Wheat has put in a strong performance in the last few months and has hit new recent highs. Technically at one point it looked like profit takers could force a correction back to previous mid June numbers in the late 400's. Fundamental weather news and more than likely funds having to cover their shorts for the moment have kept Wheat at these new levels....
Yesterdays Crude Oil inventories saw bullish inventory numbers for price – the price responded but failed very quickly. A sign of further weakness for WTI? $44,$41 then early $37's are the next possible downside test levels. Support back up around $49?
Fundamentals of Cotton No2 bit of a mixed bag but price and momentum turning south once more? Trying to give back last years gains. 71 then mid 67's possible downside, with support or reversal levels back up at 79?
Hang Seng (HSI) which is heavily property weighted and led by some key stocks eg Tencent had one of its larger sell offs today, but looked to possibly put in a base around the key technical futures levels of around the 25000's /25500's. Bullish seasonality normally strong over July so a potential dip buying opportunity or part of a more major global weakness in...
A great performance so far for Palladium; price momentum has slowed down around new tops and price twice found resistance at 891. Currently buying pressure building up again? Or, will we see a retracement back from here? Next Fibonacci target a long way away at 1038 (year end target?) - Platinum may have something to say about that! If price fails here, support at...
GBP off & running this morn up to just under R4 pivot. Cur trading 1.2738. Must be all that soft Brexit talk!
Weak heads and shoulders pattern building and possibly going to be tested to the downside in the short term from further fundamental and technical weakness? 10.615 then 10.46 if it heads south. 10.864 support to the upside.
Fundamentally and technically not looking a great picture at the moment for WTI - but Im sure politics will intervene somewhere along the way! $39/ $40 looking a real possibility in the short term then $37? Sitting on Fibonacci resistance around $43's looking like its thinking where to go next! Upside support at $47.
Weak fundamentals and technicals have a hold on orange juice after its meteoric rise over 2016. What a difference a year makes - almost back to where it started. Momentum and price looking weak in the short term? Fibonacci level at 134.6 then 122's and 115's? Upside's 143/154.
80/81 looks like strong resistance zone from recent down trend. Treble bottom building for a possible return to late 2016 highs? Long term Fibonacci resistance to the upside just under 88. If doesn't play out then further downside support at 80.6 then 79.4.
Line break charts showing potential for reversal in price across a lot of the major indices after sell off over last week. Example here = Nasdaq 100. Possible value plays? Bear trap or continuation back to highs?
WTI been a tough one to trade with no real long term price directional focus and as been bouncing around inside the $55 / $43 range for a while now. Momentum and some would argue the fundamentals are pointing to further possible weakness? On the Kagi chart price attacking the lows of the triangle set up. If it does break though, there is further nearby resistance...
Keep an eye on these 8 tonight and tomorrow!
Difficult to call, but a strong May victory could see the GBP break up from the current zone and break into the 1.30's? Anything else (results wise) and GBP is heading back south!?
In the immediate short term WTI holds technically and fundamentally weak and is off further this morning down to the mid $47's. In the longer term that range of $55 to $45 does look strong for the foreseeable future? So possibly only a couple of dollars in it to the downside currently, before pausing at the $45 resistance area? If bearishness longer term does take...
FCOJ - remains fundamentally and technically weak. Resistance on the Renko chart and possible next resistance around 111. A good example of how to use Renko charts as an alternative method for your Technical Analysis.
FCOJ - Poor fundamentals and technicals look no better. Heavy resistance at 111 area may be the next port of call?
Amazon Inc briefly tipped over the magical 1000 level yesterday. Fibonacci levels suggest a next stop of around 1169 (Support early 900's). It keeps on growing - no stopping the behemoth! Also making some of the other FANGS look good value?!