Price has failed to close the gap up for the past 2 weeks. With 3rd Jan and 4th Jan acting as a strong support, 23rd May high volume bar and price constantly not able to close below 75.330, we might see EUR/JPY to go up in the upcoming few days. We need to see a strong close of 76.391 for a long set up.
Watching Soybean very closely, a close above 8.35 might signal a trend reversal for soybean , notice the 21st May exceptionally large volume and the how the price reverses after going below 8.00. After a clean break above 8.35 , having a buy limit at that area can be a good bet.
Yesterday we had a hammer closing candle. Oil might be gathering bullish momentum depending on today's closing candle. A bullish candle will show us that price is heading back to 61.5 level. Watching today closely! Watch 61.5 level closely, a sell limit over there is a trend continuation trade and will highly work for you. Trade with the tide and not against the tide.
The gap down has proven to be quite a strong resistant. Despite having 21st May in covering the gap, subsequent days has proven that the gap covered was short lived. Taking a short now can be risky as we need a close below 1.61639 for a safer bet. I am slightly bearish. A close below 1.616139( gap down candle ) and a retracement back to 1.62 area would be a safer...
22 May candle has proven that the gap down on 6 May is a strong resistance. There is no signs of bullishness yet However, we have a high volume candle on 16 May. If that were to break. 80 is likely to be seen.
Today we see a slight gap up and I am expecting this candle to go even higher during the London Open, having a 140.4 sell limit can be considered a trend following trade with minimal risk. Price retracement near this area will high likely pull the price even lower( 21st May 2019 and 15 Aug 2018 price resistance area). Next price target will be around 137 area.
Trend continuation to long at previous resistance broke support. Do note that 1.98 is a very tough resistance ( 8 May candle with a inverted hammer with an extremely long wick supported with high volume ). Take profit should not be above it.
6 May 2019 candle fake break up triggered lots of stop loss. Gap was covered with a very bearish candle. Towards the left, you can see that previous resistance proves to be a tough one to break. GBP/AUD looks bearish in the short term. Looking at USD/AUD chart hitting the near all the support that was created in 2016, we could see that AUD is getting stronger in...
Unusually large volume was traded on 11 APRIL 2019 , this might be a trend changing volume bar. As of now, price has been retracing back into 93.20 (candle) range. A break above 96.75 would be the indication of the up trend movement for coffee prices.
With this week closing with a lower shadow( hammer ) , we might see a change of bearish momentum temporarily with a retracement back to 1.725 or even to 1.738 support broke resistance area. A rejection closing candle from either price area can be a good short entry.
We see that on May 6 there is a gap down and the market has been trying to break above the gap but failed ( May 16 ). But I am partly neutral towards the bearish side as we need to see a lower low to confirm that the bull is fading off. I will be paying close attention to 11844. If the chart were to close below this level, I will look towards the short side...
With PM May stepping down, will we see a stronger or weaker pound in the next few weeks? So far the technical 1.266 support has been well respected with a morning star pattern, we might see a retracement back to the 1.300 area. Sell limit at 1.3 can be a very rewarding trade.
With 23 May closing with almost a loss of 5% , we can observe that bullish momentum is losing its steam. We might see a retracement back to the previous support near resistance and play accordingly.
Trend is still going strong on the upwards side. However, we keep to take a lookout at 32.00(resistance).
If 6.30 area is well supported with bullish candle, stock is high likely going upwards. Typical cup and handle retracement pattern.
A lot of upper shadow( past 1month ) has been formed with 1.35 being the resistance. Being slightly bearish. We need more confirmation for a short entry. A lower low with a retracement would be a good entry.
110.760 sell limit can be a low risk entry. Trend continuation, lower low, with gap down being the resistance.
2879 prove to be a resistance with that closing red candle on Friday. We have more downside to see if 2879 is not broken up. Our next stop is 2777.5