The XLF ETF which tracks the financial sector of the U.S market has been battling to break resistance at $37 and the 50 day moving average. With the push lower in yields, fundamentally this is generally quite negative for banks and financial firms as this substantially decreases their profit margins. We could potentially retest the bottom of the range at $35.00...
The anchored Vwap since the start of the year has been providing meaningful resistance for the price action of Tesla ever since the market started trading under it. This will be an important level to watch as it will shift the balance in favor of the bulls should price manage to trade above it. However, as long as we stay below this important level.. The majority...
The Global X Uranium ETF (URA) provides investors access to a broad range of companies involved in uranium mining and the production of nuclear components, including those in extraction, refining, exploration, or manufacturing of equipment for the uranium and nuclear industries. Breaking downtrend which has been in place for the last 2 months. Looks like this is...
the 200 day moving average/exponential moving average has been a great level of support for naspers over the last 3 years. Will the stock bounce again at this level? If history is anything to go by -Odds favor a bounce, but let's see how this unfolds
Big level here for Ethereum. A break above this downtrend and an invalidation of the descending triangle will be extremely bullish but watch for a potential reversal off 2170. the 50dma sits exactly where the downtrend is at the moment and seems to have held for now this morning. This can go either way but just a heads up about the importance of the area we are...
This break out of the descending channel looks legit and probably see's higher prices. Looks like a basic basket of agricultural goods is going to become even more expensive. Pattern target -> $20.50 Fund Holdings subject to change FUTURES % OF NET ASSETS Corn 14.29 Soybeans 13.73 Coffee 13.60 Sugar 13.25 Wheat 11.31 Live Cattle 9.78 Lean...
TSM is looking quite positive on the charts. After correcting from $142 all the way down to $108, the stock managed to print a double bottom at 108 and hold higher. The stock is now also starting to make higher highs and higher lows on the daily which is bullish. Most recently we bounced just above the 200dma and the 50dma is starting to turn higher, still trading...
Alibaba has bounced off its 200 week ma. Fighting hard to hold onto its uptrend & Horizontal weekly support between $209 and $212
We are busy breaking both the critical 1.37% horizontal support as well as the recent uptrend. This looks like yields want to go lower? Lets see what the FED minutes say tonight..
Doge coin is looking very weak, breaking down from this triangle formation. It has a target of 0.183 Also trading below the bigger head & Shoulders breakdown and under both declining 200day and 50day moving averages. This should be headed lower to target.
Just a quick update on the Crypto Total market cap chart: We are running into the declining 20day moving average (blue line) which has acted as resistance recently. This is also where we find the anchored vwap from the most recent swing high on the 15th June 2021. This is all happening within a declining volume profile in a rising channel formation which both...
Third test of resistance and failure to rise to new highs on the Russel 2000.. Possible that we see a retest of the bottom of this channel..
Keep an eye on Tesla if we approach the area between $670-$680. There is a confluence of resistance which could be very difficult to break through. (1) Previous horizontal polarity level of support/resistance. (2) 200dma resistance (green line). (3) Downtrendline from the descending triangle (which is generally a bearish pattern) (4) Upper resistance from a small...
If the total market cap of the total crypto universe breaks this triangle watch out as the market cap could fall down to 800 Billion from 1.5Trillion currently. Triangles are normally continuation patterns which resolve in the direction of the preceding trend which was down in this case. The breakdown (if it happens) should be accompanied by greater volume in...
Bitcoin has turned lower from the critical daily resistance level at $40700. What makes this level even more important is that we have both the 200ema and 200sma which are just above this zone and add another layer of resistance. We could also argue that a larger Head & Shoulders formation could be forming with a possible neckline at $30000 should we get there in...
The Dollar index has done well to hold onto its critical support zone around the $89.50-$90 levels. We have seen some divergence as well which could be warning of a bigger move on the horizon. I would not be surprised to see the dollar make some headway from here .
The weekly chart of the Nasdaq 100 is representing classical bearish divergence (Higher highs in price not being confirmed by lower highs in the RSI indicator). This is telling me that momentum is slowing and we could expect a rapid decline in price at any moment. As this is a weekly chart, it can take some time but this is just a warning and I would strongly...
What a recovery in the price of Brent Crude after all the madness we witnessed after the Pandemic last year! We are currently approaching the downtrend line (DT) that has been in place since the peak in 2008. This zone ($77-$80) as indicated by the red box has also been an area of horizontal resistance/support in prior years. We have the 61.8 fib retracement which...