On the 23rd Feb, Gold had a strong surge of 2.3% and gaped up, This shows that the price before the gap is a strong demand zone. Its now pulled back and closed the gap, after traders taking profits. the idea is that there are more orders to be filled at the 1647 level and could potentially push prices higher.
stop loss @1630
take profits 1686
We look to Buy at 139.50
Trading within the Wedge formation
The sideways consolidation continued although the market managed to post a significant high at 140.30
We have a Gap open at 139.47 from 22/11/2019 to 24/11/2019
Positive overnight flows lead to an expectation of a firm open this morning
Further upside is expected and we look to set longs in early...
We have a Gap open at 7567 from 05/07/2019 to 07/07/2019.
Bespoke support is located at 7470.
We look for a re-test of the upward trending support.
There is scope for mild selling at the open but losses should be limited.
Preferred trade is to buy on dips.
We look to Buy at 7470
Target 1: 7560
Target 2: 7650
Daily market report July...
Inditex is facing a great bullish momentum:
After the downgrade of Morgan Stanley -17%, they have reported solid quarterly results reaching USD 12 Bn of revenue for the first time, remaining its clothing leadership.
-Spanish equities negative momentum was sending Inditex downwards, however IBEX 35 is back again above 9.200 level...
On the daily chart: SXX gapped down through its 200 EMA, a bearish sign
BUT found support at 23.5 on it's weekly 200 EMA
Stochastic on daily chart is trending down and could result in another decline
Also filling the gap at 31.72 could trigger fresh round of selling.
Let's see what happens.
UJ just complete the 5th Elliot wave, now I see a little correction to continue to the upside until Daily trend line. At that point we will see how the price reacts.
40-60 pips on short to start the week and also to fill the GAP and finish pullback.
EURUSD demonstrating bearish momentum with the price consolidation (Bullish price becoming more narrow) which represents a weakness in the bulls. We have a channel as seen on the chart with 5 waves complete with the formation of a bearish belt hold formation. 1.100-1.1100 being a key holding area we can expect price to fill the gap which is a 50-61.8% retracement...