My thoughts are currently bearish on this asset. Waiting for a downside break of the trend-line and previous support, then maybe a retest before price makes its way down to the 0.72850 area.
Last week's bullish scenario lead 3M to the resistance zone mentioned in the newsletter.
Now it is a test for both bulls and bears.
Will the bearish setup play out this week or will the bulls push 3M to new high?
Check out the complete analysis on this week's newsletters - marketzone.tumblr.com
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Bullish on this stock, the book value per share is 2.35 yet the price got scared down to 0.79 because management rescheduled earnings. Sort of looks like a double bottom should be formed once this anomaly is resolved.
In this chart I used US 30 Year Treasuries weekly chart to explain how price and indicator analysis work.
I cover the basis of divergences, pullbacks, throwbacks, and exhaustion spikes.
Pullbacks (red) are seen when price and indicators such as RSI have diverged for a great length (wide divergence) or when you have weak divergence top comparing price and RSI....
If you take a classic bubble, then everything looks quite logical. If you look logarithmic graph - we already went over the level of support cash flow support (green line) and have to go back. However the current price collapse - sale of stolen Bitcoins. The current fall - panic. I still expect growth since the beginning of February. When the market calms...
Gold has been in a descending channel for a really long time and currently it has bounced back down from the resistance of the channel.
As the price action has strongly stayed inside the channel without any signs of strength to push for a breakout on the higher or lower end, a short is a viable idea on gold with targets at half way point from the resistance while...
GLD has become overbought as shown by the Hurst Bands. Price could possibly exceed the overbought Hurst Band (pink colored band).
The Starc - (minus) Band has crossed over the middle (light bluw) line of the Hurst Bands. This is typical when price action begins to become extreme. It does not mean that the extreme price action cannot or will not continue for a...
My previous post related to Silver is linked here. At first we saw the decline below major multi year support.
We then saw establishment of support at 17.326 where for a few days we experienced consolidation with a declining series of high's before last night, where we experienced another drop into the early hours of the asian session.
My positions that were...
Always with regard to doing some backtesting evaluations aimed to spotting reversal, let’s consider only intraday, and only slow Guppy Multiple Moving Average - GMMA.
reversals seem to be often signaled by the concurrence of:
1)high distance (say 1 or 2 STD, it should be checked out) from vwap, while
2) price vs all slow GMMA, or at least most tehm, are on...
Crude (12.9.2014) fall sharply in last few weeks & reach to the $90 sociological level.
Now crude is trading around $92.40 & the bounce $90 mark is well supported by many factors like 261.8% feb ret. , a lower tradeline of descending channel as well as a very strong positive divergence. All this together providing a buying opportunity at current level.
On...
The recent high volume gain along with the ADX / MACD squeeze seem to indicate that the worse case scenario is over.
Recent resistance and support can be clearly seen.
Copper (19.8.14) traded lower as per expectation & reach to the support zone.
Now copper is trading around 6913 of lme & as we can see on charts, copper provided a false breakout below the lower tradeline of the ascending channel.However it was able to bounce in over night electrinic trading. The bouncing area was well supported by the 61.8% feb correction of the...
There has been quite a bit of discussion about Bitcoin and the direction of price.
Based on the weekly chart it should become apparent that until the weekly indicators turn up, Bitcoin will have difficult gaining any price altitude.
In addition, Bitcoin has fallen out of the price channel formed back in April based on the pivot low of $339.79. The only...
Was recently looking at the chart, "WHEN WILL WE BREAK 700?" by ItisCalvin and decided to make a few slight modifications based on a technique called the 50% Pitchfork as outlined by Patrick Mikula in his book, "The Best Trendline Methods of Alan Andrews and Five New Trendline Techniques.
I did this modification for a couple of reasons.
1) While using a...
While it is well and good to create charts, monitor indicators and attempt to discern the direction of the Bitcoin price, it is easy to get buried in complexity and blinded by bias. That is why the On Balance Volume (OBV) is so valuable.
You can read more about it by following the link below:
www.investopedia.com
Essentially OBV allows you to eliminate a lot of...
