Technical Analysis / Page 149

Technical Analysis – UK 100 cash index enters challenging area

Posted on March 30, 2023 at 2:34 pm GMT

In line with the other main stock markets, the UK 100 cash index is continuing its recovery from the mid-March banking sector-induced dip. The index touched 7,205 on March 20 and it is now hovering just above the June 2, 2017 high of 7,599. It has entered a range that proved difficult for the bulls to overcome during 2022. The market has excellent memory regarding recent highs and hence UK 100 bulls should prepare for this new battle. In the [..]

Technical Analysis – US 500 index recovers from banking breakdown

Posted on March 30, 2023 at 12:12 pm GMT

The US 500 stock index (cash) rose back above the 4,000 level yesterday, recouping the bearish breakdown caused by SVB’s collapse. The bulls gained extra positive momentum over the past couple of hours, deviating clearly above the support-turned-resistance trendline from October. Technically, that increases the odds for another extension to 4,070, where the 61.8% Fibonacci retracement of the 4,195-3,809 downtrend is placed. Not far above, the tentative descending trendline at 4,085 could be a make-or-break point. If the bulls breach that [..]

Technical Analysis – EURUSD bulls look for support for the next leg higher

Posted on March 30, 2023 at 9:23 am GMT

EURUSD has been on an upward path since March 15 when it touched 1.0515, the lowest level since early January. The first attempt by EUR bulls to breach the 1.10 area failed, prompting a decent drop towards the 1.07 area. However, the EUR bulls appear to be determined as EURUSD is currently nibbling at the 1.0860 area. This pair continues to respect the March 15 sloping trendline with the multiple simple moving averages (SMAs) used here all pointing upwards. In [..]

Technical Analysis – WTI oil futures limit monthly losses; broad trend bearish

Posted on March 30, 2023 at 8:03 am GMT

WTI oil futures are rising for the second consecutive week, having retraced almost half of the March downfall to re-enter the previous five-month-old range area above the 73.00 mark. The 73.00 area will be closely watched in the short-term as the 200-period exponential moving average on the weekly chart is currently capping bullish actions around the same location. If the price crawls higher, the 50-day simple moving average (SMA) could immediately halt the recovery from stretching into the 76.80-77.50 zone. Another success [..]

Technical Analysis – XRPUSD jumps to fresh 10-month high

Posted on March 30, 2023 at 7:20 am GMT

XRPUSD (Ripple) exploded higher in the short term, posting a fresh 10-month high of 0.5844 before paring some gains. Moreover, the ascending 50-day simple moving average (SMA) is positively closing the gap with the 200-day SMA, where a potential golden cross may rejuvenate the advance. The momentum indicators currently suggest that the recent rally is overstretched as both the RSI and the MACD histogram are coming down from their overbought territories. Should the pullback resume, the price could encounter initial support at the November resistance territory of [..]

Technical Analysis – AUDUSD could see further strength above 200-day SMA

Posted on March 30, 2023 at 7:16 am GMT

AUDUSD is moving above the 20-day simple moving average (SMA) and the 50.0% Fibonacci retracement level of the upward wave from 0.6170 to 0.7160 at 0.6660; however, the 200-day SMA around the 0.6760 resistance is acting as a crucial resistance level. The market has been heading sideways over the last couple of weeks, with the technical oscillators suggesting that an upside retracement may be on the cards. The MACD is holding above its trigger line in the negative territory, while the RSI is [..]

Technical Analysis – Silver returns to the December-February rectangle

Posted on March 29, 2023 at 1:29 pm GMT

Silver has completed a 2-month round trip. The bears managed to take over the market and push it down to 19.88, only for the bulls to react forcefully during March. And we are back at the lower boundary of the rectangle that defined market action during the December 2022 – February 2023 period. Silver broke with relative ease several resistance points on its way higher, but it is now hovering just below the 23.35 area. Silver bulls remain hungry, but the technical picture [..]

Technical Analysis – Tesla stock trades rangebound between SMAs

Posted on March 29, 2023 at 1:20 pm GMT

Tesla’s stock had experienced a massive downtrend since September before recouping some losses after hitting a 31-month low of 101.00 in early 2023. However, the stock seems to have entered another round of weakness lately after its latest advance came to a halt at the 200.00 region. The momentum indicators are reflecting a divergence with the price action. Specifically, the RSI has flatlined slightly above its 50-neutral mark, while the MACD histogram is holding above zero and its red signal line. Should the positive [..]

Technical Analysis – GBPCAD finds strong resistance at 1.6870

Posted on March 29, 2023 at 12:58 pm GMT

GBPCAD traded slightly lower this week, after hitting resistance at 1.6870 on March 23. Overall, though, the pair is still trading above the uptrend line drawn from the low of September 28, as well as above all the plotted moving averages. Therefore, even if the retreat continues for a while longer, the bulls could still take the reins from near the uptrend line or the low of March 16 at 1.6525. Both the short-term oscillators suggest that, indeed, the setback [..]

Technical Analysis – EURGBP pulls back but stays above uptrend line

Posted on March 29, 2023 at 10:12 am GMT

EURGBP entered a sliding mode last week, but the retreat stopped near the 100-day exponential moving average (EMA) just yesterday. The pair continues to trade above the uptrend line drawn from the low of August 3, which means that the chances for the bulls to take charge again soon are decent. Both the short-term momentum indicators corroborate that view. The RSI, although marginally negative, has turned up, while the MACD is lying below zero, but above its trigger line, pointing [..]

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