Very suggestive chart with a potential short opportunity developing.
2 months trend broken and price approaching daily pivot. One needs to closely watch the reaction at the pivot. A close below, would indicate that the H&S pattern might actually work.
As seen from the weekly chart, 200EMA is an important technical setup. Moreover, both the trendline from 2011 and 200EMA are very close to each other indicating that silver has approach a key technical level. Worthnoty,S1 from of the weeky pivot is also in the proximity. All in all, a close above
both 200EMA and trendline would signal the 3 years old bear market...
Four years bull trend is being now challenged by a top breakdown with a retest of the support turned resistance.It is also confirmed by several indicators so I expect USDJPY going down to 10X levels in a matter of weeks or maybe some months. A rather dense chart, but that is just for the sake of the long term view (everything here, of course, is only my opinion,...
Last night the descending channel was broken, so one should expect a retracement with a first targe at 14.6x.
Longer-term trend (on weekly chart) still remain bearish, so one has to be careful not to overtrade this bounce.
On 4h chart, silver just hit the resistance line of the trading channel. A close above the EMA13 and the trendline would be a strong indication of a medium-term recovery.
PPO and RSI showed already a breakout but we need a price action confirmation.
Alternative scenario - silver will bounce back targeting 14 area.
Things are getting...
After yesterday's move lower, I can see gold is heading to the channel bottom. Tomorrow's NFP data can accelerate that move or send it northbound. In any case I would stay out if it at least till tomorrow.
Now, that's a vicious sell as far as I can tell. It happened also on a very high volume and it broke the support line forming the trading channel ( red dotted lines).
It is possible to see a retrace to test the support (which, if it happens should act as a resistance), however on a medium time-frame it looks to have a bearsih posture.
Went short immediately after...
After a prolonged decline from 1.08 it looks that AUDUSD is trying to find a medium-term bottom.
Does it also a correlate with XAUUSD which is also trying to stablizes after 3 years decline?! A break out of descending triangle would confirm the existance of a medium-term bottom.
This is not a trading signal, and we need to look also at the weekly time-frame to...
In the last year, Coca-cola was traging in a down-sloping channel after the touch of the maximum at 44,65 (multi-years high).
Lately, price made its way up and broke the upper trend line, a fact confirmed also by momentum and OBV indicators.
My first target would be at the last years' high, 45.
Here we see Apache sitting on an interesting trendline confluence:
The ascending (green) which dates to 1976 (39 years old!)
Descending trendline, which forms the support of the descending channel, dating to 2006.
For a long-term view, please see my previous post.
To me Exxon LONG-TERM chart doesn't look that friendly if you are going to be on the long side. Although it is close to a first support area and a rebound may look possible, I would still stay on the short whenever the price is going to retest the broken trendline (if it will happen).
Looking at the shorter time-frame and...