Technical Analysis

Technical Analysis – Tesla’s stock shoots to new record high after joining S&P 500

Posted on November 20, 2020 at 1:03 pm GMT

Tesla’s stock overshot above a symmetrical triangle in the four-hour chart and unlocked a fresh record high of 508.26 after its entrance to the S&P 500 community, but failed to close above September’s top of 501.50 on Thursday. The Stochastics is seeking a turning point above their 80 overbought mark as the RSI seems to be slowing pace while remaining comfortably above its own 70 overbought level. In other indicators, the red Tenkan-sen is also reflecting some uncertainty about the positive momentum in the price as [..]

Technical Analysis – US 30 index range bound; skewed positive above 29,195

Posted on November 20, 2020 at 10:49 am GMT

US 30 stock index (Cash) is facing the capping 50-period simple moving average (SMA) at 29,502, after improving a bit off the lower Bollinger band at 29,195. The index, ever since it logged a fresh all-time-high of 30,091 on November 9, has been trading in a ranging market between 28,838 and 30,091. That said, the flattening 50-period SMA and the conflicting signals in momentum within the short-term oscillators, promote a developing horizontal picture. The MACD is in the negative zone [..]

Technical Analysis – NZDUSD rallies towards previous high of 0.6945

Posted on November 20, 2020 at 9:54 am GMT

NZDUSD is trading not too far from the 0.6945 resistance level and momentum indicators suggest there is still some optimism for the pair to advance again. The near-term bias is looking bullish as the RSI is edging north in the bullish area, while the MACD is trying to extend its movement above its trigger line. Price action at the moment is above the Ichimoku cloud so the risks are to the upside. Should the pair make another run higher, it’s likely to [..]

Technical Analysis – GBPJPY puts breaks on decline after trendline rejection

Posted on November 20, 2020 at 9:00 am GMT

GBPJPY drifted higher and above all its daily simple moving averages (SMA) on the back of encouraging vaccine news and Brexit hopes last week, though the support-turned-resistance ascending trendline was there once again to block the way above 140.00. The area around the blue Kijun-sen line managed to stabilize the downfall from the trendline around 137.33 and the price is currently trying to return above the 50% Fibonacci of the 142.69 – 133.00 downleg. In momentum indicators, the Stochastics favour [..]

Technical Analysis – GBPUSD bounces off 1.3200; bullish in short-term

Posted on November 20, 2020 at 8:03 am GMT

GBPUSD has gained little on Thursday and it managed to hold above the 20- and 40-period simple moving average (SMA), with the technical indicators feeding prospects for possible positive short-term trading; the RSI holds above 50, while the MACD continues to strengthen in bullish territory above its trigger line. A move higher could take the pair until the double top at 1.3310, a challenging point over the last week. Higher resistance could next be found around the 1.3475 barrier, [..]

Technical Analysis – USDCAD comes to a standstill as momentum fades

Posted on November 20, 2020 at 7:06 am GMT

USDCAD’s dictating bearish picture seems to be taking a breather after a bounce off a newly formed 10-month low of 1.2927. The slowing bearish pace of the 50- and 100-day simple moving averages (SMAs) and the flattening out in the 50-day SMA are assisting the stalled, negatively-skewed structure. The short-term oscillators currently display conflicting signals in directional momentum. The MACD, in the negative region, is above its red trigger line, while the stochastic oscillator maintains a negative bearing. That said, [..]

Technical Analysis – EURAUD challenges 23.6% Fibo near 1.6300

Posted on November 19, 2020 at 2:25 pm GMT

EURAUD is testing again the strong resistance around the 23.6% Fibonacci retracement level of the down leg from 1.6825 to 1.6143 at 1.6305, remaining at the same time inside the Ichimoku cloud. The MACD oscillator is flattening near the zero level, while the RSI, although above its 50 neutral mark, is currently pointing down. Immediate resistance could come from the 1.6305 barrier before the spotlight turns to the 1.6340 hurdle and the 1.6390 number. Higher, the price could hit the 38.2% Fibonacci mark of 1.6403 ahead of the 200-period [..]

Technical Analysis – EURJPY tumbles to 10-day low; further weakness expected

Posted on November 19, 2020 at 9:56 am GMT

EURJPY recorded an aggressive bearish movement towards a ten-day low of 122.83 earlier today, failing to increase above the 100-period simple moving average (SMA). The RSI is currently turning marginally up in the bearish region, while the MACD is losing more ground in the negative territory. However, the stochastic indicates that a rebound is not far off since the oscillators are close to oversold levels. Still, this is more likely to happen if the % K line finally forms a bullish cross with [..]

Technical Analysis – AUDUSD struggles at range’s ceiling; positive drive feeble

Posted on November 19, 2020 at 9:42 am GMT

AUDUSD is dwindling from the ceiling of the range at 0.7344, after recent positive price action thrusted over the simple moving averages (SMAs) and the Ichimoku cloud. The flattening demeanour of the 50-day SMA and the blue Kijun-sen line appears to be aiding the short-term horizontal trajectory, while the rising 100-day SMA and gradual upturn in the 200-day SMA are promoting additional gains. The short-term oscillators reflect anaemic momentum, endorsing the consolidation in the pair. The MACD, in the positive [..]

Technical Analysis – WTI crude oil stabilizes after vaccine boost

Posted on November 19, 2020 at 9:00 am GMT

WTI crude oil futures (December delivery) crawled above its 20- and 50-day simple moving averages (SMA) following the positive vaccine news, but the 61.8% Fibonacci of the 65.61 – 6.62 downleg appeared heavy to push once again at 43.08, with the price stabilizing around that level. The tiny thin candles posted the past few days mirror an indecisive market. Still, with the RSI attempting to regain strength above its 50 neutral mark and the MACD gradually rising within the positive [..]

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