To The Moon

Strong support at 3800 region

The markets $DJIA(.DJI)$ , $NASDAQ(.IXIC)$ and $S&P 500(.SPX)$ edged further down on Monday. The wave seems to be extending and at the same time also looks to be trying to find a bottom. The market does look oversold.

The levels I believe is where strong support is and where the market will gyrate to find a bottom is between 3775-3800. That is also wherethe Gann 1x1 line is which also serves as strong support. If these levels give way, that indicates further market weakness and reason to take positions off the table.

On a side note, $Tesla Motors(TSLA)$ is looking rather interesting. I am trying to figure out if these prices are worth a shot at and can be considered a gift from Mr Market. It is worthwhile to note though that EM is still trying to steer Twitter (he is also CEO of SpaceX). I am not sure if all the distractions might hinder Tesla's progress. He has also been ing Tesla's shares in big amounts and doing so does not really reassure shareholders. So asmuch as prices look tempting, as we all know they can get cheaper sometimes. And in this macroenvironment and very tricky market, its not that easy making a decision.

I am still looking to add $NVIDIA Corp(NVDA)$ which is treading the upper downtrend line it broke above recently. A successful retest of that will be good for the overall technical picture. $Taiwan Semiconductor Manufacturing(TSM)$ is another one I believe is showing resilience and stickiness despite the market weakness and one position I am looking to build on.

Thanks for reading my commentary.

Stay safe! 😊