The pair is trading within a 1D Bullish Megaphone pattern (RSI = 63.428, MACD = 0.027, Highs/Lows = 0.0246) since the late June bottom. On September 13th it even tested and held the 3.90000 1D Support which is more than enough (along with the 1D MA50) to sustain this uptrend. Our goal is the 4.10000 1M Resistance which has been holding since the Lower High in...
We have discovered a 1980s pattern on Gasoline (RB) that is strikingly simalar the recent candle action on 1W. We are rather puzzled though as to which point of the 1980s sequence we are currently at. In 1980s the Golden Cross (MA50 over MA200) emerged after a Double Bottom. Currently we are past that Golden Cross and the price is approaching the last low on a...
The pair is trading on a major 1W Channel Down (RSI = 35.456, MACD = -0.012, Highs/Lows = -0.0100) that is approaching the Lower Low trend line following a rejection on the 1D MA50 on the median of the Channel. This has 0.60800 as the immediate target. There are two scenarios that arise both bearish on the long term. Either a break below the major Channel Down...
DAX has been trading within a very strong 1D Channel Up (RSI = 59.495, MACD = 84.870) since the August 15th bottom, which is currently on its Higher Low (Highs/Lows = 0.0000). This is a technical buy entry even though this time there are more barriers to overcome such as the 4H MA50 which has rejected today the uptrend (light blue trend line). The Target Zone on...
This pair has been on a non-stop rise since the beginning of August that only recently exhausted near the 2.00290 1W Resistance. This is most likely a Double Top rejection formation and 1W may form a Rectangle within that Resistance and the 1.82800 Support. With 1W fast approaching neutral levels (RSI = 55.639, MACD = 0.010, Highs/Lows = 0.0299), we are expecting...
GBPSEK is trading within a 1D Channel Up which is currently approaching its Higher Low zone (RSI = 57.201, MACD = 0.073, Highs/Lows = 0.0000). Technically that is the most optimal Buy Entry and we are taking this long opportunity with 12.2500 - 12.3000 as the Target Zone. ** If you like our free content follow our profile (www.tradingview.com) to get more...
The pair has discontinued its uptrend (RSI = 61.957, MACD = 0.014, Highs/Lows = 0.0151) this week having been rejected near the 4.4000 1D Resistance. This creates ideal conditions for a reversal towards the 4.31460 1D Support, essentially aiming to trade within a Rectangle pattern. We are short on this formation with 4.33200 - 4.31460 as the Target Zone. **...
This is a very short term pattern that Bitcoin has formed since the big drop 2 days ago. 1H is on clear Lower Highs and Lower Lows having formed a Channel Down (RSI = 38.167, MACD = -99.200, Highs/Lows = -12.7476). We are expecting the next rejection point to be within 8,265 (which is the previous 1H Support) and 8,400 (where the MA50 is applying pressure. Based...
Gold suffered a set back this week but was technically expected as it was rejected on the 1,535 top of the Symmetrical Resistance Zone. It did manage to hit our previous 1,528 target as seen below: This pull back has created the conditions for a Channel Up on 4H and as long as 1D remains neutral (RSI = 51.051, MACD = 6.710, Highs/Lows = 0.0000) the upside...
Netflix has been under heavy selling pressure since July on the 1W chart (RSI = 31.642, MACD = -16.980, Highs/Lows = -48.8636) and is approaching the 231.23 December 2018 low. This is an ideal buy opportunity as the Demand Zone is set within 236.11 (Feb 2018 low) and 220 (expected contact with the 1W MA200 (orange line)). Furthermore, what makes the current...
AUDNZD has been trading on a long term 1M Rectangle (RSI = 52.038, STOCH = 48.673, CCI = 42.575, Highs/Lows = 0.0000) within 1.02350 - 1.13350 since March 2016. I recently broke the 1W MA200 (yellow dotted line) in a candle sequence that appears to be replicating the March 2017 pattern. This sequence (2017) followed with a strong rejection (on the second 1W...
In our attempt to find the potential Support level on Bitcoin, following today's sharp decline we resort to a simple comparison of the previous cycle with today's price action. There is no need to over-complicate things on this one. In 2016 after Bitcoin completed a +300% rise from the pre parabola bottom and the Golden Cross on 1D (note that we used the 1W chart...
GBPUSD is trading inside a Channel Down since the April 2018 high and at the moment is near the Lower High zone (RSI = 40.872, MACD = -0.027, Highs/Lows = -0.0056). We remain short on this pair but in order to decide whether to hold our position for the longer term or not we looked further back into its historical patterns. As you see on the chart we found a...
Natural Gas has caught many off guard with the recent rise off August's 2.040 bottom. We decided it would be more useful this time to look on the long term (1W) patterns for clues on the dominant trend. An interesting pattern that stands out is on the 1W log chart. This shows NG trading within a long term Channel Down since late 2009 with clear Lower Highs and...
Feeder Cattle is coming off a strong Higher Low rebound early this month with 1D already on strong bullish technical action (RSI = 60.454, MACD = 0.850, Highs/Lows = 3.0514). Since this bullish sequence started on a strong August rebound on the 128.800 1W Support, it is more likely to see an extension towards the 161.000 1W Resistance. A potential 1D Golden Cross...
Hard Red Winter Wheat is trading within a Descending Triangle on 1M (RSI = 40.777, MACD = -11.870, Highs/Lows = -63.0357). This month has rebounded on the 382 1W Support marking the 3rd time it bounced on that level since May, practically making a technical Triple Bottom. As seen on the chart it appears to be replicating the July 2018 - January 2019 pattern, when...
Live Cattle has hit this month the 94.300 1M Support, with the last time we saw these levels being in October 2016. The price appears to be trading within a long term Rectangle within 94.300 and the 130.500 - 134.525 Resistance Zone. The current 3 week rebound on the 1M Support makes LE an automatic long term buy opportunity. We are therefore long at the moment...
Sugar has been trading within a 1M Channel Down for almost 1 full year (RSI = 40.519, MACD = -0.770, Highs/Lows = -0.1543). It is close to pricing a Lower Low, turning the current levels into a buy opportunity. Our Target Zone is 11.65 - 11.90. ** If you like our free content follow our profile (www.tradingview.com) to get more daily ideas. ** Comments and...