- 4 months ago when oil price was going down to $30/barrel, I told my colleagues to long oil because of its low price. What happened ? Oil touched $26 and started going higher. Now its $50/barrel, almost double !!! - 2 months ago when oil price was $43, I told them again to long oil due to a technical break out in the weekly chart and oil would go to $50 and that...
Simple analysis based on support and trend line. Details are in the chart. Long or short, up to your choice. I prefer short ! Stay tuned !
Not much too say. Details are in the chart. GBP is setting up for a much higher price. Go long until 1.45-1.50. Stop loss under 1.38 Stay tuned !
Silver has been in a correction since reaching $21.1/oz. The last attempt only could bring silver to $20.76/oz before again sliding to the support zone at $19.2/oz. In fact, silver has been in a range from 19.2 to 20.7 (yellow box as charted). However, the last attempt failed to made a new high and that is a first sign of bearishness. Plus price has broken down...
Gold has been trading within range market, a symmetric triangle pattern to be exact. Elliot Wave theory says a triangle is overlapping five waves affair that subdivides 3-3-3-3-3. The chart shows how I draw those five waves pattern in the triangle. Wave 'e' seemed to end with a shooting star candle, which shows rejection from the resistance area 1355-1360. Gold...
If you do not read part 1 yet, this is a link for the first part Also, if you have short position, you might wanna take partial or full profit. Check out this post also as I have shorted and already taken full profit yesterday. Here is the link So this is a predicted correction and oil will go much higher from the support area around $38-$42/barrel to...
Oil has had a nice break out candle today to the upside, breaking out of the downtrend line from $51.6 to $39.2/barrel. A 61.8% Fibonacci retrace and a downtrend line should act as a strong resistance but oil passed by quite easily. This shows that bullish momentum is very strong. Oil may accelerate fast to the recent high at $51.6/barrel. A retest of the trend...
Oil was in a correction from $51.6/barrel to $39.2/barrel before bouncing to $43.5/barrel. After reaching as high as $43.5/barrel, oil started to retreat to $41 level. However today oil has rebounded 5% to the upside, traded as high as $43.8/barrel. The move today confirmed the low at $39.2 as a short term low. Today move made an engulfing daily candle, which is a...
Gold has been in a range 1330-1360 for a couple of days. A triangle pattern can be drawn as chart. A break out of the triangle pattern will signal the next move for gold. Watch the support zone by the support trend line around 1330-1335. A break down of that support area will signal a big move down. Meanwhile, the resistance zone by the resistance trend line is...
After touching support at 1330, gold turned up $27 and traded as high as 1357 . However, sellers came in and pushed it back to the 1345 level. What's next ? It seems like gold is still in a correction phase with possibly one more leg down. You can see in the chart gold is trying to climb back to the red trend line and hold above there. The last wave up from 1330...
Gold is retesting the trend line that was broken down when gold dropped to 1330 support level. Currently this support at 1330 holds and gold is re-bouncing to 1340-ish. If gold manages to close above the trend line, it will be a bullish signal. If not, gold will likely drop further to the next support level at 1310. You can see the resistance area (red) is around...
Gold has formed a head and shoulders pattern on the daily chart. Now gold is testing the neckline support after forming a right shoulder at 1366. The neckline support should be around 1332-1337. If it breaks down from the neckline, head & shoulders pattern may kick in and gold will drop as low as 1240. Other supports are 1300-1305, 1280-1285, 1260-1265. Trade...
USOIL is about to break out of its daily bullish trend line. A divergence is spotted on MACD indicator. A short position is recommended once price breaks down out of the support trend line.Take profit @41.
After making an inverted head and shoulders pattern as charted, Gold has re-bounced to the resistance area at 1333. However, a double bottom was formed at the resistance area 1333. Gold has retreated from that area and touched support at 1322. A retest of the recent low at 1310 can happen. Here is a small trade plan. I wanna keep it light and tight. - Sell limit...
Gold has been in a correction since it made a double top at 1375. If you follow my last trade on gold and still have your short position, I think it is time to take profit. Gold will probably find some support at 1300-1305. I think there is a long opportunity here according to the chart: - Trend line support. - 38.2% Fibonacci Retrace @ 1307 - Last low at 1305 -...
Silver has been in a consolidation since reaching $21.11/oz. A range of trading can been spotted on the chart in the box from 19.20 to 20.60. Selling zone is around 20.50-20.60. Trade plan: Sell limit @20.60. Take profit @19.50. Stay Tuned.
Gold has made a double top at 1375. After testing support 1325-1330, gold is re-bouncing to the resistance area at 1345-1350. Trade Plan: - Sell Limit @ 1347 - Target 1305 - Stop loss over 1360 Real stop loss and take profit level will be calculated once trade is executed. Stay Tuned.
After touching 0.7500 level, AUDUSD made a retrace back to 0.7300 level as expected. If you have followed my AUDUSD monthly post, 0.7500 is the level that I mentioned pull back would happen and 0.7300 level would provide strong support. If you have added long positions at that 0.7300 level, it would be fantastic because AUDUSD is already boucing back from 0.7300...