After a sharp drop/ downtrend of AUDCAD a bearish pennant has formed on 4h chart. The price is consolidating before I believe it will breakout on Monday morning and test the daily resistance from December at about 0.94. I believe this will be broken and price to continue the weekly/ monthly downtrend that is forming and looking at the current forecast for the...
Elliott Wave Pennant ABCDE - Daily Time frame I see: Top of wave 3 at 100.39 3 wave a-b-c structure down and then a reversal to the upside. Have made a-leg up with a break of channel and b-leg retesting broken channel support C-leg is on its way ... Trade what you see @BLawrenceM Music at work: www.youtube.com open.spotify.com Time is money, a phrase used...
Last week this major went up a total of 160 pips, gaining ground for a third week in a row and reaching highs not seen since 2002 . On Monday three US data points came out better than expected (including the high impact ism manufacturing pmi) resulting in a 100-pip rally. Tuesday we saw overall dollar weakness while commodities like gold and oil rallied. But the...
Apparently ltc is not following the same downward trend as btc. This pennant should resolve in the following two days and presents a good opportunity for longs. I would place an objective around 2.
Still range bound for now. This is what is needs to go higher: AMZN is still range bound in this pennant/triangle until there is a close above $436.90 (MAY 21st high) or $439 (MAY 11th high) before it can breakout and test that $452 all-time high. Buying a June expiry 440/450 Call debit spread for $2.00 or lower would be a nice 1:4 risk:reward scenario. And you...
Been on a good run pre earnings, and jumped 6$ after earnings release after beating estimates. As expected a exhaust period is in play pulling back. Key low volume on pullback and worked off overbought stochastic. The DMAs are still quite far off so I think 38% of the fib retracement could be the support here. Missed the bounce off it the previous last 2 days so...
$DE If you look at the monthly chart John Deere could test that All-time high it bounced off of in 2011 (and big round number) at $99.80 Zooming in on the weekly also shows a close above $93 is out of the resistance line in the top of the monthly pennant I drew. Buy the stock now or on a Friday close above $93 or Delta 40, JAN16 97.5 Call is a cheaper way of...
After forming a triple top at the upper trendline GOOGL went on a quick move to the downside and could now be consolidating before a further move. With the divergences present and candlesticks showing high amounts of selling pressure its possible that it will continue to the downside. The lower horizontal lines are levels of support to keep and eye out for or...
Bought some stock today at 3.90. Front running breakout above the 2015 March $6.37 high. This pennant should resolve itself Obvious stop with a daily close below 3.80 will get me out. That is 2014 March resistance turned support on Feb '15 breakout. Targets at fib extensions.
AUDNZD recently broke through a fairly significant piece of structure in the 1.0570s (see red circles on the chart). Until then this pair was in a strong bearish trend for months. This could be a reversal into a bullish trend, or it might just be a tease. Either way, since we're seeing higher lows and higher highs it's prudent to go with the trend. Now this pair...
$APC reported earnings and every headline I saw read "missed by" whatever number. Looks weak so far but still stuck in a pennant formation on the daily chart. I have had a AUG 95 Call for over a month. Up a dollar and change I might sell on strength at another test of the 4/20 candle wick high 95.94 and today's 95.75 high. A daily close below the ascending...
Last one for the evening. It looks like TWTR is breaking its lower trendline on the ascending triangle pattern it was putting in. The small wick at the top of today's candle stick could have been a backtest of the trendline and appears to be forming a bear pennant formation in the short term. Will be waiting for confirmation that it is going to continue to the...
The technical sell point is when price penetrates the lower trend line of the pennant area, ideally on volume expansion. Be patience...
This is one of my favorite trades. A clear pennant forming which will be looking to break around 2/3's the way through the triangle(that's my general rule of thumb, the more it trades into the apex the less decisive and powerful the break). Easy to read upside, a nice tight stop, with a good risk-reward. In addition the stock is relatively small and nimble, and...
Targets as shown in the chart. Forming a nice pennant on the Daily time frame. We'll see how it resolves overall, but I'm anticipating we colour inside the lines for a bit longer.
PATTERN PENNANT IN THE SHORT TIME IS A SIGNAL UP TREND .