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all right welcome to another episode from the
chart readers oh I'm starting to record this
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a little later than I was expecting a little busy
today um but I want to quickly look at SoundHound
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Sofi and dxyz okay um I I I see a good amount of
red across the market clearly we see two pretty
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big red candles to start the week on SoundHound
right to me all of this is just a reaction to the
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short week of trading that we have all right
whenever there's a holiday whenever there's
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there's whatever it might be long weekends
bring extra sell-offs all right and look it's
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it's an exaggeration it has nothing to do with
specifically these stocks but so much can happen
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in a what if a CFO is caught stealing money what
if the CEO is caught with an underage kid right
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there was some article that Ma's employee some
single employee right which I doubt you know
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there was a big like tie to that whatever but
a single employee is getting blamed for $140
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million of accounting errors like get out of here
right like there is so much that can happen and
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if you're stuck with shares your ability to react
faster than the next person kind of goes out the
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window because what if we find out on Thursday
during Thanksgiving and there's no there's no
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you can't sell right so long weekends bring bring
sell-offs and and I think we're seeing that right
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here with SoundHound as long as nothing crazy
happens with the moving averages and I'll talk
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about that shortly I'm still looking forward
to next week a good full week of trading right
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make me believe we haven't lost that line
one candle under is okay right don't don't
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make me don't go lower hey worst case we got the
eight right there too and again I'll go over all
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these details shortly right but I'm willing to
accept the red that we're seeing because again
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long weekends tend to do that all right Sofi
I would say is handling a lot better Sofi is
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still in full beast mode this is I I just
like this is beautiful this is what technical
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analysis really is right you're you're trying
to break trying to break you bounce you bounce
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you break all five and fly oh my gosh right
I feel like all of my all of my catchphrases
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are in this view right here of Sofi so um I've
been loving talking about Sofi and and really I
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feel like when I talk about this chart there's
not too many educated things I can say about s
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but I hope it really reinforces literally the
exact same things I say about every single stock
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right I I I I do believe ta brings everything to
an equal and that's what this looks like to me and
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I hope to you as well all right and then dxyz look
I'm for sure going to talk about the daily and the
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weekly you know that that's why you're watching
this today was an interesting day and and you can
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see it in the setup of the first couple hours dxyz
tried to break all five on the on the hourly the
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last one's down there um macd was positive RSI
was close uh volume is the only thing that was
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missing and and and volume is the is the O if this
thing can just get a little volume that's all it
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needs otherwise hey it feels like it's going to
be hard to go below 30 at this point but a fall
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from 40 something to 30 that's a quick 20% right
so plan accordingly get ready for it and hey if
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it happens you can take big advantage of that or
completely you know you know what I mean right
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so I'm excited to talk about all these three I'm
a little later to recording than I I was hoping
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for but before we do go any further and I give you
more of my thoughts and opinions what are we going
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to do same thing we always do right we'll take a
look at the daily and the weekly to see how these
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things are setting up shortterm we have our five
moving averages there are horizontal support and
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resistance lines that I do draw manually myself
and then when we are done up here we'll use the
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macd RSI and volume as our lower indicators hey
really quickly if you can please subscribe to this
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channel share this video online comment good or
bad if you disagree look anything you can do helps
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so so much with these YouTube algorithms but for
real just being here giving me your time oh I'm
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so so grateful for it all right so um hey if you
watch the last video SoundHound did significantly
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better than I expected right I was hoping to get
around 8:30 we basically got that on this single
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nearly 20% day and then actually went to almost
9 the day after all right so um I think for me
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I and look I might be a little too Cavalier here
maybe I should give it a little bit more respect
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but I actually think I'm focusing more on the Gap
up oh look at this thing right we closed Thursday
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down here at 8:25 we then open all the way up here
at 880 all right I think I'm focusing on the Gap
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up to 880 more than the reality that we're down
here at 760 and I do believe if this was not a
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short week we would have not come down to here but
instead actually made a real oh and that was the p
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could that ah oh yeah we would have we would
have come to that e no we were already past
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that get out of here oh I'm surprised we didn't
go all the way to 10 C I think on a normal week
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it would have run it it really would have you
can see the thing that that stopped me we open
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at look the sorry let me slow the close of this
candle right here the number on top is $8.9 all
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right we B basically open and just missed that
right the high of this was 8.89 so we just just
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missed the peak of that I sincerely believe on a
not short week that 891 would have been destroyed
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it would have cuz the RS SI wasn't even that bad
right right here it was a 95 right here it was
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a 72 volume was going there I imagine a lot of
that volume came as it gapped up and then hey
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if it held and continued it would you know all
that's wh ifs right it really is wha ifs but I
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think the reason I'm giving more wh ifs it than I
normally do is I think the short week messed this
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up I think as long as we hold some critical lines
and I'll go over that shortly I still am bullish
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here you know the one thing I've noticed the Dow
Jones and I mean you can easily see it right here
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Dow Jones is actually doing better than NASDAQ
and and I think when you look at Sofi that's an
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easy reason why it might be doing better than
SoundHound too I think Sofi is a little less
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risky and again I'm not trying to compare apples
and oranges right but Dow Jones is doing better
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than NASDAQ so you know I I I think that's a
little bit to to be had right but um excuse me
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I think as long as we can hold 740 right that's
basically you open this you can actually see at
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7:35 so maybe I can go just a little bit lower I
think as long as we hold 7:35 this is very very
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bullish I would even be willing to go as low as
basically seven bucks that's just under the eight
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you know I don't want to go under the eight right
but I think I'm willing to say as low as seven
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is is still bullish um the one thing that that
hasn't happened is we haven't broken and confirmed
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that right we broke it unfortunately couldn't
confirm I would expect us to hopefully hit the
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eight and go up from there but um yeah I think my
expectation at this point is come down to seven
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hopefully make a reattempt and rerun and I think
as early as next week potentially right like this
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is still a really good weekly it it really really
is and hey what's that right there 7:30 as long
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as we we can close above 7:30 you can even say
725 by by the weekend that's still a good weekly
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chart right we're we're we're setting up a balance
we haven't quite confirmed as nicely as I'd hope
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but realistically we've been we've been up here
for for quite some time yeah this is a decent RSI
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that is a nice macd right there volume is picking
up too right so um yeah I think I think overall
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SoundHound is getting the butt end of a short
week um it's it just it's something that just
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makes sense to me it really does so let me know
if you think I'm being a little too Cavalier on
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that on that um focus on the Gap up versus the 760
realities you know I normally don't do that and
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I normally don't do what ifs but um I'm kind of
trying to um balance the the the short week Factor
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um not too much on the news side that I've seen
and hey I think I'm okay with that we don't really
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need too too much news as long as we're holding
the eight and the 20 the moving averages and the
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technical should be doing the job you know what I
mean so um I'm liking what I'm seeing here let me
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know your thoughts let me know your opinions even
if you disagree let's take a look at Sofi oh man
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Sofi has been beast mode and I didn't mention
mention it in the opening thoughts but I think
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one thing that's really helping the Sofi uptrend
is the Dow Jones all right you know Sofi tries
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to walk that line of hey we're a bank but we're
also more than a bank um I've personally been a
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little iffy on those thoughts again you know I'm
not here to give you fundamental thoughts that's
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not my bread and butter but you know I I I don't
see the tech side of Sofi as much as I think other
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people want and to me Sofi is an instit tional you
know Bank brick and mortar bank and when the Dow
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Jones does well Banks do well you know what I mean
and hey I'm not saying that I'm still saying that
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nasdaq's looking good right QQQ is easier to type
but NASDAQ is holding a nice little uptrend NASDAQ
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is trying to stay over all the moving averages
I would even say MCD and RSI don't look bad even
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though there's a little weird red over green on
that RSI right there right but you know I think
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it's it's it's able to take a little bit of the
I'm a bank Nas uh Dow Jones strength and yeah this
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is just beautiful right there all right so um you
know this is an interesting dogee right here and
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really it's an interesting couple days it's a lot
softer of a reaction than we see on on SoundHound
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right but I think it's overall kind of the the
the same thoughts look this is a short week I
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generally assume that there's going to be a little
bit of a selloff on a short week it just seems
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like Sofi hasn't been that dramatic and really I
think its ability to hold the eight moving average
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so strongly really really justifies that right so
um looking at the weekly as well where are we on
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the weekly man it is it is strong to see look at
this thing basically since here since the 14th of
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October you can say we've been living at an 80 RSI
right I just kind of clicked arbitrarily at 78 and
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it's what looks like the average of all of that
right so it is crazy that we're at an 83 it is
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crazy that this thing has pushed 88 and higher
so many times like random look I just randomly
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clicked right there that one was an 88.1 five and
I think I clicked this one or that one look this
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one right here 88.3 eight right so these Peaks go
well above 80 RSI and hey that's why this is just
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one of many indicators that we have here right
you know I'm going to respect an RSI that's high
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I have to right there's two sides to every coin
but when you're holding the moving averages when
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you've got a real nice macd holding that green
over red when volume is pretty much living at that
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50 average line when the NASDAQ S&P Dow Jones are
pretty much doing all the good things you want to
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see it becomes easier to ignore a bad indicator it
becomes easier to believe you know what I think we
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can live up here in the 80s as opposed to having
to come back down to the 50s just to go back up
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to the 80s right nah nah nah we're just going
to hold strong you know what I mean so um and
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really that's starting to form on the weekly I'm
going to delete this line right now just to look
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at it on the weekly right but um this isn't that
old a stock right and we've seen it peek and drop
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peek and drop peek and drop peek and drop peek and
drop peek and drop all of a sudden you know we're
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higher than we've ever been not only are we higher
than we've ever been I would you know and I think
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I'm wrong as I'm saying it that's kind of why
I was hesitating there were a couple horizontal
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moments RS RSI was able to stay horizontal there
and it was able to stay horizontal there and
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really this window in 2023 I think is a lot more
impressive because it's actually holding a a 70ish
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RSI so it it knew how to hold a relatively High
RSI actually relatively early in its life too it's
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just incredible to see and right if if you don't
see it let me just draw it really quickly like
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historical Peaks historical Peaks well above them
right so not only are we staying strong we are
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just we're just setting new expectations on the
weekly right so um we are long long away from that
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200 moving average we have well golden crossed the
eight we're probably about to Golden Cross the 20
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as well right so um I see it being very uh let's
go to the daily just to validate that yeah for
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sure I see it being very difficult to get under
480 1480 excuse me 1480 if we were to lose 1480 I
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think 1410 is probably the next place you can also
kind of see that's probably where the 20 moving
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average is going to get over the next couple days
as well right so um it feels like there's a good
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base of 14 and really it feels like the daily and
the weekly can live at these high RSI and maybe
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just keep going right my next Line's at 1660 we
still haven't gotten to that um how good is that
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1660 line give me a sec let's take a look yeah
it's not a bad line yeah for now that's still the
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the the real expectation we'll see what happens
when we hit that that might be a place where it
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hits the resistance sees the high RSI and maybe
you know reacts from there but oh man bounc on
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the eight moving average breaking all and flying H
there's there's so much good and so many technical
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things just look at the volume right ever since
it started to do the 200 moving average attack
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that's that's some nice volume right there it
really really is oh man so far I feel like I make
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a 20-minute video on this thing right here let me
know your thoughts let me know your opinions even
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if you disagree let's end it with dxyz and hey
dxyz this this really I think is a story of volume
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okay we were pushing 20 million shares not that
long ago and all of a sudden we've given up 90% of
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the volume as we're down to basically literally
2 million right so you've lost 90% volume but
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you're holding the uptrend man that's a that's
a that's a that's a crazy little reality for a
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rather interesting stock here all right so um I
I I obvously want to stress how good the eight
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moving average bounce is but since I covered Sofi
I at least want to say it's not as strong as this
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and I think one of the things that makes this
strong is just how consistent the line is here as
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opposed to you know what that like that's that's
significantly steeper it's not as as there's just
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there's just a lot more rocket with it right maybe
maybe this last last week and three days give or
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take is starting to look a little more like Sofi
that's about the slope and it is living a little
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closer to the line right I think my one real issue
with this stock look how many dois there are right
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in one two three four five six seven eight days of
trading I see two real candles everything else I
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would pretty much call it a dogee I think that
is a dogee and that is a dogee those are maybe
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a little bit borderline someone would say no I'm
wrong but I think the one easy thing to say is in
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8 days there's really only two real candles and ah
man there there there is a little bit of an added
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you know concern when it comes to that you know I
want to see good better full candles I think the
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problem simply is volume look you know I'm happy
that we're at least living at the white line right
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I for sure am and hey I think things would be
significantly worse if we start to lose it and hey
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it's it's it's starting to right you know I'm not
going to overreact on a single day this is also
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a short week where I assume things are a little
bit worse so hey hopefully next week is kind of
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back to normal but look we've at least been pretty
much at or over that 50 line right that needs to
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improve drastically we need to get back to this
let's call it six million if we can get back to
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six I don't even need the calculator right we want
to be as close to 1 million share per hour this
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thing got 2 million in a full day right so I'm
asking to beat today's volume in a good two hours
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right so this needs volume to do it look I don't
think we're going to go below 3150 I think this
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is a real and look this isn't the best of lines
as I'm looking at it is that an IPO line oh it is
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a good line okay good good good wait wait wait I
was looking at that 43 this one that's a good line
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it is half of that thing that's a good line um I
don't think we're going to go below 3150 the the
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20 moving average looks like it'll probably Golden
Cross it in the next couple days just kind of
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keeping the same slope even if it starts to like
flatten out a little bit maybe by the end of the
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week we'll get there so I I I think this is going
to hold pretty well I would be look and let me at
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least just say a drop from 43 to basically 33 a
little bit lower than 33 that's more than a 20%
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drop right you're losing $10 at a place you only
have four sets of $10 and a little bit of change
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right so that's a little bit of a dangerous thing
and hey maybe it's worth setting a little bit of
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a panic around 93 bucks don't lose 93 all right if
you lose 93 is that's when we're going to start to
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maybe have some3 $31 concerns okay if we lose that
31 that is where the real Panic will come that is
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a scary fall back into the teens in all honesty I
don't know if that 25 would hold at that point all
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right but for now that's significantly lower than
where we're at I don't want to just talk about
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anything lower but hey I'm at least showing both
sides of the coin I'm talking about the worst side
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right now of it right so first real Panic moment
is probably going to be at 39 you know if we lose
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39 I can see it being maybe a quick fall down to
that 31 is that should hold though that's that's
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my expectation that should hold what am I looking
for at this point really it's that I want to break
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46 get me over this this jul July goodness this
November 19th candle get me into the 40 look the
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the candle actually closes at 4540 basically right
4536 maybe the answer could be 4570 give or take
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right different risk tolerances risk rewards right
but I think 46 is probably the money line if you
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can break 46 my expectation is you get another 10%
basically another four Bucks taking you to 50 if
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this breaks 50 that's where things will get silly
all right I think one I'm going to draw the next
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line it's not that hard a line of draw but it is
up there if we break 50 I think basically 60 would
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be next okay one thing I want to talk about is the
RSI all right so there's not a lot of history on
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this thing right and if it seems like this is kind
of the most comfortable place I think I'm going
00:21:04
to put it right here there's a little bit of a hit
right there there's a good hit right there there's
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a little bit of a hit right there I I would like
to say I don't want the RSI to go below 56 look
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the RSI was as high as 94 okay so going from a
94 down to a 56 I would still call that a healthy
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cool down for sure sure I think if we start to
slip below 56 I think that might be what takes
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us from 37 to 31 all right so I would watch that
3937 range on the dollar I would watch a 56 RSI on
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an on an indicator stance and again what I think
matters more than any of the stuff I just said
00:21:56
volume we need to get back to about six or seven
million shares per day oh man if it could do more
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than that obviously things would go wild and and
you know we we'll see and we'll we'll react in
00:22:09
the lines hopefully the resistances are good but
7 million shares in a 7h hour day you're basically
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looking for a million shares per hour all right
I'll look at the weekly I don't think I look at
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the weekly again there is no 50 moving average
right there this thing has not been alive for
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50 weeks so we're we're nicely over the8 and the
20 I wouldn't quite call this crazy confirmation
00:22:31
and hey with that said if we were to fall back
down to the eight that's basically the 25 line
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that I was kind of talking about a little bit at
on The Daily right so um be careful all right be
00:22:42
careful I think 31 should hold I hope we don't
have to worry about 25 but I think you can tell
00:22:49
I think 31 is a little bit more realistic than 59
hopefully I'm wrong I'm I'll be watching that 36
00:22:56
46 number right but um yeah I think this thing is
just look even the weekly right weekly as high as
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81 come back down a little bit to 50 and then you
can take right back off to to um and again look at
00:23:10
the volumes right we went from 40 million shares
a week we're basically down 90% right so it's
00:23:17
it's it's ah volume is the only thing missing
here it really really is all right let me know
00:23:23
your thoughts let me know your opinions even
if you disagree oh I appreciate you so so much