The Dow Jones Industrial Average(DJI) lost $445(-1.8%) today as price continues to find resistance at the 50% Fibonacci retracement level which is the halfway point between the all-time high of $29,568 made in February and the coronavirus selloff low of $18,213 made in March. Price has been capped at the 50% Fibonacci level for the past 6 trading sessions as...
While the stock market isn’t seeing the strong bounce that the Federal Reserve was trying to manifest via trillions of freshly printed dollars thrown at the bond and credit markets, gold is loving the massive increase in the money supply. Price is currently testing highs not seen since October 2012 near $1,800 which is where the current resistance level rests. ...
The Dow Jones opened at $23,698 and closed at $23,390 today for a -$328(1.4%) loss after a long holiday weekend, and after a new $2.3 trillion round of corporate bond bailouts announced by the Federal Reserve this past Thursday. Price failed to move above the critical 50% Fibonacci retracement level which is where price also found resistance on Thursday. The 50%...
The Dow Jones finished up $779(3.4%) on Wednesday with an opening price of $22,893 and closing price of $23,433. Price held above the 38.2% Fibonacci retracement level which is acting as short-term support after previously being a resistance level, but price remains below the 50% Fib which is the middle of the total Fib range from the February high to the...
Dow Jones Futures are currently up nearly $900(4%) to $23,400 and has made a push above the 38.2% Fibonacci retracement level and out of the bearish lower levels of the total Fib range. With price moving above the 38.2% Fib level, price has also created a higher high and higher low which indicates a short-term uptrend so the view has now shifted from bearish to...
The Dow Jones Industrial Average(DJIA) opened at $21,285 on Friday and closed at $21,052 for a loss of -$360(-1.7%). Price closed just above the 23.6% Fibonacci level which has acted as support for the past three trading sessions while being rangebound between the 23.6% and 38.2% Fib levels for the past eight trading sessions. Traders have been unable to push...
The Dow Jones Industrial Average is on its 8th day trading between the 23.6% and 38.2% Fibonacci levels while currently holding support at the 23.6% Fib level. As long as price is trading below the 38.2% Fib level the trend will remain bearish. Price is rangebound between these lower Fib levels while trending below the red downtrend resistance line which is also...
Still no major change in the market outlook with the Dow Jones Industrial Average(DJIA) being rangebound between the 38.2% and 23.6% Fibonacci levels for the past 6 days, and looks to test lower support at the 23.6% Fib today. The expected move here is still a push below the 23.6% as the coronavirus continues to weigh heavily on the economy, especially with the...
Gold saw a strong quarter with an opening price of $1,521 in January and a closing price today of $1,637 for a +7.6% gain in the first three months of 2020. This comes after price broke above the 38.2% Fibonacci retracement level in the second quarter of 2019 which was a level that acted as resistance during the 6-year bear market after price peaked at an...
The Dow Jones Industrial Average(DJIA) saw a $915(-4%) loss on Friday after failing to move above the 38.2% Fibonacci retracement level which was pointed out in the previous daily chart shared. Price remaining below the 38.2% Fib level indicates that a bearish trend is still in play and that further short-term price weakness can be expected as long as price is...
The Dow Jones Industrial average saw a $1,351 gain today, up +6.38% from an opening price of $21,468 with a close of $22,552. Price has also now risen +24% off the recent $18,213 low indicating that a short-term bull trend is now in play. After yesterday’s doji candle(trader indecision candle), price today jumped from the 23.6% Fibonacci level up to, and found...
Dow Jones futures are currently locked limit-down as trading was halted after a -954 point drop at the open of trading. Price fell -5% to a new selloff low of $18,086. Price as now fallen nearly -40% from the all-time high in what continues to be the fastest and steepest stock market decline on record. Price is now testing the 50% Fibonacci retracement level...
After rising +60% off of the $3,850 low, Bitcoin is finding resistance at the 38.2% Fibonacci retracement level near $6,400. Price trading below the 38.2% fib level indicates an overall bearish trend for price and the potential for more weakness. Until price moves above the 50% fib level price will have negative bias. A move above the 61.8% fib level is needed...
#CGC #canopygrowthcorp – Canopy closed last week just above a support level(blue line) that stems back to the price peak of $14.39 seen in November 2016. The most recent test of this level prior to Friday’s close was in November of 2019 which came after CGC lost -73% from a high of $52.74 in April 2019. Price bounced 80% off of support in November 2019 to a high...
I apparently forgot the #1 rule in investing that has remained true since the financial crisis: don't bet against global central banks and their ability to maintain economic(stock) expansion. The PBOC has injected enough liquidity during this coronavirus outbreak to ease all trader fears of a market decline which has led to price filling the gap that was created...
Bitcoin took a little dip after my previous post yesterday where I was expecting a push higher and is now testing lower channel support(orange) as well as horizontal support(dashed blue). For now the trend remains bullish as long as price remains above channel and horizontal support near $9,500, but should that level be taken out it will lead to a neutral view on...
With Bitcoin holding above $10,000 we can start to look at new support and resistance levels as well as a new price target. For now $10,500 is the current resistance level(red dashed) and that price point stems from the massive two-day price spike back in late October 2019 which saw price jump $3k from $7,500 to $10,500, with $10,500 acting as current...
A hanging man is a type of bearish reversal pattern, made up of just one candle, found in an uptrend of price charts of financial assets. It has a long lower wick and a short body at the top of the candlestick with little or no upper wick. In order for a candle to be a valid hanging man most traders say the lower wick must be two times greater than the size of the...