Notice how the 5sma has been resistance for the SOXX for the past 12 trading days (red oval). This tells us that short-term, SOXX has to break the 5sma to get out of its current down-trend. The purple line is the 50sma, which is now also resistance, as we crossed below it, and is now touching the 5sma.
Materials sector has been showing relative strength. It is actually 3th in YTD performance, after 1. Technology, 2. Discretionary (Mega-cap lead sectors) Today it is resting on the 100ema, which has been supportive since march 23rd crash. This level is also coinciding with early 2020's high, as well as 4 other tests of the support; including a failed breakout,...
-Major descending TL breakout confirmed, pullback to retest it expected -0.618 fib retracement -Strong S&R zone -MA50 supporting bullish momentum
Technicals: -Respectable descending TL, pullback for a retest expected -0.618 fib retracement -Previous support now acting as resistance -MA50 supporting the bearish trend very well with further downside expectancy Fundamentals: Investors started moving their money into "safe haven" currencies (such as the USD & JPY) due to the upcoming election, the fiscal...
Looking for a pullback towards the respectable descending TL in confluence to the previously broken support area which is now resistance and the 0.618 fib retracement. SMA50 is also supporting the bearish momentum very well. Further downside expected.
-Descending TL breakout confirmed, expecting a retest -0.5 fib retracement -Strong area of support
-Ascending TL breakout, retest expected -0.5 fib retracement -Minor resistance area -50MA
Hello everyone Here's the latest USDCAD analysis.As you can see, this is just price action analysis and you should be patient till get right candle stick confirmation. good luck
Looking for a pullback to retest the respectable descending TL in confluence to the 0.618 fib retracement, previous area of support (which is now resistance),and the 50MA which is supporting the bearish momentum very well for the moment. Further downside expected.
-Ascending TL breakout, expected retest -0.5 fib retracement -Strong S&R area -MA50 supporting momentum
-Descending TL breakout, retest expected -0.5 fib retracement -Respectable ascending TL -Previous resistance now acting as support -SMA50 momentum shift
Gold has been in a downtrend for about two months now. It formed a Rising Wedge Pattern which deceived a lot of Traders to go long. The bears are still in control. The Support of the Wedge has been broken and retested, so we should be expect a downward movement soon. Pivot Analysis shows that Gold is still Strongly Bearish. Gold is also below the 100 SMA and 200...
Part 3 I Go Into Why I Use The 1000 Ma For My Strategy As Well With All My Confluences.
Looking to enter longs on a pullback to retest the recently broken descending TL in confluence to the 0.5 fib retracement, previous area of S&R, and the MA50 which is now shifting momentum.
-Descending TL breakout, bullish momentum confirmed -Respectable ascending TL, expecting to create another LH -0.5 fib retracement| -Previous resistance now acting as support -50MA shift
-Descending TL breakout, retest expected -0.618 fib retracement -Minor support area
-Ascending TL breakout, approaching retest -Previous area of S&R -0.5 fib retracement -MA50 supporting bearish momentum with further downside expectancy
-Ascending TL, another LH expected -0.618 fib retracement -Previous area of S&R -MA50 indicating early momentum shift