Bitcoin gave a wedge breakout which likely ends the downside. This move was due to yesterday's FOMC policy announcement which restarted the rally in risk assets across the board.
Chart self explanatory.
Gold had another flag breakout which should signal the end of consolidation atleast for the short term. With larger pattern breakout still intact, the expected uptrend from this breakout can extend to a formidable run on the upside too.
Targets are on the chart.
EUR/USD gave a flag breakout on Friday as the dollar sunk along with other riskier asset classes since the fears of the third wave of the pandemic post the detection of a new mutated variant rattled the investor confidence across the globe.
Apple had a flag breakout on Friday as the price closed at new highs. The move also triggers the breakout from the cup formation which was ongoing since many days if seen with another perspective.
With equities getting sold quite sharply in the last week a bounce is expected along side the technical breakout.
Paypal has been trending on the downside since last many days, it has finally given a flag breakout.
With equities getting the interest back as the new variant concern fades Paypal looks a good buy at these levels.
Silver has been in a downtrend since hitting the top of the flag/channel.
The price has nearly touched the bottom of the channel and is expected to bounce back towards the top again giving a good long entry opportunity with an excellent risk reward setup.
Crude Oil is likely making the formation of Inverse Head & Shoulders as the price got rejected at the neckline again which should push it down to make the low of right shoulder. If the neckline is broken without a fall its still a buy and if broken after the pattern gets formed its an obvious bullish breakout.
Gold has been trading in a wedge formation where it has touched the bottom again, a reversal is on the cards which should take the price higher above the $1900 mark as observed on the chart as previous highs have the difference of 75 points.
A great risk reward setup for a long here.
Nasdaq closed at a new all time high on Friday even when the other indices were under-performing. The breakout sums it all with a cup/consolidation depth of 485 points, its likely that the index consolidation is over and it is ready to move higher.
Copper had a triangle breakout few days ago, it is providing a long entry again as the price is currently retesting the breakout post having a minor correction. Risk reward remains highly favorable given the current setup.
Dollar Index has been on a tear lately cruising over 96 but the ignition has stalled. The Flag breakdown suggests the top might be in place which is perfectly setting up with the bigger breakdown retest.
Gold made a 4th consecutive green candle closing above $1900 (weekly close) after a long gap of 27 weeks as the dollar remained weak. The move in the gold was more of a technical push than anything else but the inflation fears and the ongoing pandemic led disturbed fundamentals also helped in the rise. As countries continue to lighten restrictions on back of full...