After an initial break of the head and shoulders neckline, we have now seen what appears to be a failed re-test of the neckline and Weekly Pivot. This could thus see the short target at around 1.200 playing out. The stop loss would be just above the 4H candle high above the Weekly R1 @ 1.218
The USDZAR has broken below the diagonal trendline and now seems to be losing the first area of support. This could set in motion another move lower towards the area around 14.70, I would consider a tight stop loss @ 15.05 and a sell order at the current 4H low.
There are various technical and fundamental reasons behind my rationale that Bitcoin will not be able to hold this level for much longer. We might even still see a failed breakout before the correction happens but I would be very careful here! Price is right up against the Yearly R1 and also in a very large consolidation pattern. If the lower trend support line...
The king of crypto continuing its journey to the moon already breaking through the Yearly R1 Pivot @ 37500 and setting it's sights on the next resistance levels @ 45k (MR3) and 46k (YR2). Concerning support levels in descending order they are, 35k (MR1), 25k (MP), 20k (YP), 14k (MS2)
The oil rally is still building momentum and it is possible that the bullish run remains undeterred until resistance near the Weekly R1 @ 58.15. Immediate support is the Weekly Pivot @ 54.40 with a break below likely followed by support @ 52.50 (WS1)
After an initial break from long term diagonal resistance gold was aggressively sold-off back to the Daily 200 SMA around 1830. Proper support does still lie slightly lower @ 1810 meaning the sell-off might still see another leg down, In the event of a pullback, resistance @ 1880 will likely be the key level. The breakout target remains around major resistance @ 2075
The overall bullish trend remains intact with a break of the consolidation range between 0.772 and 0.781 to be closely watched for a breakout. The bullish target would be near the Weekly R2 @ 0.792 and the bearish target near support around 0.763
Gold seems to be forming what appears to be the third head and shoulder pattern in the space of just 2 months. So far each of the previous ones has played out to their full target. The neckline for the current head and shoulders is at the 1825 level (which is also right below the 4H 100SMA). The full target should it break below the neckline would be around 1775...
Lovely inverted head and shoulders confirmed with a strong break through the Weekly 200SMA and also from the bearish channel. There is a chance for a re-test of the breakout but considering the scope of the long target the risk to reward ratio is very favourable. The ultimate target is near the Yearly R3 Pivot around 0.780 with strong resistance probably just...
I like this Weekly picture for a short because of a few reasons. Price has made a head and shoulders and have now broken below the Weekly 100SMA and 200SMA and also the Yearly pivot. This is obviously a long term picture with a massive full target @ 1.12873, but there are quite a few targets along the way (Yearly S1 @ 1.276 and Yearly S3 @ 1.206) both of these...
With XRP now having retested the bear channel breakout area from 30 July and also now showing strength while BTC and ETH are struggling could indicate that a break above the Monthly Pivot @ 0.255 to be the catalyst needed to kick off a new rally to the August highs near 0.315. If this moves is sustained a larger medium term move towards the Monthly S3 around 0.376...
The AUDUSD is taunting a potentially massive breakout from the larger bearish channel with price on the cusp of the upper diagonal. If price manages to beak this boundary a move to 0.694 could quickly ensue. And following a possible re-test of the breakout another leg higher could see the Yearly R1 @ 0.705 followed by the Yearly R2 @ 0.736
EURZAR is currently consolidating with a slight bias to the downside. The important thing would however be to keep an eye on the upper and lower boundaries for a potential breakout. Short term Resistance is @ 19.03 and 19.15 whereas support is @ 18.72 and 18.65
No matter how you look at it, Intel Corporation is not in a good spot fundamentally nor technically. If Intel loses the 44.50 level of support I expect a rapid sell-off to at least the 38 level. It might pull back from there to retest 44.50 but I doubt it will soon recover this level once it is lost. Additional support will be found @ 36.50
I have been requested to do a technical overview on AMD so here is what I think; There is currently a clear consolidation between 74.15 and 87.00. If price breaks below this consolidation there is an excellent chance for a re-test of the diagonal trendline support @ 67.16. I really doubt that we will see price head lower than the 200 Daily SMA @ around 65. So in...
After the break above the weekly pivot last week price saw a sustained rally straight to the area of the Yearly R1 and Monthly S1 where it finally found some resistance at around 13000 (This is also Major Diagonal Resistance). Last week’s rally is massively bullish for bitcoin and possibly pending a pullback to either the Weekly pivot @ 12585 or the lower diagonal...
This morning Brent Crude gapped lower and are now conclusively below the consolidation structure. So far it is also losing support @ 41.04 meaning a re-test f 40.55 and then 39.90 is the probability play. Price needs to get back above 42 soon for this setup to be invalidated
The sell-off is basically just a head and shoulders playing out after a false breakout from the larger diagonal yesterday.