Oil rejected the pennant, as it has breached 44.85, though the main slope was a bit high. Yesterday's upper failed to cut through its EMAs, which suggest the trend to be bearish. Breaching 44.33 will send Oil south to 40.26, with 42.71 as a primary objective. Only by breaking through its EMAs, Oil would be sent towards 46.21, which breaching will induce a rally...
Oil seems to have rejected the pennant, it cut through 44.85, which will send Oil back to 40.26, with 42.71 as a primary objective. Only by breaking through its EMAs, Oil will be sent towards 46.65, which breaching will induce a rally with 51.54 as an objective. The EMA10 is cutting the EMA20, which suggest the trend to becoming bearish. Volatility was low...
Oil attempted to reject the Pennant yestarday, but withdrew to around its EMAs, which it has failed to breach. Breaching its EMAs will send it back to the upper side of the Pennant, with 46.27 as an objective. Failing to cut through its EMAs, will prove that the rejection scenario is valid, and will send Oil south to 40.26, with 42.71 as a primary objective. ...
Hello Traders, Here we have a VALID BEARISH PENNANT formed on FX:EURUSD . This type of pattern is usually formed after a strong selloff, where after the strong bearish move, some sellers are taking profits while others are joining with the downside move. This eventually leads to a consolidation that is presented in the form of a BEARISH PENNANT . Do keep in...
Excuse the purple background. That's the big bear crab I have on the DAILY TF showing. Again, tech guys, the visibility options are not working on posts! In a previous post on this pair (see Related Ideas section to find it), I had completely called the price action correctly.....except I didn't! I goofed in trying to call for a retracement waaaayyy too early...
Updating my post on this last week on the bullish crab long scenario, with the Greek referendum over and the subsequent volatility and gap downs, the market failed to take out the crab pattern and this is still a valid pattern. In my analysis, I detailed the case for a long on this pair with another possible leg up left to go on the bearish flag pattern seen on...
After a sharp drop/ downtrend of AUDCAD a bearish pennant has formed on 4h chart. The price is consolidating before I believe it will breakout on Monday morning and test the daily resistance from December at about 0.94. I believe this will be broken and price to continue the weekly/ monthly downtrend that is forming and looking at the current forecast for the...
Elliott Wave Pennant ABCDE - Daily Time frame I see: Top of wave 3 at 100.39 3 wave a-b-c structure down and then a reversal to the upside. Have made a-leg up with a break of channel and b-leg retesting broken channel support C-leg is on its way ... Trade what you see @BLawrenceM Music at work: www.youtube.com open.spotify.com Time is money, a phrase used...
Last week this major went up a total of 160 pips, gaining ground for a third week in a row and reaching highs not seen since 2002 . On Monday three US data points came out better than expected (including the high impact ism manufacturing pmi) resulting in a 100-pip rally. Tuesday we saw overall dollar weakness while commodities like gold and oil rallied. But the...
Apparently ltc is not following the same downward trend as btc. This pennant should resolve in the following two days and presents a good opportunity for longs. I would place an objective around 2.
Still range bound for now. This is what is needs to go higher: AMZN is still range bound in this pennant/triangle until there is a close above $436.90 (MAY 21st high) or $439 (MAY 11th high) before it can breakout and test that $452 all-time high. Buying a June expiry 440/450 Call debit spread for $2.00 or lower would be a nice 1:4 risk:reward scenario. And you...
$DE If you look at the monthly chart John Deere could test that All-time high it bounced off of in 2011 (and big round number) at $99.80 Zooming in on the weekly also shows a close above $93 is out of the resistance line in the top of the monthly pennant I drew. Buy the stock now or on a Friday close above $93 or Delta 40, JAN16 97.5 Call is a cheaper way of...
After forming a triple top at the upper trendline GOOGL went on a quick move to the downside and could now be consolidating before a further move. With the divergences present and candlesticks showing high amounts of selling pressure its possible that it will continue to the downside. The lower horizontal lines are levels of support to keep and eye out for or...
Bought some stock today at 3.90. Front running breakout above the 2015 March $6.37 high. This pennant should resolve itself Obvious stop with a daily close below 3.80 will get me out. That is 2014 March resistance turned support on Feb '15 breakout. Targets at fib extensions.
$APC reported earnings and every headline I saw read "missed by" whatever number. Looks weak so far but still stuck in a pennant formation on the daily chart. I have had a AUG 95 Call for over a month. Up a dollar and change I might sell on strength at another test of the 4/20 candle wick high 95.94 and today's 95.75 high. A daily close below the ascending...
Last one for the evening. It looks like TWTR is breaking its lower trendline on the ascending triangle pattern it was putting in. The small wick at the top of today's candle stick could have been a backtest of the trendline and appears to be forming a bear pennant formation in the short term. Will be waiting for confirmation that it is going to continue to the...
The technical sell point is when price penetrates the lower trend line of the pennant area, ideally on volume expansion. Be patience...