Goldman has topped earnings expectations. CEO Lloyd Blankfein said the firm did well across all of its businesses, despite the uncertainty created by Britain's vote to leave the European Union.
Results highlight
Earnings per share of $3.72 and Revenue of $7.932 billion. Analysts were expecting earnings of $3 a share on revenue of $7.581 billion, according to a...
Weekly chart shows
Falling trend line breached
Trades above 23.6% Fibo of July 2014 high-Jan 2016 low) = 932.85
Confluence of trend line support (rising+larger falling) seen around 880. Correction could run into fresh demand around 880 levels.
Another scenario - Rebound from 23.6% followed by a break above 1039 (last week's high) would open doors for...
Pattern - Bearish price RSI divergence on 4-hour chart, RSI in moving in a triangle
Bulls ought to keep a close eye on this chart as the bearish break in RSI and/or prices dropping below 6610 would open doors for a corrective move to 6400 (inverse head and shoulder) neckline
On the other hand, break above 6744 would suggest failure of bearish divergence
Pattern - Bearish price RSI divergence confirmed on hourly chart
4-hr and daily RSI is turning lower from the overbought territory as well.
Prices likely to test rising trend line support seen around 1400
Bearish invalidation is seen only above the recent high of 1495
Ashtead Group PLC – Poised for Bullish break from flag pattern on weekly chart. This goes well with the fact that it derives a majority of its revenue (84%) from North America.
Nice rebound from rising trend line followed by bullish break from flag pattern could yield re-test of 2015 high of 1231.
Caution – Volumes have dropped
Standard Chartered shares are flirting with inverse head and shoulder neckline and appear poised to close the day higher.
That would be confirm a bullish break and present a technical target of 831. However, as of now, that appears a big task given the banking concerns in Europe. Nevertheless, a bullish break on day end closing basis would open doors for...
Burberry's sharp rise this week suggests a bottom is in place around 1080 and once prices break above falling trend line hurdle seen today at 1320, the doors would be opened for a test of double bottom neckline resistance at 1468.
On the other hand, a failure to break above weekly 50-MA level of 1261 followed by a retreat below this week's low of 1160 could...
About 5 days ago, I had pointed to the possible Bearish Cypher formation on the 10-yr treasury yield . The pattern stands completed today.
Point D = 1.499% = potential reversal zone (PRZ) has been tested. As per the pattern, we should be heading down from here. For related markets this means -
US stocks may be in for correction
USD/JPY rally could run out of...
Dow transportation index (on the left had side) is still trading inside a falling trend line and way below the record high. On the other hand, we have Dow 30 which is just a 100 points away from record high.
Note on both the charts, daily RSI is breaking higher from the falling trend. For Dow30 it means, fresh highs are possible. However, for Dow Transportation...
Let us consider the possible Cypher set up on the daily chart. We are considering a drop from the current level to point D stationed at 5756 levels (Point D is 78.6% of XA leg).
At the current juncture such a move appears likely if there is a sharp recovery in the GBP/USD. That in turn appears likely if the Bank of England disappoints markets.
Markets expect...
With US stocks flirting with record highs and charts showing no negative divergence, there is very little to comment on the direction of the stock markets.
In today's post we take note of the fact that since bottoming out in 2009, the corrective rallied have not exceeded the 38.2% Fibo retracement. Let us look at the details -
2009 low - 2010 high (blue) -...
PepsiCo Inc. NYSE:PEP has recorded second quarter profits of $15.395 billion, ahead of the average analyst estimate of $15.37 billion. One of the spin offs of this is that the company’s stock prices have been moving in the right direction, reaching an all-time high of $109 per share on the NYSE on the evening of June 6, 2016. Earnings per share ended at $1.35,...
It seems only volatility in Utilities can truly threaten equity , so that this might be the ultimate indicator for going short equity . Right now the danger level is very low, because Utilities are through the roof.
S&P 500 index is fast approaching critical resistance zone of 2110-2120 levels.
Struggle near 2100 despite sharp rebound from the low of 1191.7 indicates the index is going to have a hard time taking out critical resistance zone of 2110-2120 levels.
Note the divergence between price (rising channel) and RSI (falling channel).
A day end closing...
Dow's rebound from 50-DMA on Wednesday if followed by a day end closing above the channel resistance today would suggest the rally from post Brexit lows has resumed and the prices could head towards recent cyclical high of 18,167 levels.
On the other hand, failure to take out channel resistance followed by a day end closing below 50-DMA level of 17,747 would...
Dow’s sell-off from the critical resistance of 18,000 to 50-DMA of 17,743 today suggests correction from June 27 low of 17060 has ended and the index could see sideways to bearish move today.
On the downside, doors remain open for a relook at 17,538 (23.6% of Feb low-Apr high).
On the higher side, only a daily closing above 18K would indicate a...
Despite the rebound from the low of 6472 the index is still sufficiently far from the recent high of 6628 levels and hence the bearish price RSI divergence remains active. Hence, upticks are treated with caution. The index currently trades around 6561 levels.
Failure to take out 6585 followed by a drop below 6565 (head and shoulder neckline) would open doors for...
Bearish price-RSI divergence on the hourly chart could see the index test rising trend line support seen at 6501.
An hourly closing below 6500 would expose inverse head and shoulder neckline level of 6400.
On the higher side, only an hourly closing above 6628 would signal the failure of the bearish divergence and open doors for 6700 levels.
