Previous resistance can truly become support many times over.
RSI way oversold. price action will determine the rise on lower timeframes.
great opp here, make sure you have a tight stop loss in case it doesn't hold.
Although current trend is uptrend but we forecast a downtrend wave would begin in Midterm.
There is a divergence in RSI and price between the peak at 70.35 on 2018-01-15 and the peak at 80.5 on 2018-05-22, the probability of uptrend continuation is decreased and the probability of beginning of downtrend is increased.
This commodity is featuring for the first time on our TradingView blogs.
Current setup: Price has been in a bull trend since last year. Most recently, price broke out of consolidation in April and trended well to $80.
Conclusion: Price is struggling to break through $80. We will be standing aside until a break and close above $80 to add more long trades.
Palladium has come into a strong support level and looking to be bouncing from the support, looking for entries on lower timeframes. Target short term into resistance of 960.00 where you could look for a reversal back into the higher timeframe trend.
The chart preparatory. I do no predictions. If the situation with CUUUSD unfolds I will assess it carefully to decide at that point whether I go long or short.
At the moment CUUUSD is weakening on the daily charts having reached a key inflexion point on the weekly time frame. This is not surprising.
Some traders want to know in advance whether price is going...
GOLD has been on a tremendous run of recent and continues to test new highs. Looking for the market to have some form of correction however if the USD fail to kick in we could see the trend line being used as support and a break up to $1400.00. If we were to break lower we could see GOLD re-testing the $1300.00 level.
4hr chart showing a counter trend trend line break with commercials at all time high in short positions. This could lead to WTI falling back to $60.00.
Looking for short opportunities down to this area.
My recent analysis of Silver applies across all commodities. If you are bull on Silver, Gold, Platinum then you are bear on USD. It is quite easy to be bear on USD at this time and it makes sense fundamentally as incentive for companies to return manufacturing to the USA. I have found a distinct correlation between the log scale price of BTC and USD, where USD...
We last bought this in October for 920 to say we got out too early is an understatement. Since then we have been waiting to get back in and never had the opportunity, the current pullback looks pretty good:- unfolding in 3 clear waves against a recent new high. Divergence at the blue (3) top adds to the case suggesting that the move higher had lost momentum...
The market gives us a good buy opportunity. The price bounces from the support zone formed by the uptrend line, SMA100,Patern . RSI, Parabolic confirms price reversal. MACD histogram supports possible upward movement. Pending orders for buy can be placed at 0.68037516 level with stop orders below the local swing low at 0.63037516level. This is a long term trade...
Gold appears to have just broken out bearishly from a roughly year-long trend channel. As the chart shows, we saw the same thing in 2016 just before a major move down in gold. The thing that I find significant at present is that a similar size of move down now could entail a break down of the long term logarithmic support line, which may in turn have considerable...
The above is my non-professional, long term view of gold in logarithmic scale. Given that the metal still seems to be in a phase of indecision, I will have to wait and see how this consolidation resolves before deciding on the likely long-term direction of the gold price.