Technical Analysis

Technical Analysis – Amazon stock creeps sideways, forming possible triangle pattern

Posted on January 26, 2021 at 3:40 pm GMT

Amazon stock has been fluctuating over the last four months after the aggressive correction from the all-time high of 3,545. The stock appears to be edging eastwards in a more confined horizontal channel, developing into a possible symmetrical triangle. The price’s latest push up is currently being controlled by the triangle’s upper boundary, which is overlapping with the 3,346-3,364 ceiling of the more recent range in the stock. The Ichimoku lines overall are backing the directionless tone of the stock, [..]

Technical Analysis – Facebook rises in descending triangle around 280 level

Posted on January 26, 2021 at 2:18 pm GMT

Facebook stock has been recovering nicely from the downfall to head towards the 245.00 support again, crawling near the Ichimoku cloud and back into the 280.00 territory in the daily chart. In the bigger view, the price has been developing within a descending triangle since August 2020. From a technical perspective, the short-term bias is viewed as slightly positive, reflected by the improvement in the RSI and the MACD. The RSI is heading north in the bullish area, while the MACD is increasing its distance above the trigger [..]

Technical Analysis – WTI futures extend consolidation; upside risks remain

Posted on January 26, 2021 at 12:28 pm GMT

WTI oil futures are pushing slightly higher within a sideways market that has progressed after oil touched a near 11-month high of 53.92. The easing in the incline of the 50-period simple moving average (SMA) and the directionless Ichimoku lines are further feeding the range-bound price format. However, the soaring 100- and 200-period SMAs are preserving the positive bias. Furthermore, the short-term oscillators, although currently feeble, also seem to favour the upside. The MACD, marginally above its signal line, is [..]

Technical Analysis – USDCAD retreats towards descending channel

Posted on January 26, 2021 at 10:16 am GMT

USDCAD climbed above the short-term descending channel earlier today in the four-hour chart but failed to jump above the 1.2780 resistance, returning lower. The directionless Ichimoku lines and the steadied cloud further reflect the weakness in the price momentum. Meanwhile, the RSI is heading south but is still holding comfortably above its neutral threshold of 50, whereas the Stochastic is moving higher after the bullish cross within its %K and %D lines, endorsing the rebound off 1.2590. Initial support to downside movements could commence within the zone of the cloud, where the 40- [..]

Technical Analysis – Tesla’s stock extends uptrend to uncharted zone

Posted on January 26, 2021 at 10:06 am GMT

Tesla’s stock resolved a bullish pennant formation on the upside on Monday in the four-hour chart, strengthening its March uptrend to a fresh record high of 899.88 before closing slightly below its previous peak. The bulls may keep pressuring for a close above the 900 level in the short run as the upward-sloping RSI has yet to confirm overbought conditions after violating its downward move. The MACD, although below its red signal line, is trying to regain some lost ground [..]

Technical Analysis – EURJPY fairly directionless; picture leans positive

Posted on January 26, 2021 at 8:34 am GMT

EURJPY is currently resting on the 50-day simple moving average (SMA) at 125.74 after a bounce off the lower Bollinger band, which is encapsulated within a critical support section of 125.00-125.25. The positive structure is being protected by the 100-day SMA, while the climbing 50- and 200-day SMAs are aiding bullish price action. That said, directional momentum has dried up and the short-term oscillators are painting a gloomier picture. The MACD, below its red trigger line, has slid ever so [..]

Technical Analysis – GBPUSD eases below 33-month peak; broader outlook is bullish

Posted on January 26, 2021 at 8:25 am GMT

GBPUSD is retreating somewhat after the pullback off the 33-month high of 1.3745 in the preceding week. Currently, the pair is flirting with the 20-day simple moving average, remaining well above the long-term uptrend line, which has been holding since May 2020. Technically, the RSI indicator is pointing slightly lower in the positive territory as well as the stochastic oscillator, which posted a bearish crossover within the %K and %D lines below the overbought zone. However, the red Tenkan-sen line [..]

Technical Analysis – US 500 index maintains uptrend despite faint pause

Posted on January 25, 2021 at 1:03 pm GMT

The US 500 index (Cash) appears to have frozen a bit after forming a new all-time high of 3,867. Nevertheless, the commanding bullish bearing of the simple moving averages (SMA) is assisting the uptrend, while the stalling Ichimoku lines are indicating some dwindling in positive momentum. The short-term oscillators are demonstrating mixed signals in directional momentum. The MACD, in the positive region, is a tad above its floating red trigger line, while the RSI is pointing upwards, merely beneath the [..]

Technical Analysis – US 500 index maintains uptrend despite faint pausing

Posted on January 25, 2021 at 12:25 pm GMT

Technical Analysis – USDJPY holds near the upper surface of bearish channel

Posted on January 25, 2021 at 9:58 am GMT

USDJPY is falling further in the short-term and prices continue to drift lower from the 103.88 resistance, finding some support at the 20- and 40-period simple moving averages (SMAs). The short-term technical indicators are pointing to more weakness in the market. The MACD and the RSI are flattening near the zero level and the 50 line respectively. The next target to the downside is the 103.55 support. At this stage the market would likely see a resumption of the downtrend [..]

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