Technical Analysis / Page 152

Technical Analysis – US 30 index grinds lower, outlook cautiously negative

Posted on March 23, 2023 at 3:50 pm GMT

The US 30 index (cash) has been under pressure so far this year, although the decline has not been very dramatic. Prices are down only 2% year-to-date, and a mere 12% away from record highs. Nonetheless, the price structure in recent months points to a negative trend, something that has started to be reflected in the downward-sloping 50-day moving average (MA). Momentum oscillators are near their neutral levels, providing little information about the next directional move. The RSI seems to [..]

Technical Analysis – ETHUSD consolidates after advance pauses

Posted on March 23, 2023 at 2:54 pm GMT

ETHUSD (Ethereum) has been in a steady uptrend since the beginning of the year, generating a fresh six-month high of 1,846 in mid-March. However, the digital asset experienced a minor pullback after reaching overbought conditions, with the price trading within a range for the past few daily sessions. The momentum indicators currently suggest that the bullish forces are subsiding. Specifically, MACD histogram has crossed below its red signal line but remains in the positive region, while the stochastic oscillator posted a [..]

Technical Analysis – Will palladium futures rebound from pandemic lows?

Posted on March 23, 2023 at 2:14 pm GMT

Palladium futures (June delivery) have been trending southwards within a bearish channel since the beginning of November, sliding marginally below the 2020 pandemic low of 1,358 two weeks ago before edging moderately up. The market maintains a negative trajectory, though the higher high of 1,526 marked on March 14 and the resilience above recent lows are raising optimism for a bullish trend reversal. Yet, the falling exponential moving averages (EMAs) provide little backing to that narrative. In addition to that, the [..]

Technical Analysis – Natural gas implodes, erases war-related gains and more

Posted on March 23, 2023 at 1:59 pm GMT

Natural gas futures (April delivery) went into freefall in recent months, erasing all the gains since the Ukraine war started and losing further ground beyond that. Sellers are currently knocking on the door of the 2.10 region, after a decline of 78% from the highs last year. Momentum studies point to a minor stabilization in the market, although bearish forces are still in control overall. The RSI seems to be flattening but below its 50 line, while the MACD has [..]

Technical Analysis – USDZAR turns down, challenges key support zone

Posted on March 23, 2023 at 10:15 am GMT

USDZAR has been consolidating over the past month, trading between 18.05 and 18.70 without a clear direction. Momentum has shifted in favor of the bears in recent sessions, with the pair turning lower to challenge the lower boundary of this range. Short-term oscillators reflect the latest drop in the price. The RSI has sliced below its neutral 50 zone while the MACD remains firmly below its red trigger line, both signaling that selling forces are currently in control. If sellers [..]

Technical Analysis – Gold bulls take a breather after 1-year high above 2,000

Posted on March 23, 2023 at 10:12 am GMT

Gold struggled to jump above the immediate resistance of 1,985, keeping its footing above the short-term simple moving averages (SMAs) in the 4-hour chart. Trend signals remain daunting as regards the market momentum. Some downside correction seems to be building as the RSI has paused its uptrend in the positive area and the stochastics are flattening in the overbought region. Should the bulls dominate, driving the price above the 1,985 number, the spotlight will shift to the one-month high of 2,009 ahead of [..]

Technical Analysis – EURUSD stalls near familiar resistance after rapid rise

Posted on March 23, 2023 at 9:58 am GMT

EURUSD extended its post-FOMC rally to a seven-week high of 1.0928 early on Thursday following a rapid rise above the constraining ascending line from October, which had been capping bullish actions during this month. While the latest positive breakout increases the odds for more upside, the bulls seem to be losing the fight with the 1.0928 barrier, where the pair halted several times last spring and also last winter. Hence, the RSI on the four-hour chart is reasonably feeding speculation for a [..]

Technical Analysis – WTI oil futures bounce off 15-month low; bearish bias intact

Posted on March 23, 2023 at 9:10 am GMT

WTI oil futures (May delivery) broke below their rectangle pattern, which held strong since late November, posting a fresh 15-month low of 64.36. Even though the commodity managed to recoup some losses, its technical picture remains bearish. The momentum indicators currently suggest that buying forces are strengthening but have not taken control yet. Specifically, the stochastic oscillator is ascending near its 80-overbought zone after escaping oversold conditions, while the MACD histogram is gaining ground but still below both zero and its red signal [..]

Technical Analysis – AUDUSD tests the 200-day SMA after rebound off 0.6560

Posted on March 23, 2023 at 8:08 am GMT

AUDUSD rebounded off the 0.6560 support level and is heading towards the 200-day simple moving average (SMA), which stands near 0.6755. The bulls may be optimistic for more upside movements as the MACD is heading north above its trigger line in the negative region and the RSI is crossing the 50 level to the upside. In the positive scenario, in case of a successful climb above the 200-day SMA, then the market may challenge the 50-day SMA around the 0.6857 [..]

Gold: Top-down Technical Analysis – Special Report

Posted on March 22, 2023 at 12:57 pm GMT

During tumultuous times like the current Credit Suisse-bailout period, the top-down technical analysis could be the compass for market investors/traders. Focusing on multiple timeframes can protect from decisions based purely on the very short-term periods examined. This process tends to be more time-consuming and ignored by most traders, but the benefits clearly outweigh the negatives. In this report, we analyse gold, which along with other financial instruments continue to feel the banking sector crisis aftershocks, starting from the longer-term and gradually moving [..]

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