Boring_Trader

Boring_Trader

On Friday, Chevron broke out of the $164 resistance and settled at $167.21. A daily close above $168 may extend this rally towards the April-May 2023 high of around $173. In contrast, a daily close below $164 may drag prices down towards the $156 support.

Boring_Trader

Goldman Sachs is currently consolidating between $328 resistance and $318 support. A breakout of either level would provide further trading opportunities. Specifically, a daily close above $328 may extend this recent rebound towards the $335.69 level while a daily close below $318 support may drag prices towards the $312.48 support.

Boring_Trader

S&P 500 reached 4,460 support on the back of the MACD bearish divergence. As we advance, a daily close below 4,460 may extend this downtrend towards the 4,376 support created on 10 July 2023. However, a daily close above 4,527 or EMA 10.20 golden cross, whichever first, may see the US500 trend higher towards the year-to-date high of 4,606.

Boring_Trader

Tesla (TSLA) settled just above the $260 level on Friday. Going forward, a sustained price action above this level may open up the possibility of a rally towards $300 level, last traded around September 2022. However, a daily close below $243, which is also the EMA20 days, may invite further selling pressure towards the $200 support level.

Boring_Trader

S&P500 (US500) reached 4,364 resistance, as correctly 12 June 2023’s weekly commentary. The cash index further rallied to a high of 4,447 before settling at 4,411. Going forward, a daily close above 4,447 could further extend this rally towards the 4,512, the 21 April 2022’s high. However, a daily close below 4,375 could open the door towards a retest of 4,300 support.

Boring_Trader

A bearish crossover in Amazon’s (AMZN) MACD suggests a weakening bullish momentum. However, it is too early to conclude a start of a downtrend. This because a daily close above $127.40 may trigger a trend continuation towards the upside, specifically towards the $133.50 resistance, last traded on 9 September 2022. In contrast, the trend reversal is likely to come...

Boring_Trader

Microsoft (MSFT) shrugged off its MACD bearish divergence and rallied as its traded above the $306 level highlighted on 15 May 2023’s weekly CFD commentary. Based on this price action, Microsoft may continue towards the next resistance at $337.50 if prices can stay above the $320 level. In contrast, prices are likely to retest $290 support if there is a daily...

Boring_Trader

Baidu (9888) is currently consolidating between HKD123 and HKD112.80. A daily close above HKD123 could be a catalyst for a quick retest of HKD129.10 resistance or even HKD139. However, a daily close below the HKD112.80, which is also the April-May 2023 lows, could trigger further selling pressure and a potential retest of HKD101.60 support.

Boring_Trader

Microsoft rallied 5.5% to reach the above mentioned objective. Going forward, prices could rally towards the December 2021’s support of HKEX:320 if prices can sustain above $306. In contrasts, a daily close below HKEX:290 could then trigger selling pressure and that could exposure Microsoft to the $275 support. Also worth noting that there is a MACD bearish...

Boring_Trader

S&P500 (US500) retested 4,050 support on the back of MACD’s deadly cross, a bearish rising wedge formation and a daily close below 4,100. The cash index reached 4,050 midweek before closing strong on Friday at 4,171. Based on this price action, a daily close above 4,181 may negate the bearish rising wedge and MACD’s deadly cross thus providing long opportunities....

Boring_Trader

The S&P500 (US500) failed to make significant progress from previous week’s gain as prices lingers between 4,130. Going forward, prices may face headwinds and provide short selling opportunity. This because MACD poised to formed a deadly cross, while prices had formed a bearish rising wedge . All that remains is 4,100 support, which coincidentally also the EMA20....

Boring_Trader

US500 retested the 3,942 level again last week. Prices eventually settled further lower at 3,878.40, for an approximately 170pt or 4% drop. Going forward, a daily close below 3,870 will further extend this selling pressure towards the 3,760 support. Deadly crosses in EMA10-EMA20 and MACD further suggest this possibility. However, a daily close above 3,920 may...

Boring_Trader

Alphabet’s (GOOGL) price action seems to be indicating potential support at $89.50. Therefore a break below $89.50 could put further selling pressure and provide a potential short-selling opportunity. The next support is $83.45. In contrast, either an EMA10-EMA20 golden cross or MACD golden cross or a daily close above the $95 level indicate a potential rally with...

Boring_Trader

S&P500 retested the 3,942 level last week, as correctly anticipated on 27 February 2023’s weekly commentary. Prices ended the week strongly by closing at 4,048, just below the highlighted 4,050 bullish pivots. A daily close above 4,050 indicates a continuation of upside momentum with a retest of 4,100 resistance. However, a daily close below 3,994 will continue to...

Boring_Trader

Microsoft’s (MSFT) MACD in the daily timeframe shows bearish momentum and the price closed below the $251 level. Hence a daily close below $248 could provide short-selling opportunities as prices could retest the $234 support. In addition, an EMA10- EMA20 deadly cross could further support this bearish possibility. In contrast, Microsoft could trend higher if...

Boring_Trader

Considering this price action, along with deadly crosses in EMA10-EMA20 and MACD, prices could potentially trend lower for the week ahead. The next support can be seen at 3,942 (24 February 2023’s low), followed by 3,900. However, a daily close above 4,050, coincidentally the EMA20, could suggest a retest of 4,100 resistance.

Boring_Trader

Back when Microsoft was trading at $244.52, we mentioned in the 17 September 2022’s commentary that a close below $241.53 could put downside pressure on Microsoft. Price since then reached $230 downside support and then some, with a new yearly low of $219.13. Taking into account of this, prices could retest $219.13 soon if prices stays below the $230 support...

Boring_Trader

Tesla (TSLA) closed below $223 and reached the $207.67 support last week, as correctly anticipated on 9 October 2022’s commentary. Based on this latest price action, Tesla could extend this downtrend if it stays below $207.67. Its EMA10-EMA20 and MACD deadly crosses also suggest further downside potential. Latest support is the June 2021 low of $190.41. However, a...