RamziAbouAbdallah-CMT

RamziAbouAbdallah-CMT

• Ascending trend line since March 2022 still intact, tested today and acted as a support, prices bounced back up after touching it • Horizontal resistance line at 144 caping the upside, potential ascending triangle in play • Fifth time the ascending trend line is touched without being broken • As long as the trend line remains intact, up trend remains solid with...

RamziAbouAbdallah-CMT

• Rectangle pattern breakout explained • Rectangle pattern can be either reversal or continuation of the prior move • We got a reversal pattern in this case, possibly ending the up trend • A rectangle is defined by a clear support and resistance levels, ideally touching the boundaries more than twice • Rectangle is a trading range, meaning markets are indecisive...

RamziAbouAbdallah-CMT

• Japan government finally intervenes in the FX market to try and support the Yen • Major currencies lost almost 300 pips against the Yen following the news • On the chart above, illustrated an ascending channel the Dollar Yen is trading in, a bullish pattern indicating further gains on the cards • Also illustrated are the major support/resistance levels in red...

RamziAbouAbdallah-CMT

• Descending bearish channel on daily chart • As you can see, Euro Dollar has been trading in waves within a descending channel with each wave breaking and making a new bottom at least by 200 pips lower than the previous one • However, during the last wave we are in now, sellers seem exhausted and unconvinced • The new low is barely within 100 pips than the...

RamziAbouAbdallah-CMT

• EUR/USD chart had a gap up during the weekend following some positive news about the Ukraine-Russia war. Reports mentioned that Ukrainian forces were able to re conquer major parts of southern Ukraine • Markets were relieved following this news, which prompted some fresh selling for the US dollar • Investors are keeping an eye on the headlines in eastern...

RamziAbouAbdallah-CMT

• Major potential double top on daily chart • Double top at 2070 (2020 and 2022 highs) • Neckline support at 1680 (2021 and 2022 lows) • Very clear and typical bearish pattern • Measurement method is distance between neckline and high of the pattern (2070-1680) • Bears eye a break of the neckline support and a target projected at around 1300 (breakout...

RamziAbouAbdallah-CMT

• Price is at a critical level • Lots of work ahead for the bulls to turn the trend in their favor • Some signs of trend reversal • 10 SMA (blue) acting as a short term support and pointing upward • 50 SMA (red) major resistance to overcome, capped prices since the April crash • Next mission for the bulls is to re-test and penetrate the ascending channel that...

RamziAbouAbdallah-CMT

• Oil prices turned bullish recently • Short term trend is bullish, possible minor head and shoulders in play • If the scenario is to become true, we are now forming the right shoulder, the last move before the breakout • Highlighted on the chart is the distance between the head and the neckline which is around 9.00$ • If the bullish breakout occurs, we project...

RamziAbouAbdallah-CMT

• Trend is technically bullish, prices contained in an ascending channel • Bulls need to clear first resistance at 17 before prices can resume the rally • Second stiff resistance is at 20 • As highlighted on the chart, 20 level was acting as a resistance in late 2020 and turned into support in 2021 after being breached • 20 figure needs to be cleared successfully...

RamziAbouAbdallah-CMT

• Possible inverse head and shoulders pattern on monthly chart • Bullish pattern, formed at bottom • Next bullish target is 1998 high at 147 followed by 1990 high at 160 • If the pattern is valid, bulls still have long way to go and can reach decade highs • Based on the measurement method, Yen could go to as low as 200 • Measurement method for this pattern is the...

RamziAbouAbdallah-CMT Updated 

• Increasing bearish pressure on the oil following China's downgraded growth forecasts, lockdown and increasing chance of a recession worldwide • Forecast on oil demand lowered for the months ahead • Technically, the series of higher highs/higher lows has been broken clearly and successfully • Bears in control • Next support is the 85 level (high 2021), followed...

RamziAbouAbdallah-CMT

• Symmetrical triangle on daily chart • Breakout could be in either direction • Target distance from breakout point is distance between highest and lowest point in the triangle • 30 in this case (69.86-39.86) • Triangle is shrinking so we are close to breakout • Scenario 1: bearish breakout around 50 +/-, target is 20 +/- • Scenario 2: bullish breakout around 60...

RamziAbouAbdallah-CMT

• Flag pattern formation on daily chart • Trend is bearish for bitcoin • Flag is a continuation pattern, breaks out in the direction of the preceding move • On the above chart, we can clearly see a breakout to the downside • Additional losses expected for the BTC

RamziAbouAbdallah-CMT

• Sideways market dominating • Critical fight between bulls and bears close to a turning point • 1700 level has been very important since 2021, highlighted in green, acted as a major support several times • Bulls need a clear break and successful closes above this level to turn the trend in their favor • Second mission for the bulls is to break the red...

RamziAbouAbdallah-CMT

• 4H chart is showing some signs of bullish exhaustion • Correction likely soon • Minor triple top • Resistance line since May 22 broken with confirmation • Bullish bias supported by the green trend line support • As long as bulls manage to stay above the green line, buy the dips • Only sell if bears manage to fade the breakout and bring prices back down below...

RamziAbouAbdallah-CMT

• Triangle pattern explained + measurement method • On the weekly chart, while ago, a triangle formation can be seen • Breakout can be either way • In the above case, the breakout was to the upside, supported by strong fundamentals in favor of the dollar • Traders should wait for a successful breakout before placing any trade • Breakout was confirmed by several...

RamziAbouAbdallah-CMT

• Bearish weekly chart dominating • Next support at 1.1400 (2020 low) followed by 1.10 • There is an unfilled gap dating back to 1985 between 1.0850 and 1.10 • Breaking 1.10 could lead to further weakness towards 1.08-1.0850

RamziAbouAbdallah-CMT

• Parallel channels on the weekly chart • This pair almost always moves in channels • We are now in an ascending channel, so further upside expected • Decreasing oil prices supporting the bullish stance