Trendsharks

Trendsharks

The price action of RYA has been range-trading for quite a while now, mostly being concentrated between the major resistance level at 17.100 and the major support at 15.100. The massive Marabozu candle that is forming today could potentially indicate the termination of the sell-off. Moreover, Ryanair's stock may be due for another attempt at breaking the range...

Trendsharks

Apple's share price is currently testing the ascending trend line, which is converging with the 200-day MA (in orange). Unless it manages to break down below the two, this would create an excellent opportunity for bulls to buy into the trend at the resulting dip.

Trendsharks

Dogecoin is currently trading in a downtrend, and traders should not hope for an immediate rebound. The price is likely to fall to 0.2000 (major support) at least one more time before it starts consolidating. Traders should only consider going long once there are clear indications that the price is ready to strengthen above this critical threshold. Those would...

Trendsharks

The NZDUSD continues to advance within an ascending channel underpinning the latest uptrend. The latter emerged in the wake of the ABC correction, which, in turn, followed the preceding 1-5 Elliott impulse wave pattern. The pair is currently consolidating above the 50-day MA (in green), 100-day MA (in blue), and the lower end of the channel. Once there is enough...

Trendsharks

The EURJPY is nearing the upper boundary of the ascending channel, which means that a minor dropdown is likely to occur next. Such a bearish correction does not have to entail a complete trend reversal but merely to act as a minor retracement of the broader uptrend. Even still, contrarian traders could catch a sizable dropdown to one of the next psychologically...

Trendsharks

The price of Gold has already established four bullish legs and a corrective one might be due next. The price action is currently establishing a divergence, which is also underpinned by the MACD indicator. If the price drops to the closest support, which is highly likely, this would represent a movement of $20 dollars. And if the price manages to break down...

Trendsharks

The price of WTI is finally breaking down below the lower boundary of the Triangle, which is the beginning of a new potential markdown we have been waiting for (see our related idea below). The first major target level is the 60.00 psychologically significant support. A potential throwback could emerge from there to 62.50 (as underpinned by the 50-day MA in...

Trendsharks Updated 

Bearish sentiment keeps mounting on Bitcoin, and Elon Musk is not solely to blame. The Wedge was successfully completed, as we forecasted in our last analysis of the crypto, and the price is currently consolidating above the 61.8% Fibonacci. This, however, is unlikely to turn into a major rebound. A pullback could reach as high as the 38.2% Fibonacci before...

Trendsharks

The EURUSD appears to be developing an Ascending Wedge pattern as global inflation concerns tighten. This could strengthen the reeling greenback, potentially causing a reversal. This is further substantiated by the fact that, when found at the top of an existing uptrend, Ascnedning Wedges signify potential reversals. Furthermore, the MACD indicator underscores...

Trendsharks

The EURGBP is currently trading around the lower boundary of an Accumulation range, as postulated by the Wyckoff cycle theory. This range would likely serve as an intermediate stage before the beginning of a new uptrend. The three Fibonacci retracement levels outline the crucial targets for such an uptrend. Any traders looking to go long around the current...

Trendsharks

The DAX index appears to be forming a Bearish Crab pattern, which typically entails likely bearish reversals. This is strong enough confirmation of the aforementioned bearish sentiment, but there is more. Provided that the price action reaches point D at around 15900.000, this would create perfect selling conditions. Moreover, the peak of the Crab pattern would...

Trendsharks

The GBPUSD pair rose sharply today on the better-than-expected labour market numbers for April. Unemployment fell by 0.1 per cent while the number of people claiming benefits decreased by 15.1 thousand. The GBPUSD is trading just below the historic resistance level at 1.42430, which was last broken in April 2018. The sheer prominence of this level alone could at...

Trendsharks

The price of the commodity established a Double Top pattern recently, which entails rising bearish sentiment. This is a type of reversal pattern that is typically associated with the likely emergence of a new downtrend. Moreover, the peak of the Right Top takes the form of an Evening Star pattern, which substantiates the expectations for the completion of a...

Trendsharks

The EURCHF completed a major ABCD pattern on the 4H chart recently, which implies the likely beginning of a new uptrend. The recent reversal from the support-turned-resistance level at 1.09850 offers another opportunity for bulls to go long at a new dip. While the short term bias looks mostly bearish, exemplified by the breakdown below the 20-day MA (in red),...

Trendsharks Updated 

The Monetary Policy Committee (MPC) of the Bank of England expectedly maintained the near-negative Official Bank Rate unchanged at 0.10 per cent. The pound initially surged following the publication of the policy decision, but then the GBPUSD promptly retraced from the initial peak. The GBPUSD probed the lower boundary of the Distribution Area in the wake of...

Trendsharks

The Nasdaq composite took a sharp dive yesterday as tech stocks continue to reel from growing inflation fears. The newly developing downtrend is likely to probe even lower in the near future as the global recovery heats up. This downtrend is emerging from the Double Top pattern just above the psychologically significant resistance level at 14000.00. Moreover,...

Trendsharks

Gold is clearly starting to develop a new bullish trend; however, this does not preclude the possibility for the emergence of interim corrections along the way. The price action is currently drawing near to the descending trend line (in purple) and the 200-day MA (in orange). Given the significance of the two as major turning points, the price of gold seems very...

Trendsharks

As the global economy stabilises, demand is once again picking up. This is affecting the commodities market positively, including silver. The price is currently testing the major resistance level at 27.500. Once the price manages to break it, the next target would be the psychologically significant resistance at 30.00. Conversely, a potential (temporary)...