If the magenta trendline holds, we will have a good support level. Let's us the midline of the Bollinger Band to see if price will continue to rise and make all new highs.
The pullback to 4.5 was perfect as price hit the .618 retracement (and the middle Bollinger Band) and then immediately rebounded. Price now looks like it's on it's way to the all time high and potentially break out to all new time highs. $8 is a good first target.
Vertcoin continued to consolidate today but stayed well above the bullish flag formed from the last consolidation. You can see that a move equal to the height of the flag gives us a target of 7.89. This would also be a 1:1 move from the last wave up.
Prices continued to move higher today on Bitcoin 1.17% 1.15% , flirting with the $10k level. As price keeps riding up on the outer Bollinger Band , $10,478 would be a 1:1 move from the wave that started on Sept 15, 2017 at around $3,000.
Prices continued to move higher today on Bitcoin 1.15% , flirting with the $10k level. As price keeps riding up on the outer Bollinger Band , $10,478 would be a 1:1 move from the wave that started on Sept 15, 2017 at around $3,000.
Crude tested higher this morning after the weekly inventory report showed a bigger than projected sell-off of inventory. However, WTI Crude failed to maintain it's bullish run and ended the day below the 2 important key levels. Those levels are the 21 day moving average @ 48.41 and the monthly pivot @ 48.13. And while the Elliot Wave Oscillator has not yet crossed...
Crude oil closed down $1 today. During the day, my first price target @ 48.36 was hit (I mentioned that in last night's post). Crude did hit a low of 47.73 but was unable to stay below the 48 price level, and in a something of show of strength, rebounded almost a dollar off the day's lows. The closing price of 47.73 was just 2 cents shy of the 21 day moving...
Crude Oil had another down day on Wednesday, declining sharply after the inventory report was released. You can see the sharp selloff on the 30 minute chart below. Attempts to buy up crude at discounted prices were meet with renewed selling. All the indicators on the chart are red and pointing down. As I am going on vacation Friday, I'm hoping for a tag of the 47...
In a clear sign that Natural Gas is range bound, the Bollinger Bands have flattened out and are contracting. Yesterday's closing price was trapped between the 7 and 21 day moving averages and today it is trading slightly above them. Monday's tag of the cyan Bollinger Band (1.5 standard deviation) signaled a potential renewal of selling but the lack of follow...
Gold closed down almost 20 points today as the FOMC announced it would not raise the Fed interest rate in May but left a rate hike on the table for June. But regardless of that news, let's look at the technical aspects of the precious metal's chart.
First, the tag of the lower Bollinger Band was what I've been discussing during this bear selloff began in Mid...
Crude Oil dropped off 1.5 dollars, sharply breaking through the previous pivot low @ 48.20. However, at the end of the day, on the heals of the EIA report that there was a bigger than expected draw on crude oil inventories, the price of crude rebounded to close @ 48.10. In spite of the retracement, I am still bearish on Crude and expect a drop down to the trend...
Natural Gas moved lower on Tuesday, closing just under the 21 day moving average. In fact, it is smack in the middle of the 7 day and 21 day moving averages. A solid close under the 7 day moving average will put 3.00 clearly in our sights. We also have a change in the Heikin-Ashi candles, going red after Monday's red doji (see Heikin-Ashi chart below). We now need...
Gold closed slightly lower on Tuesday, down .4 points. In early morning trading, Gold had moved down and touched the lower cyan Bollinger Band, which is 1.5 Std Deviations from the 21 day mid point moving average. The rest of the day was subdued, as we await the next move. The haDelta indicator did print a new magenta dot which indicates that more downside...
Crude Oil continues to sell off in the afternoon session, blasting through the ice at the 48.20 pivot low I mentioned earlier. The next target is the 47.00 - 47.10 range where's a triple bottom from March and an upward moving trendline that began in April, 2016.
