TVC:DXY fails to break 95 on 3 attempts. Thus, demand is not supportive of a higher DXY. index is expected to retest and retest support at 93. Momentum indicator, MACD, is already bearish and has just witnessed Bearish Divergence. MACD is expected to trade towards its zero line.
Technical view is negated is DXY closes above US$95.50.
Seldom apply Wyckoff Method on Indexes. However, we seeing distribution characteristics that are hard to ignore on the TVC:KOSPI (Weekly). The characteristics provided technical evidence that the index has completed its Distribution phase and is expected to enter the Mark Down phase. Applying Fibo to project downside target objectives.
TVC:UKOIL is seeing a Bearish Harami pattern as price tried to retest US$80.00 level. The failure to break previous resistance coupled with bearish candlestick pattern signals that TVC:UKOIL is experiencing weakness and will expect to retrace and re-test trendline at US$75.00. Next target at US$72.00.
1) Multiple Distribution Signals
- Uptrend Stride Broken
- Uptrust observed
- Test observed
2) HA Colour Change (Momentum)
Stock is losing RS but overall is still stronger than STI
If current trading maintains and STI closes wit a Hammer pattern. STI is high a high probability of rebounding and testing its immediate resistance zone at 3,340-3,360. Currently STI is trading at a support-turned-resistance level of 3,270.
A break above 3,360, will see TVC:STI trades towards 3,400.
TVC:HSI has broke a significant 1-year trend line. We expect the index to trade lower towards 28,000-28,200. 28000 is significant also, supported by a long term trend line and fibo 1.618% projection and whole number 28000.
U11 failure to close the gap indicate strong selling within price action. U11 set to retest lower channel at S$27.65. Failure to hold will see stock price mark down towards fibo downward project of 4.236%. MACD momentum is bearish.
Technical Mapping of DJIA movement. Nothing to do with Wyckoff, just my technical observations on DJIA recent price movement.
One useful application of the map is we notice technical trend change whenever, DJIA hits the horizontal (time) fibo lines such as 0.25 and 0.382.
The next one will be 0.50. Let's observe.
HKEX:939 is expected to move towards first technical target of HK$8.50 after consolidating in a Descending Triangle like pattern for 3 months.
The supporting technical includes decreasing volume as price makes bearish downward movement. Both technical indicator MACD and Stochastic are seeing possible signs of bullish reversals.
HKEX:700 (Weekly Chart) traded below its 8 month old upward trend line with heavy volume sell off seen during the week of March 19th-23rd.
Last week of March, stock price made failed attempt to trade back above the trend line. This became evident that the trend line has turned from support to resistance. Weekly MACD is also trading in bearish momentum.
FB has retreated close to 10% within 2 days amid its Data Leak scandal and seems not ending on the selling. However, taking a rational look at the stock's technical, the stock has traded steeply out of the lower bollinger band with climactic volume observed. These observations coupled with a long-legged candle could suggest that selling has been may be over done...
I had some time this evening, thus, decided to conduct the Wyckoff Accumulation zone (Buying Tests) analysis on the stock. We expect the stock to mark up from here with target price at S$1.29. Stock's price action has passed 7 out of the 9 Wyckoff Method test as follows.
Buying Tests (Passed)
1. Downside price objective accomplished
2. Preliminary support,...