any continuation. IF the strength from last week stays, for us to see any bigger prices out of this HTF Range we would need to hold over VAH and have a strong push into or over the above Edge that would stay over, until then we have December supply trapped over 6050 - 74 so we may stay under this area and most of December Supply is valued over 930 - 70s and we have January month end approaching which means if more size needs to lighten the bag that could trigger some lower destinations.