Bullish cup and handle formation on MTN. Wait for a neckline break for targets 7800 and 8800 to open up.
The SP500 manages to break the 2 important resistance lines at 3550 and 3588 points. The way for higher quotations is now paved and we expect prices to rise to 3800 points. Another imminent hurdle the bulls are facing is however the current all time high at 3674. Still the bulls reamin strong and as long as market stays above 3550, we expect the SP500 to rise....
Stocks finally broke out form our bull wedge pattern. The S&P made new relative highs, breaking our Fibonacci extension level at 3632. It does look like we are seeing some weakness creep in as the markets do not seem to be able to hold current levels. We are not seeing the follow through that we usually do in momentum breakouts. Additionally, we will face...
Stocks continue to form the bull wedge pattern. The S&P has tested support around 3546, as anticipated. Anyone reading these briefings should have been prepared. The Kovach OBV is still trending upwards, suggesting we may have some propensity to break out. Watch 3632 for momentum if this is the case. Dont be surprised if stocks range for a bit between 3584...
FSR reached consolidation support on the upper band of the up channel it broke a few weeks ago. First target was reached at 5070, before consolidation started settling in. Second target 5470 remains in the pipeline unless it breaks back into the channel and the upper band of the channel then becomes resistance once again.
Stocks continue to range, holding the very narrow range 3547 to 3584. If they break to the upside they will face resistance at the Fibonacci extension level 3632, which provided resistance last week. Highs at 3677 will also be difficult to break. The S&P still looks like it is forming a bull wedge pattern. We are currently sitting at support from the lower...
Exactly as we mentioned yesterday, the S&P found support at 3547. This is not only a technical level, but the lower bound of the bull wedge pattern we have been discussing all week. Currently, we are seeing resistance at 3584, a technical level. If it breaks through this, it will see resistance at the Fibonacci extension level of 3632. This seems to be the...
Sibanye seems to be trading within a channel between 5800 and 4700. Watch for support and resistance levels to trade within the channel. Be wary of a a break below support level 0f 4700. No position.
Stocks finally took that dip we were anticipating. We noted that the S&P would likely test 3547, and that is exactly where it went. It is currently forming a nice bull wedge pattern. The lower bound of the bull wedge intersects 3547, so we will have nice support from the combination of this level and the trend line. Bull wedges identify a consolidation of...
Stocks remain range bound at highs. The S&P maintained a very tight range yesterday, between our Fibonacci extension level at 3632 and 3584. It is clear eventually it will beak out from this range the question is whether it will retrace first. If it does, 3547 seems like a reasonable level to buy back. This would still constitute a nice bull wedge pattern. ...
Hyprop has been trading between 1550 & 2500 since COVID news broke. It broke out of this channel with a channel retest on vaccine news. Unloved sector and the reason why there seems to be quite a bit of upside here. 4000 looks like a likely target. Stop loss with a break back into the channel.
Stocks are currently bounded by 3632, which is the Fibonacci extension level from Fib levels we have anchored last week. Stocks look like they are building pressure for a breakout. The Kovach OBV looks pretty bumpy but appears to be gathering steam. Broadly speaking, it is looking pretty bullish. We may see a retracement before the breakout, so be careful. If...
Sohu has started moving up strongly and started to consolidate after some big moves. This consolidation seems to be getting closer to a point of expansion once again. Warning: Earnings is due shortly, and if earnings disappoint, the move could be down. Trade with caution. Target for a breakout to the top is close to $30.
Stocks are ranging, holding a narrow channel between 3526 and 3584. The Kovach OBV has dipped notably. Unless stocks can gear up for a breakout soon, the S&P may have a downside correction. There are a lot of minor levels below for support but 3526, 3485, and 3433 are the most notable. These come from technical as well as Fibonacci numbers. If we can manage...
We had mentioned last night that 3584 would provide resistance and it did, at least for a short scalp. The S&P tested this, then retraced to 3547, over a 30 point move. Currently it is ranging between these two levels. Unless there is a news event to drive it otherwise, it is likely to remain ranging. If it does break down, however, we could see a lot of...
The inevitable and unrealized danger of a sustained phase in a strengthening US Dollar, burst into reality with the Covid Crash of the S&P 500 SPX and of world equity markets. Now, it will be years before we need to countdown again - whenever the world economy moves the USD to start on another sustained strengthening phase - and the Euro and Japanese Yen JPY...
After the selloff, stocks are gradually tapering up. There is not a lot of momentum here, it is reminiscent of low liquidity drift in the after market. The S&P will face resistance at 3585 and after that there is a big vacuum zone up to 3634. It is highly likely to see more ranging or a further retracement before we breach new highs again. The Fibonacci levels...
Channel breakout and 5070 & 5470 looks like possible targets.