Look for short set ups in this area as we have a strong 5 point multi year weekly downtrending resistance line that won't be broken easily.
I expect that price will need to compress more before it is able to bust through this level convincingly
DYOR as always
1) A weekly top fractal has formed on $FB on significant volume (highest since Oct 2014).
2) This fractal top has occurred after breaking through its upper bollinger which it has now traded back below.
3) This indicates that a top may have formed and that a pull back to lower levels may be on the cards
As always DYOR
WMT has finally proven that a base is now in place by doing the following;
1) Price has managed to peel away from its weekly lower bollinger that was constantly being violated
2) Price put in a long tailed doji below the Sep 2014 lows and managed to trade up towards $74
3) After being faded back below this level once again the price has managed to reverse back...
This support line which has held since November 2013 has never seen a weekly close below it. There are about 9 points here where SLB has traded very close to or even below the line only to close higher by the close of the week. Again This week proved to be solid despite strong selling in XOM & CVX.
DYOR as always.
Simple trade here that doesn't require much explanation;
1) Break of $46 held successfully for 3-4 days before todays launch
2) Leap upward today comes on the back of heavy volume
3) ADX has moved upward very rapidly. A cross above 20 in a steep fashion is used to indicate the potential beginning of a new trend
4) Earnings are not that far away so perhaps someone...
This channel which has held for many months has finally come an end with expectations $FB is going to smash their ER on the back of $GOOGL beat.
Very bullish $FB for the next couple of weeks leading into their earnings coupled with this very significant break of overhead resistance. There is nothing but blue sky above $FB for now.
Shorts would be wise to cover and...
Right click on your chart, go to properties, tick the 'log scale' box under the 'scales' category
On a normal weekly chart of the $SPX you would miss this obvious trend line support having been broken.
There is also a very clear uptrending resistance line on the log scale chart which helps to form an 'ascending wedge' pattern.
Again this formation is only...
Price has broken out convincingly of a weekly level which it had previously had strong respect.
Volume may seem low but keep in mind this is a weekly chart and the bar has not completed. Uncompleted bars carry extra risk but I think it warrants it in this case.
DYOR as always
1) ADX is low and flat indicating a lack of direction at the current level after bouncing from its lows
2) Squeeze indicator shows a declining level of positive volume and that the pressure of the squeeze is still on
3) Pin bar rejection of a 3 point downtrending resistance level
4) Recent Hi-low fib also coincides with the area of price rejection
5) Fib extension...
FB looks very strong but with a tight stop above this obvious resistance level such a location can produce a high reward: low risk trade.
Furthermore it is hesitating at the $90 level which may prove to be a strong psychological hurdle.
As always DYOR.
Previous resistance has quite clearly become support as shown by the purple box.
It is always possible for support to break however the lack of volume over the past few days is an indication that large holders of AXP are sitting on their hands. In order to break such a serious support level sellers will clearly have to step up their game as volume has been...