So far Bitcoin has rejected the Monthly Pivot and currently testing the Daily 100SMA. The two levels to watch for a larger move would be the lower diagonal boundary at around 10350 and the Monthly Pivot @ 10880. Targets if price break lower would be the Monthly Pivot around 9700 and if price breaks even lower Support at 9085. If price manages to break above the...
The USDZAR is possibly coming to what seems to be the end of a long and very large consolidation. The key levels to watch here would be the Monthly Pivot and 200 SMA both around the 16.70 level. If we can muster a close above it another re-test of the upper diagonal boundary at 17.05 will be on the table. If we break above the upper diagonal boundary the Monthly...
Possible Cup and Handle breakout possibly leading price higher to 1945-1950
Brent Crude oil is looking extremely precarious here, if it loses the 41.40 - 41.50 level it will put a massive head and shoulders in play with multiple short targets along the way. These include the Weekly S1 Pivot @ 40.67 followed by Major Horizontal Support @ 39.90
There still seem to be some room left for the dollar to strengthen this week. With a re-test of major resistance now in the area of 94.50 to 94.70, this is also the area where the major break of the decade trendline took place.
The bull channel has been clearly broken with price now also trading below the 4H 200SMA, a measured move lower gives us a short target near 0.707. Stop loss can be placed just above the 200SMA @ 0.725
Measured move on GBPUSD giving us a short target of 1.268, note that a close above 1.283 could see price re-test the weekly pivot @ 1.294
Possible that NASDAQ see a small correction to the Weekly Pivot @ 11090 followed by a test of the lower diagonal boundary near the Weekly S1 @ 10628. If however it breaks above the upper diagonal boundary this could lead price higher towards the Weekly R1 Pivot @ 11420 where it will also meet additional resistance from the 4H 100 & 200 SMA's
Following the breakout from Gold's consolidation the first and more conservative target would be the Monthly S1 Pivot @ 1860
Strong breakout from the neckline with a nice little inverted head and shoulders target for the USDCAD. Target is the area above 1.343
Gold continuing to consolidate in a large symmetrical triangle pattern. Worth noting that the MFI points to bearish divergence. The key level is 1945 with PA below it re-targeting lower diagonal support near 1920. The breakout levels for either side is marked on the chart.
USDJPY has been in a heavy consolidation for an extended time now and it looks poised for a large breakout. In the scenario of a bullish breakout we will initially target 16.500 and after some consolidation could likely head higher towards 107.00. Any close below the 4H 200SMA will invalidate the long idea
The Symmetrical triangle consolidation has finally broken to the downside with a full target near the Monthly S Pivot @ 105.00. Conservative target would be the Weekly S3 Pivot @ 105.225
Since the Head and Shoulders target have played out price has now entered into a consolidation. On the positive, price is so far managing to hold above the 100 DSMA. Overhead resistance will be the Monthly S1 Pivot @ 160650 with a close above it likely heading for a re-test of the HnS neckline @ 11100. If we see any bearish PA below the 100DSMA we will probably...
Major support @ 1920 still holding up well so far with the price even managing to break higher to close above resistance @ 1940. This level now becomes interim support with any break below it re-targeting major support at 1920 (especially considering what appears to be a mini HnS). However, if we can hold above it and manage to close above 1950 I suspect we can...
Bret crude has been consolidating on major support and just barely managing to hold onto the 100 DMA. If we close below it the next target would be the Monthly S3 Pivot @ 37.80. If that fails there is way more downside all the way to 35.00
Fundamentally Pepkor (primarily catering to the lower LSM market), should be well positioned to outperform pending their full-year results later in the year. Technically I also like the fact that the diagonal has now been breached on the daily. My end of year price target is at least 14.00 with even more upside from there.
With the Q2 YoY and QoQ GDP figures confirmed and worse than expected the road has been paved for further ZAR weakness. We are now seeing what appears to be a re-test of the breakout area @ 16.80 and could be a good opportunity to get long. The target is the Monthly Pivot @ 17.08 and if we break above that we will re-test the upper diagonal boundary @ around 17.35.