Despite buyers and sellers creating a temporary range at the underside of the 1M resistance level of ¥200.15, buyers appear poised to break out to the upside, aided by a nearby 1M support level at ¥198.99 (which sits just above another 1M support at ¥197.65).
If price breaks beyond ¥200.15, the 1Y resistance level of ¥203.24 will likely be targeted. Conservative...
Following a one-sided 6.0% gain in Tesla’s share price on Thursday, this helped lift the S&P 500 and Nasdaq to fresh records. As shown in the chart below, the TSLA Stock rallied through a 6M resistance level of US$360.03 to a high of US$368.99, levels which have not been seen since earlier this year.
Further buying could now be seen for the Stock towards the...
Following the Nasdaq 100's rebound from the 50-day SMA at 23,143 on Tuesday, this has delivered two potential bullish scenarios worthy of being added to the watchlist.
First is a potential double-bottom pattern at 22,958, with a neckline calling for attention at 23,741. A breakout north of the neckline sheds light on the Stock Index potentially refreshing...
UK government bond yields (GILTs) spiked higher at the open today, reflecting an intensification of heightened fiscal concerns that continue to weigh heavily upon investor sentiment.
Long-term UK borrowing costs hit their highest levels since 1998
The yield on 30-year borrowing costs reached an eye-popping level of nearly 5.700%, breaching thresholds not...
An interesting technical scenario is brewing on SOL/USD (Solana versus the US dollar) at the moment.
First and foremost, you will note that upside momentum has slowed; this is demonstrated by price action compressing between converging lines, offering two rising wedge patterns to work with (the larger formation is formed between US$127.48 and US$187.30; the...
Following the rebound from the monthly support at US$1.1457, overhead resistance calls for attention between US$1.2028 and US$1.1930 (with the lower boundary reinforced by an AB=CD bearish pattern). This means that, at least as of writing, technical studies suggest medium-term outperformance for the EUR/USD (euro versus the US dollar) until the unit reaches the...
Price action on Copper Futures shows that buyers and sellers have been confined between two ascending lines since the beginning of August, taken from the low of US$4.3325 and a high of US$4.4800. While this offers a potential bearish flag pattern to work with, the base metal is seen rebounding from support between US$4.3810 (6M) and US$4.4590 (1Y), with room for...
The USD/JPY (US dollar versus the Japanese yen) has recently faded the underside of the 200-day simple moving average at ¥149.31 and chalked up what many technical analysts refer to as a head and shoulders pattern – left shoulder: ¥149.19, head: ¥150.92, right shoulder: ¥148.52.
As evident from the chart below, price action elbowed through the pattern’s neckline,...
The ETH/USD pair has experienced solid gains over the past few days, breaking through several resistance levels and adding 14.0% so far this week!
Having noted that price took out the 1M resistance at US$4,299 and US$4,564, there is very little technical ceiling in this market right now, and the next upside hurdle can be found at all-time highs of US$4,863....
The Stock market rallied following the July US CPI inflation data, with the Nasdaq 100 climbing to an all-time high of 23,849. Overlooking the economic picture for now, price action has exhibited a clear uptrend since early April this year. This is evident from the price, which has chalked up a series of higher highs and higher lows, trading above the 200-day...
The US Dollar (USD) Index recently nudged above 3M resistance at 98.33, which could now offer price support. Overhead shows resistance at 99.38, with any break here potentially opening the door to highs of 100.23, and notable 1Y resistance at 101.43. Failing to hold higher, nevertheless, shines light on a 6M support from 97.39 and a 1M support of 96.80.
Regarding...
The GBP/USD recently chalked up a lower low, hitting US$1.3141, and possibly triggering an early downtrend. While this is considered bearish, buyers and sellers are currently battling for position around a 1Y support level at US$1.3246, and this could prompt a test of 3M resistance of US$1.3373, and even potentially 1Y resistance from US$1.3472.
You may also see...
After Friday’s US jobs report, US Treasury yields fell across the curve. This caused the benchmark 10-year yield to retest the area below the 6M resistance level at 4.417% and settle at the 3M support from 4.211%. The mentioned support level has acted as a familiar floor since May this year. Therefore, a rejection of this base could refocus attention on 4.417% as...
Following the surprise announcement that the US administration is exempting tariffs on refined metals, the price of copper has tanked and connected with a 6M support from US$4.3805. Notably, directly above, we have a 1Y resistance level from US$4.4590 and a 3M resistance level at US$4.5515, while a breakout south could lead the base metal to as far south as 6M...
I touched on the longer-term price action of Spot Silver (XAG/USD) last week, showing that the unit is on track to shake hands with a Potential Reversal Zone (PRZ) of a monthly harmonic bat pattern between US$46.79 and US$42.68.
Keeping things aligned with the harmonic landscape, you will note that H1 price action recently printed an AB=CD bullish pattern at...
Ahead of today’s Q2 earnings release, you can see the price of Alphabet is trading just above a 6M support at US$191.54. Finding acceptance north of this support level could prompt buyers to change gears and potentially target a 1M resistance level at US$202.40. If price makes it above here, you will likely see the Stock challenge all-time highs of US$208.70,...
The Dow Jones Industrial Average (DOW) is clearly trending higher, pencilling in a series of higher highs and higher lows. Supporting this trend is the 50-day simple moving average (SMA) at 42,816 crossing above the 200-day SMA at 42,749; this is referred to as a ‘Golden Cross’ and suggests a longer-term uptrend may be on the table.
This, coupled with the recent...
Longer-term price action on the price of Spot Silver (XAG/USD) is on track to shake hands with a Potential Reversal Zone (PRZ) of a monthly bat pattern between US$46.79 and US$42.68. What this also tells Silver traders is that according to this pattern’s structure, there is scope for additional outperformance. As a result, I am closely monitoring monthly support...
