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Financial markets had a rough week amid escalating tensions in the Middle East after reports of explosions and a possible Israeli airstrike in Iran. This added to investor concerns following disappointing corporate results and hawkish comments from Federal Reserve officials. The news from Iran drove up prices for safe-haven assets like gold, the US dollar and Japanese yen, while stocks fell and bonds rallied. Comments from a Fed official warning rates may need to go higher if data calls for it also rattled investors who had been expecting rate cuts later this year. Tech shares fell sharply after chipmaker TSMC lowered its outlook for the sector, disappointing investors. UK retail sales were flat in March. -
By tradinglounge · Posted
SMCI Elliott Wave Analysis Trading Lounge Daily Chart Super Micro Computer Inc., (SMCI) Daily Chart SMCI Elliott Wave Technical Analysis FUNCTION: Counter Trend MODE: Corrective STRUCTURE: Flat POSITION: Micro wave 4. DIRECTION: Completion of triangle in micro wave 4 DETAILS: Looking for a correction to evolve around TL1 at 1000$. Looking for a completion of the triangle in wave 4 or else we could be in a sideways wave B of 4 to then continue lower towards 800$. SMCI Elliott Wave Analysis Trading Lounge 4Hr Chart Super Micro Computer Inc., (SMCI) 4Hr Chart SMCI Elliott Wave Technical Analysis FUNCTION: Counter Trend MODE: Corrective STRUCTURE: Flat POSITION: Wave (v) of {c}. DIRECTION: Completion of triangle in micro wave 4 DETAILS: Here we dig deeper into the triangle solution. We could continue sideways for some more time as earning report is on April 30th. On April 19, 2024, our Elliott Wave analysis of Super Micro Computer Inc. (Ticker: SMCI) focuses on the latest stock patterns captured on both daily and 4-hour charts. This analysis aims to provide investors with precise insights into potential future movements and price stabilization points. * SMCI Elliott Wave Technical Analysis – Daily Chart* Our detailed review of the daily trading chart for SMCI shows the stock currently in a corrective counter trend phase, characterized by a flat structure, labeled as micro wave 4. The analysis suggests a pattern formation pointing towards the completion of a triangle within this wave. Investors should closely monitor the price behavior around the critical level of $1000, a potential turning point. If the triangle does not resolve as expected, the stock may enter a sideways corrective phase (wave B of 4), potentially pushing the price towards the $800 mark. * SMCI Elliott Wave Technical Analysis – 4hr Chart* Zooming into the 4-hour chart, SMCI's stock provides a more granular view of the ongoing corrective phase, particularly wave (v) of {c}, which aligns with the completion of the triangle in micro wave 4. The chart suggests that the stock might continue to exhibit sideways movement for an extended period, especially as the earnings report date on April 30th approaches, potentially impacting stock volatility and price direction. Technical Analyst : Alessio Barretta Source : Tradinglounge.com get trial here! -
Hi @KoketsoIG, I hope you are well. Were you able to get any further information from the desk? WBR
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I'm travelling to China next month. Can anyone tell me if the IG platform works in China?
Thanks!
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