About meForex, equities and options private trader. Technical analyst mastering the art of harmonic trading. The owner of The Market Zone blog and website.
My blog - www.themarketzone.n
Disclaimer: The trade ideas posted are only my opinions of the
The Dollar has completed an impressive recovery despite several rate cuts, as Corona Virus sends investors to safe havens.
However, now DXY is facing strong weekly resistance that includes:
1) Weekly Structure
2) The 100 psychological level
3) The 61.8 Fib level (monthly)
The Dollar can turn here... if it will, perhaps you can find opportunities in oversold...
The Dollar Index is near a target zone of the bullish Gartley pattern and near a very interesting resistance zone that includes:
2 daily MA lines
The bottom of a broken channel
Harmonic pattern - Bat
Interesting bearish setup towards NFP today
XLE price is trading inside a Triangle pattern - between the 200 days MA line and the trend line marked in the chart.
A close below 60$ will probably drive XLE lower, towards 56$
A close above the 200 days MA line can lead to a rally that will take XLE all the way up to complete two bearish harmonic patterns (near 65-66$)
SPX failed to close above 3000 last week.
It could be a warning signal...
But this SPX chart actually shows more bullish potential than a bearish one...
As long as SPX price stays above the 2900-2950 support zone (!!)
Pay close attention to oil.
The price is now testing a critical support zone.
If Oil prices will close below this support zone by the end of the week... this could turn ugly both for oil and for stocks.
Monthly Chart analysis:
Gold recently broke out of a Triangle pattern and exploded higher... closing above the 1500$ handle and the 61.8 Fib correction level.
According to this chart, there's a potential that Gold will continue to rise towards 1700$ to complete a bearish Bat pattern (it can suffer some short term correction moves)
This setup support my bearish...
PLX broke below support last week, following its earnings.
If PLX won't close above support this week (which looks like it won't... but still about 60 minutes to the close), it will probably continue lower.
The next potential Buy Zone is near 0.18$
The chart shows that near 0.18$ we have:
- Completion of a bullish Butterfly pattern
- The bottom of a trading...
YELP is facing strong resistance ahead of its earnings.
The Stock's price is below 35-36$, which is a strong weekly Zone that includes the weekly downtrend line and 3 weekly MA lines (including the 200 weeks MA line).
If YELP will remain below the current Resistance Zone (probably will gap lower), it can slide all the way down to...