BTC panic may be done here. Just tapped that trend line on this log chart yesterday. If that line is breached, we will likely go much deeper. Cautiously optimistic here.
We have RSI divergence on the daily chart for the EURUSD. It's a warning signal that the move higher may be stretched. Combined with the ECB event risk, it might be a good time to lighten positions.
We're midstream on this range at the moment. Breakout over 1.30 would signal move to 1.3350-1.35 area. Alternatively, retest of 1.27 offers opportunity to go long at greater risk/reward. Close below 1.27 would negate view.
Crude futures broke to the multi-year trend line near $48 per barrel. It hasn't been able to stage a recovery yet. Some bullish support is propping it up near the 200dma. The candle patterns suggest buyers are waiting in the wings. However, If the 200dma is cleared and it holds below, expect a swift move to $45 and then $43 support.
RSI divergence after massive and over extended decline. RSI also in oversold territory for almost 2 months.
Price hit a long term support level, formed a hammer candle last session, and engulfing bullish pattern today.
Last week's earnings report sent AAPL to the bottom of the triangle. It's been hovering down there this week. The $92 level is key. Although if that cracks, we still have the long term trend line dating back to 2009 that would provide support near $88. If clearing that is sustained, it could get messy. Alternatively, we may see some sideways action which...
It looks like the S&P 500 breakout a couple of weeks back has collapsed in on itself. We're back under the resistance zone and 2040 support.
I see three scenarios:
1. Equities are losing the upward pressure and we're heading lower over medium/long term
2. We're in a large range from 1800s to 2100s.
3. We're consolidating for push higher.
Time will tell....
DXY regains its footing and surges back over 92.63 which represents a multi-year support / resistance level as well as the bottom range of a descending channel. Candlestick formation today suggests a short term bottom has been found. If the support level gives way, we're heading lower and the double top formation will be complete.
However, today might also be...
Looks like gold is carving out a head and shoulders pattern. Although the most likely neckline for this pattern is near 1220, I would need to see a break below 1191 support before expecting further downside.
AAPL cleared two hurdles today - it closed over both the 200 day moving average as well as a resistance line that has been capping the stock starting in July 2015. We've had a recent false breakout over the 200 day average before (November 3-4 2015) so we will have to give this a couple of days to make sure it's for real. Also, the stock didn't close over the...
Today the EURUSD sunk through both the 20 day moving average and a supporting trend line going back to early March of this year. Adding to the bearish picture, we have multiple upside attempts over the last 10 days getting slapped back, the MACD crossing under, an RSI that's diving, and today's close below the highs and closes of the February and March 2016 peaks....
