As RBI is facing tremendous pressure to bail out PS/Corporate banks I believe that we will slowly begin to see a short term correction in the bank sector. I expected BOB to either break out and test supply zone at 190 before potentially making another leg up. The second scenario is that the bearish sentiment forces BOB to test demand zone at 100-120 before it...
A break above 1180 could signal the end of the secular bear market within the larger bull market of gold, as for the first time gold made a higher high price since it fell from a peak of 1900.
Current price action is considerately overbought, but every dip was bought up given the fear and global macro.
Next few days we might potentially see Dollar correcting by...
It is moving within the trend line for a while and now it has touched the resistance trend line, which indicates a reversal.
Situation two key points,
1. Overbought AO ( reversal indicator)
2. Bearish Cypher pattern completion at trend line
As I did back in August with the september meeting, I have decided to create a possibility of different Scenarios for the EURUSD pair for the month of December.
I have outlined 3 scenarios based on the price range seen and recheable so far this year, this would give you a good idea of where to buy, sell or hold positions if you are thinking about trading...
A developing head and shoulder position of Bank of America
- A close out today below 15 would indicate a break in the cycle and a subsiqent sever sell off
- Inversely, a break above 16 would be an early sign of a bull run.
- MACD is approaching a critical inflection point as well.
Good luck & happy trading!
USDRUB was trending upwards in correlation with WTI Oil descend since beginning of July
Currently Oil fell to its 2015 lows (slightly below them now) while USDRUB was holding 65 level with apparent Central Bank of Russia support.
CBR is selling USD against RUB in attempts to stabilize the national currency.
If the Oil trend down stops at this level, USDRUB is...
Since its 2012- 2013 uptrend line was broken $BAC has been trading inside what looks like a weekly Triangle pattern (see black dashed line and the 17.5-18$ structure zone shown in the chart)
During July, $BAC has completed a weekly bearish Bat pattern (PRZ between 17.8$ and 18.3$ that managed to stop, for a while, the stock's rally.
The pattern's targets are...
Looks bullish here as it has been in a consolidation range ever since 1/14' and has for the most part been btw 15-18 zone. Financials have come back stronger this year and with interest rates set to be raised soon which could lead to better earnings from banks......financials are set to continue to be strong. For BAC.....it has been stuck below 18 lvls. ever since...
As of now technicals are confirming a potential ab=cd that could be formed in NBG over the next few days if the bottom support range of 1~1.23 held providing an excellent 3.88 risk reward.
Some upcoming catalyst:
-Greece reform plans (April 8~9)
-NBG quarterly earnings. 4/2/2015?
I think it is quite unlikely that Greece will be leaving Eurozone (yet).
Financials, which have been driven higher by the Fed and the ECB, is in an interesting sell zone.
We have minor structure level as well as the top of a rising Wedge.
We've already seen false breaks in both sides of the Wedge as the ETF ranged from 25$ to 23$ and now, judging by the decrease in volume $XLF may be setting up towards its next strong move.
Sometimes knowing the general direction of fundamentals will be more than enough in trading, the charts says everything of what the market intended.
News are just meant for distribution of expensive stocks to the average joe.
Had a pretty good trade from this :)
Today, 10,000+ WFC Mar 20 $56 calls traded with the vast majority being bought for $0.35-$0.45 each, against no previous open interest. For every put that traded in the session, 2.5 calls traded (18,568 total).
Talk of a Fed Funds rate hike later this year is bullish for financial companies like Wells Fargo and the stock remains relatively inexpensive. WFC...
Maybe a little labour intensive for some but a safe way to book profit without much risk.
Buy and sell in 2 units at support and resistance. Move stops to protect positions. Take one unit profit at either support or resistance. Wait for break out in either direction. Repeat until breakout. Or leave it alone if it looses it's neatness and starts getting...
I saw some analysts saying the $GS is cheap before earnings.
Last week we saw a weekly bearish engulfing candle (Outside bar).
This week we see trend line breakdown and a close below the 180$ resistance zone.
Even if $GS will bounce from a good report, can you really call it a "Buy"?
The divergence between oscillator and price movement ended the up-trend started June, 2013. The price recently tested the long term support in 19.800 area, without confirming the break. The index is expected to approach the 19.600 area on the long term support, and then starting again towards higher levels.
The advice is to wait until the price reaches 19.600...