UiPath Bottoming & Trend Shift Signs Point to Trade Potential
تم تحديثه
Hi guys! With this years bullish activity, ive been on the hunt to find assets that are down 50%+ and with unignorable strong technical signs of bottoming that will pull in bullish activity.
One that i have noticed to have some nice technical signs playing out in my opinion is UiPath,Inc (PATH).
This analysis is on the 1 Week timeframe giving us Macro insights.
First we will discuss MAJOR Macro developments that really brought my attention to PATH.
We have broken out and confirmed out of MAJOR RESISTANCE Line that expresses our major DOWNTREND.
That is indication in my opinion of a Trend Change.
This is important to see in a stock trying to bottom out.
The 2nd MAJOR Development, is the observation of an ASCENDING Triangle Pattern.
Usually its seen as a Bullish Continuation Pattern but at bottoms it can be seen as a Bottoming pattern.
If we start to see signs of a breakout and then CONFIRM Support on the Blue Flat Trendline, it would signify the Triangle is playing out and we have indeed bottomed.
The confirmation of Support would make a solid area to take positions.
VOLUME must continue to increase if we are to breakout of the Triangle.
So this next week to couple weeks will be interesting to see what happened.
Also note, that for the Triangle to play out, we need to pass some Extreme RESISTANCE. There is always a possibility of a rejection here or a fakeout so maintain vigilence and watch for CONFIRMATION.
Keep in mind also a rule of trendlines = The more we touch a trendline, the weaker it gets.
Now lets take our attention to Current Price Action:
As long as we close around these current prices today, we will print a BULLISH ENGULFING candle.
This print will also have our price action ABOVE the 21 EMA.
Though we've been above and below quite a few times, with other things playing out in the charts, i believe we have a more likely chance to continue ABOVE the 21 EMA.
Normally in UPTRENDS, staying ABOVE the 21 EMA is needed.
We will need a test of support and confirmation of maintaining it.
ALong with this, if our MACD prints a BULLISH CROSS while being above the 0 level, this would be key for BULLISH MOmentum to come in.
With MACD if the Red line in the RSI is broken and it takes the Path i drew out in black.
This would make it likely for the Ascending Triangle to play out to the measured target.
Check out my Doordash Idea to see example of Ascending triangle.
__________________________________________________________________________________
Thank you for taking the time to read my analysis. Hope it helped keep you informed. Please do support my ideas by boosting, following me and commenting. Thanks again.
Stay tuned for more updates on PATH in the near future.
If you have any questions, do reach out. Thank you again.
DISCLAIMER: This is not financial advice, i am not a financial advisor. The thoughts expressed in the posts are my opinion and for educational purposes. Do not use my ideas for the basis of your trading strategy, make sure to work out your own strategy and when trading always spend majority of your time on risk management strategy.
One that i have noticed to have some nice technical signs playing out in my opinion is UiPath,Inc (PATH).
This analysis is on the 1 Week timeframe giving us Macro insights.
First we will discuss MAJOR Macro developments that really brought my attention to PATH.
We have broken out and confirmed out of MAJOR RESISTANCE Line that expresses our major DOWNTREND.
That is indication in my opinion of a Trend Change.
This is important to see in a stock trying to bottom out.
The 2nd MAJOR Development, is the observation of an ASCENDING Triangle Pattern.
Usually its seen as a Bullish Continuation Pattern but at bottoms it can be seen as a Bottoming pattern.
If we start to see signs of a breakout and then CONFIRM Support on the Blue Flat Trendline, it would signify the Triangle is playing out and we have indeed bottomed.
The confirmation of Support would make a solid area to take positions.
VOLUME must continue to increase if we are to breakout of the Triangle.
So this next week to couple weeks will be interesting to see what happened.
Also note, that for the Triangle to play out, we need to pass some Extreme RESISTANCE. There is always a possibility of a rejection here or a fakeout so maintain vigilence and watch for CONFIRMATION.
Keep in mind also a rule of trendlines = The more we touch a trendline, the weaker it gets.
Now lets take our attention to Current Price Action:
As long as we close around these current prices today, we will print a BULLISH ENGULFING candle.
This print will also have our price action ABOVE the 21 EMA.
Though we've been above and below quite a few times, with other things playing out in the charts, i believe we have a more likely chance to continue ABOVE the 21 EMA.
Normally in UPTRENDS, staying ABOVE the 21 EMA is needed.
We will need a test of support and confirmation of maintaining it.
ALong with this, if our MACD prints a BULLISH CROSS while being above the 0 level, this would be key for BULLISH MOmentum to come in.
With MACD if the Red line in the RSI is broken and it takes the Path i drew out in black.
This would make it likely for the Ascending Triangle to play out to the measured target.
Check out my Doordash Idea to see example of Ascending triangle.
__________________________________________________________________________________
Thank you for taking the time to read my analysis. Hope it helped keep you informed. Please do support my ideas by boosting, following me and commenting. Thanks again.
Stay tuned for more updates on PATH in the near future.
If you have any questions, do reach out. Thank you again.
DISCLAIMER: This is not financial advice, i am not a financial advisor. The thoughts expressed in the posts are my opinion and for educational purposes. Do not use my ideas for the basis of your trading strategy, make sure to work out your own strategy and when trading always spend majority of your time on risk management strategy.
ملاحظة
We are breaking out of the Ascending Triangle pattern on the 1 Day.
Watch how it plays out this week. We must CONFIRM SUPPORT.
ملاحظة
We need to maintain SUPPORT Above BLUE line.
Notice the lower WICK. Showing signs of buying pressure here. Good sign.
Also in process of printing Golden Cross between 21 EMA and 50 SMA on Daily. Also Good Sign.
Watch for the end of day and next couple days to maintain ABOVE to consider positions. Ill keep you posted.
ملاحظة
We have tested and have shown signs of Support on our previous Resistance trendline on yesterdays Daily Candle.
With a Big wick, indicating Buying pressure. This is a good sign.
What would be even better is if we Get Back Above BLUE line by the end of Friday's trading Session.
Keep on the lookout.
Stay tuned for more Updates.
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