CADJPY rebounded off 99.75 (June 19, 2015 low) reinforcing the support of the 4-week rising trendline (as shown on the 240 minute chart). Further gains threaten the 101.02/101.14 rang resistance. A break through there would extend the 3-month uptrend towards 102.19 then 103.65 near 76.4% of the 106.50/91.73 fall. The 99.75 area should hold dips. Only a breakdown...
USDCHF declines sharply from .9383 (June 15, 2015 lower high) to threaten the .9078/.9071 (May 14/7, 2015 lows) support zone (as shown on the 240 minute chart). Further weakness from there would expose the 61.8% retracement of the entire .8299/1.0126 rise at .8990. The .9224 level (near the 3 day falling trendline) should cap bounces. Only an upside break above...
BABA declines from 95.06 (May 22, 2015) to trace out a 3-1/2 week falling channel (as shown on the daily chart). Given the broad downtrend still in place, there is scope for the stock to extend losses towards the 94.91 support area near 61.8% of the 77.77/95.06 rise. Below would open the 80.90 level which guards the 77.77 YTD low (May 5, 2015). However, if bulls...
EURUSD rebound off the 1.1150 support to suggest the 3-week rising trendline (as shown on the 240 minute chart) remains intact. Further strength would open the 1.1379/1.1385 range ceiling area. Clearance above there would extend the uptrend towards the 1.1466 swing high (May 15, 2015). The immediate support lies at 1.1188 (June 15, 2015 low) ahead of 1.1150 (June...
XLB broke below the 8-month rising trendline support to reinforce the triangle top breakdown. The next support rests at 49.80 (June 9, 2015) and then 49.45 (200 day moving average). Below there would open 48.39 (March 26, 2015). It would take strength back above 50.60 (June 11, 2015) to stabilize and lift for 51.78 (May 8, 2015) near the triangle top resistance...
XLE was capped at the 83.66 area (May 5, 2015 high) near 38.2% of the 101.52/71.10 downleg. Subsequent decline over the last 6 weeks broke through the 200-week moving average which reverts to resistance (as shown on the weekly chart). Further weakness opens 73.82 then 71.70. A break below the latter would extend the 12-month downtrend to open 67.77 next. It would...
XLU broke below the 3-month range (as shown on the daily chart) to reach a new 8-month low at 42.37 (June 9, 2015), near the 76.4% retracement of the 40.07/49.78 rise before consolidating. Scope remains for further weakness towards 41.90 then 41.40 support levels, and possibly the 40.07 reaction low (August 6, 2014). The 43.98 resistance should cap near-term...
XLP broke below the 47.50 support (December 16, 2015) to post a new 6-month low at 47.46 (June 8, 2015) before consolidating. The 6-month triangle top (as shown on the daily chart) continues to weigh and projects lower. Below the 47.46/47.50 key support area would extend the fall towards 46.56 (October 31, 2014 low) near 50% of the 43.69/50.22 rise next. Below...
XLK forms a rising wedge (as shown on the daily chart). Recently it has been consolidating after posting the 43.81 record high (May 27, 2015). The 8-month rising trendline area near 42.75 is crucial support which has to hold in order to maintain the uptrend since the October 2014 reaction low. Clearing 43.81 would extend strength towards the projection target at...
XLV has been grinding higher towards the 75.62 range high (May 29, 2015) which is near the 76.01 record high (March 20, 2015). A decisive break above the latter would confirm a higher base and extend the broad uptrend towards new targets at 76.65 then 79.53 (as shown on the daily chart). The immediate support lies at the 73.66 low (June 9, 2015). A push below...
XLY has been range-bound within a 3-1/2 month rising channel (as shown on the daily chart). While the 75.44 low (June 9, 2015) near rising channel support holds dips, clearing 77.40 (June 3, 2015 range high) would signal return of strength to open 77.89 record high (April 27, 2015). Above would open the 79.79 projection. However, failure to hold 75.44 would...
XLF rallied above last December’s 25.14 high to post new record highs. The upside targets are 25.67 and then 26.48 (projections). 24.80 (June 10, 2015 low) is the immediate support. Below there would caution bulls and open the 24.50 higher low (June 2, 2015). Short term: bullish Long term: bullish
CAT formed a minor double bottom at 84.70/84.91 (as shown on the weekly chart), projecting further strength towards the 89.62 high (May 21, 2015). Clearing the latter would confirm a higher base, extending the 3-month rise towards the 200 day moving average currently at 91.16. The 87.36/84.91 support zone should hold dips. A breakdown below the 84.70/84.91 area...
WMT dropped 20% from the 90.97 peak (January 13,2015) to 72.34 (June 10, 2015 low) (as shown on the weekly chart) near the 200 week moving average and the 71.51/72.61 support zone (October 7, 2013/October 14, 2014 range lows) where the stock could consolidate. The weekly RSI is oversold, cautioning for bounces. The 72.50/77.17 resistance zone near the 5-month...
EURJPY completed a double top under 141.04/141.01 (as shown on the 240 minute chart) on breaking below 139.02 to suggest near-term topping and offer scope for further downside towards the 138.03 support near 38.2% of the 133.09/141.04 upleg. Below lies the 136.95 key support level near 50% of the 133.09/141.04 upleg and the 2-month rising trendline (linking...
EURUSD completed a higher base over 1.1048 (as shown on the 240 minute chart) on breaking above 1.1379 to suggest scope remains for further upside. A decisive move above the latter would signal further gains towards the 1.1466 resistance. Clearance above there would extend the 3-month uptrend from the 1.0461 YTD low (March 13, 2015) towards 1.1533 (February 3,...
GBPUSD broke above a 3-week falling trendline (as shown on the 240 minute chart) to suggest basing over 1.5170 low (June 1, 2015 low). Clearing the 1.5440 high would confirm the double bottom over 1.5170/1.5189 (June 1/5, 2015 lows) and trigger further gains towards 1.5507 9May 25, 2015 high) next. Above there would open the 1.5699 lower high (May 21, 2015)....
USDCAD broke down below a 4-day rising wedge (as shown on the 240 minute chart), under the 1.2562 highs (June 1/5, 2015), to expose the 1.2366 range low (June 2, 2015). A breakdown there would complete a double top at 1.2562 and weaken further towards 1.2317 (38.2% of the 1.1919/1.2562 rise). Below lies the 1.2255 support near 50% of the 1.1919/1.2562 rise and...