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Dave’s Weekly Analysis (Oct. 17th, 2024)

Summary

Welcome to my new weekly series, recapping the past weeks’ trends and analysis! These posts are sent to ExitPoints newsletter subscribers first; if you’d like to be up on our news in real-time, sign up for free today: https://exitpoints.com/newsletter/

 


Background: Space-related stock has been on the rise, and some interesting trends are coming from Intuitive Machines LLC, LUNR, stock. Intuitive Machines LLC describes itself as a “diversified space company. It focused on space exploration. The company supplies space products and services to support sustained robotic and human exploration. LUNR is notably winning NASA contracts, a good long term outlook.

 

Analysis: Barchart.com showed that all five of their analysts following this stock are rated it a strong buy (link to article here). As for my take, all the above is well and good for the long term–but what about the short swing trade time frame? Let’s take a look through a technical analysis lens, using our ExitPoints systems:

 

  • Our Elliott Wave count showed a wave 4 starting down from the 9/20/2024 high of 9.85. The wave 4 likely ended on 10/3/2024 at 7.08 and the upward wave 5 has begun. Note: wave 5 usually goes substantially higher than the start of wave 4!

 

  • The Gann analysis showed wave 4 is slower than wave 3. This is a bullish indication. Volume has been declining along with the price decline of wave 4. This implies the sellers have little conviction.

 

  • Lastly, our midterm zero balance and balance point indicators revealed a bullish trend as well. The current price is near the monthly pivot point suggesting a short-term trend change.

 

In conclusion, based on our trend analysis, the recommendation was to buy LUNR. For the specifics of where, how, and how much to enter and exit please read our Trading Philosophy. Additionally, you can watch this trade and its outcomes on Collective2.com, trading strategy EP-Space.

 

LUNR has been of particular interest to me, especially with a shifting interest towards developments in space overall. What are your thoughts on these trends? Do you think we will see more space-related stocks rise in the near future? Have you invested in stocks like LUNR recently? I’d love to hear your input on these interesting trends.

 

Happy Trading,

Dave Register

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About the Author

Dave Register is ExitPoint’s primary developer and creator of the original ExitPoints systems. With a masters in both Physics and Statistics, over 50 years of experience in management information systems and designing AI systems to accurately predict futures market trading, Dave is a respected member of the trading community. His passion for predicting market trends is both personal and professional, a primary interest that he enjoys sharing with others.

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Risk Disclosure:

Futures and forex trading contains substantial risk and is not for every investor. An investor could potentially lose all or more than the initial investment. Risk capital is money that can be lost without jeopardizing ones’ financial security or life style. Only risk capital should be used for trading and onlythose with sufficient risk capital should consider trading. Past performance is not necessarily indicative of future results.

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Hypothetical Performance Disclosure:

Hypothetical performance results have many inherent limitations, some of which are described below. no representation is being made that any account will or is likely to achieve profits or losses similar to those shown; in fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program. One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk of actual trading. for example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points which can also adversely affect actual trading results. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all which can adversely affect trading results.

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