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here's the 30- minute pric for this video chart analysis I'm going to kind of drill in a bit here and look at the shorter term time frames uh so that we can get a sense of uh where some upcoming trading opportunities might be seen um there was a person in the in the comments for the prior video uh that kind of expressed some concerns about not being a about possibly missing a buying opportunity uh and not uh not buying in quickly enough uh after uh seeing some oversold indicator readings um you know there there is some validity to this concern but I I'm starting to think that we could start to see some uh some further selling pressure here to start the week um I don't necessarily believe that uh these opportunities have been missed I think that we might get another another shot at these areas um so I wanted to kind of drill into these shorter term charts here uh to try to identify some price points uh that can be used for for some new trading entries uh going forward uh So currently the levels that I'm watching here come in at the uh 1670 level uh the reason that I point to this level is because uh I'm looking at the this dominant Trend move here uh which resulted in uh a triple top uh formation on the price charts so uh to uh identify these price zones um I go back to the this would be the J June 25th low uh which came in at uh just below 16 uh just below 1565 uh and then these extend to the highs from July 9th uh which came in just below 1750 um as you can see here this this also resulted in a triple top formation uh on the 30-minute chart uh so this is now a fairly significant level of resistance here going forward um we can see that that this level is you know roughly roughly 1770 and it has been tested on several occasions here uh so this will this will really be the key to the top side if we are going to start to see uh some new uh moves in the bullish Direction um however you know there are some there are some issues that I think we should point to here because there were several stocks that were really kind of trading heavy uh trading heavily into the the Friday close uh broadcom would I would say be one of these I mean we do see here that there's a a red candle to close the Friday session uh and then in addition to that we did close below uh three of these exponential moving averages so that would be the 20 period is yellow uh 50 period is orange and then the 100 period uh EMA uh is this purple line here so on Friday we closed below all of those we did not quite reach the 200 period EMA um but you know there really is not much support here uh to hold up prices in the event that we continue continue to fall lower uh there was a significant selloff on Thursday and we can see that in this chart uh that would be this price movement here uh broadcom so far has not fared as badly as some of the other names in the market uh one name that I would really point to in particular would be the uh would be meta PL uh meta platforms the Facebook parent company um this is a stock that that's broke through some significant uh support zones um and uh really didn't recover those gains into to the closing period um so this is a bit concerning um it does suggest that we could start to see uh some downside movement here if this in in more broadly in within the TX base uh if this starts to become a more significant story um so you know in particular I would really be watching meta platform stock here for some possible uh you know near-term Direction uh in the technology space uh because that stock is trading under a lot of pressure and if that stock is not able to recover relatively quickly uh we are going to be breaking some significant lows there uh in that stock and that could lead some to some additional uh downside uh some accelerated selling pressure so I plan on doing a video on that next if you're interested in that you can you can check out that video um so you know currently to the downside if we do start to see some some selling pressure here to start the week um the level to the downside that I would be watching uh roughly comes in at 1670 um this area marks the 50% retracement of this dominant Trend move uh so it essentially me means we would have given back half of these gains uh and then this also coincides uh nicely with the uh the only major moving average here that we have not broken um in addition to all of this um you know one of the reasons one one other reason that I'm pointing to uh potential downside here um is due to the uh itself so as we can see here we have a uh sort of a b bearish uh Divergence condition that seems to be developing here um if we go back to the July 5th highs uh which posted at this would be 16 uh 1765 so just into the 1770 resistance on Triple top um we can see that once this occurred uh we started to see some downside momentum um that did start to build and and and gain in speed and in rate uh but but while that happen happened we continue to make relatively similar highs uh in share prices themselves so in my view that would qualify as a bearish Divergence condition um and it really did suggest that we were ready to start to see these types of declines here uh in share prices so it really shouldn't have been a complete surprise um you know as that occurred we did see a spike in negative trading volumes there's a lot of many red bars down here uh that sort of overcome overcome the green bars down here um so you know a lot of there are a lot of things pointing in this the same direction here as far as as far as these potential declines um I'm not completely convinced that we're that we're ready to see a bounce yet um except for the fact that you know we do see kind of a mild POS mildly positive reading uh in the relative strength index itself stretching back to uh this would be roughly the second half of June June 24th so you know the only reason that I that I wouldn't that I wouldn't immediately side with this positive indicator reading over the negative over the ative indicator reading uh would just be due to the severity of the slope so you know as we can see here um you know the momentum here is much more drastic uh on the shorter term basis um and it does suggest that we could continue to to fall further near term uh part of the reason that I say that is because uh you know the relative strength index itself um is trading near the near the 42 level uh we can remember that the relative strength index measures from 0 to 100 uh anything below 30 is oversold anything above 70 is overbought so a reading that's around 42 suggests that we still have a lot of room here to the downside um that could be seen uh before we would even start to break this uh uptrend and positive momentum you know so in other words like we could start we could continue to fall here a bit uh before breaking this uptrend so you know the current level that that I would be watching here you know we don't really have much support uh immediate support in this area um you know we've got a bit of a double top very short-term double top I mean this would be like a f minute chart double top uh at roughly 1725 um so you know if we don't break above there um I I do think that we're going to be looking back again at these 1670 levels uh so you know these initial concerns about not about possibly missing a a buying opportunity here um you know you might get another opportunity at this Price Zone um I really do think that a lot is going to depend on on on Facebook I know that's kind of a strange uh assertion to be making uh but the the the losses in that stock have just been so so severe um and there are so many other tech stocks that are kind of trading in vulnerable territory um I kind of feel like any bad news in the in the technology sector could weigh on all of them um and could bring a negative start to the week um so I would I would keep looking at this 1670 level as a potential buy Zone um possibly scale into a position there um we are going to be looking at a stock spit split with this with this with this stock broadcom um it's really overdue it really should have really should have occurred already um $1,700 is a bit of an unwieldy share price um and it kind of discourages a lot of people from buying but that will be happening will be happening at you know in the future um and that will also be a positive for the stock uh going forward overall this is still this is still a positive name here uh positive expectations uh but we will be looking to buy on dips here so ock ticker AVG
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