Technical Analysis / Page 13

Technical Analysis – Tesla stock stuck below restrictive trendline

Posted on June 5, 2024 at 1:51 pm GMT

Tesla shares trade sideways in the past few sessions Momentum indicators suggest a cautiously negative tone Tesla is still among the worst performing stocks of the S&P 500 in 2024, even though it has gained more than 20% from its recent low. In the short term, the price has been trading within a range, but the momentum indicators suggest that bearish forces are strengthening. Should selling pressures intensify, the price could face the May support of 168.00. Breaking below that floor, [..]

Technical Analysis – AUDCAD consolidates above key support zone

Posted on June 5, 2024 at 12:50 pm GMT

AUDCAD is trading sideways, above upside channel RSI and MACD corroborate the lack of momentum A break above 0.9125 could shift the bias to the upside A dip below 0.9000 may only confirm a larger correction AUDCAD has been trading in a sideways manner since May 15, staying between the key support of 0.9045 and the 0.9125 resistance. In the bigger picture, the pair remains above the upper bound of an upward sloping channel, as well as above all three [..]

Technical Analysis – Gold moves sideways within Bollinger bands

Posted on June 5, 2024 at 11:12 am GMT

Gold holds in trading range of 2,315-2,355 MACD and RSI have weak momentum Gold is moving sideways in the 4-hour chart within a trading range of 2,315-2,355 where the Bollinger bands also lie. The MACD oscillator is standing beneath the zero level and the RSI is heading south below the 50 level, both suggesting weak momentum in the short-term view. Moreover, the 200-period simple moving average (SMA) is acting as a strong resistance obstacle as well. Steeper decreases could open [..]

Technical Analysis – US 100 index again in the green

Posted on June 5, 2024 at 8:42 am GMT

US 100 index edges higher, not far from its all-time high Volatility drops ahead of some key US data Momentum indicators could be turning bearish The US 100 cash index is in the green again today, trading a tad below its recent all-time high of 18,494 and recouping a good part of last week’s losses. Monday’s weak US data prints have boosted expectations for a Fed rate cut ahead of the November elections, with the US stock indices now focusing on [..]

Technical Analysis – NZDUSD extends recovery to fresh highs

Posted on June 5, 2024 at 7:26 am GMT

NZDUSD posts an almost 3-month high on Tuesday But the risk of an impending correction increases Oscillators approach overbought conditions NZDUSD has been in an aggressive uptrend following its 2024 bottom of 0.5851 in mid-April. On Tuesday, the pair stormed to its highest level since March 8 before sustaining minor losses probably due to some profit taking. Should the bulls attempt to push the price higher, immediate resistance could be found at the February-March double top region of 0.6215. A violation of [..]

Technical Analysis – USDJPY recoups losses after bounce off rising line

Posted on June 5, 2024 at 7:03 am GMT

USDJPY heads north with first resistance at 20-day SMA RSI and Stochastics confirm upside movement USDJPY has reversed back up again after the strong rebound off the medium-term uptrend line and the 50-day simple moving average (SMA), meeting the 23.6% Fibonacci retracement level of the up leg from 140.20 to 160.20 at 155.50. Momentum indicators are pointing to a positive bias in the short term with the RSI crossing above the neutral threshold of 50, while the stochastic oscillator is [..]

Technical Analysis – WTI tumbles below key support of 76.50

Posted on June 4, 2024 at 12:49 pm GMT

WTI crude oil collapses, breaks key zone RSI and MACD point to further declines Even if the price rebounds, the bears may recharge A break above 80.90 could shift the outlook to positive WTI crude oil fell sharply yesterday, breaking below the key support (now turned into resistance) area of 76.50. The tumble confirmed a lower low on the daily chart, confirming that the downtrend marked by the trendline drawn from the high of April 12 is still in force. [..]

Technical Analysis – GBPUSD surges to fresh 2-month high

Posted on June 4, 2024 at 7:33 am GMT

GBPUSD advances to its highest level since March 13 But the rally shows signs of being overstretched Momentum indicators approach overbought conditions GBPUSD has been in a steady recovery following its bounce off the 2024 bottom of 1.2298, with the price violating both the 50- and 200-day simple moving averages (SMAs). On Tuesday, the pair posted a fresh two-month peak, but quickly sustained some losses as the rally is starting to look overdone. If the price extends its upward trajectory, the [..]

Technical Analysis – EURJPY pulls back from 170.80

Posted on June 4, 2024 at 6:34 am GMT

EURJPY seems neutral in very short-term RSI and MACD indicate bearish correction EURJPY could not find enough buyers to expand its bullish move above the 170.80 immediate resistance but it has still been developing well above the long-term rising trend line, which has been drawn since December 12. The question now is whether the pair will stay resilient above the 169.00 key region. A clear step below it and beneath the 20-day simple moving average (SMA) would press the price back to the 167.30 [..]

Technical Analysis – Are there any bullish signals in the US 500 index?

Posted on June 3, 2024 at 3:37 pm GMT

US 500 index holds above 20- and 50-day EMAs Technical indicators are not in the bearish area yet A surge above 5,340 is needed for a positive outlook revision The US 500 stock index (cash) rose slowly to reach an intra-day high of 5,302 on Monday, only to immediately relinquish its mild gains and trade slightly negative below April’s bar of 5,281. Friday’s bounce off the 20- and 50-day exponential moving averages (SMAs) questioned the case of a bearish trend [..]

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