Technical Analysis / Page 171

Technical Analysis – US 100 index fails to conquer downtrend line and 200-day SMA

Posted on January 24, 2023 at 2:02 pm GMT

The US 100 cash index is flirting with the long-term downtrend line, taken from the peak in March 2022 and the 200-day SMA around 11,970. The index has been consolidating within a sideways channel with upper boundary the 12,080 resistance and lower boundary the 10,660 support. The RSI is sloping down in the positive region; however, the MACD is still extending its momentum above its trigger and zero lines. Traders would be more eager to engage in buying activities if [..]

Technical Analysis – Microsoft stock builds positive pattern ahead of earnings

Posted on January 24, 2023 at 12:07 pm GMT

Microsoft’s stock has almost erased January’s freefall, rising as high as 244.89 on Tuesday ahead of the company’s quarterly earnings report due today after the market close. The bullish correction confirmed a higher low at 219, which seems to be the right shoulder of a bullish inverse head and shoulders pattern. That said, a sustainable recovery above the tough resistance trendline seen at 258 and beyond the previous high of 263 is needed to violate the long-term downtrend. Then, another winning battle [..]

Technical Analysis – GER40 cash index hovers just above the 15,000 area – will it last?

Posted on January 24, 2023 at 10:07 am GMT

GER40 cash index is trading sideways today as the market appears to have found a new short-term balance around the 15,100 level. Since the start of the year it has almost been a one-way move for GER40, in line with the medium-term trend that commenced on October 3. The recent move higher managed to push the index towards 15,271, the highest level since February 18, 2022. Momentum seems to be favouring the bulls. The simple moving averages (SMAs) are pointing [..]

Technical Analysis – GBPUSD stays bullish near December’s high

Posted on January 24, 2023 at 8:40 am GMT

GBPUSD could not find enough buyers to pierce through December’s high of 1.2445, finishing Monday’s session with mild losses at 1.2375. The bulls, however, may not give up the battle, as the clear positive trajectory in the RSI and the MACD mirrors persisting buying interest. Yet, with the Stochastic oscillator flattening within the overbought region above 80, some caution is required. In other encouraging signals, the 50- and 200-day simple moving averages (SMAs) have logged a golden cross recently for the first time [..]

Technical Analysis – EURJPY retreats after hitting downtrend line at 142.00

Posted on January 24, 2023 at 7:30 am GMT

EURJPY has been developing within a symmetrical triangle in the long-term timeframe, taken from the troughs in May 2022 and the peak in October 2022. Moreover, in the short-term view, the price is consolidating within a trading range with upper boundary the 23.6% Fibonacci retracement level of the up leg from 124.40 to 148.40 at 142.70 and lower boundary the 138.00 psychological mark, while it found strong resistance at the downtrend line at the moment. Technically, the RSI indicator is [..]

Technical Analysis – US 500 index fights for a bullish breakout

Posted on January 23, 2023 at 4:53 pm GMT

The US 500 stock index (cash) drifted higher after stepping on the 50% Fibonacci retracement of the 4,325-3,489 downleg at 3,900 and the shorter-term simple moving averages (SMAs). The one-year-old resistance trendline that rejected the bulls for the fifth time last week is under the spotlight again at 3,974 as the price is stubbornly fighting for a close above it. The RSI and the MACD are fluctuating within the positive area, keeping the odds in favor of the bulls. Hence, [..]

Technical Analysis – EURUSD hits 9-month high; set for its next bullish cycle

Posted on January 23, 2023 at 9:03 am GMT

EURUSD is looking to start a new bullish cycle after gently breaking out of its weekly range to print a new nine-month high of 1.0919 earlier today. The odds are favoring the bulls according to the technical indicators. The exponential moving averages (EMAs) are all sloping upwards, with the 50- and 200-day EMAs having recently registered a clear golden cross for the first time since June 2020. This is a solid positive sign that the four-month-old uptrend could experience further improvement. In momentum [..]

Technical Analysis – Gold falls slightly below the 9-month high

Posted on January 23, 2023 at 7:48 am GMT

Gold rallied towards a fresh nine-month high of 1,938 in the preceding week, but quickly lost some ground and is currently moving slightly lower. The commodity added more than 20% from the two-and-a-half-year low of 1,615 and is holding well above the short-term simple moving averages (SMAs). Technically, the MACD oscillator is moving marginally lower near its trigger line in the positive territory, while the RSI is easing after the pullback in the overbought region, suggesting that the momentum is weakening. [..]

Technical Analysis – Silver continues to trade in a range; will there be first-mover advantage?

Posted on January 20, 2023 at 10:24 am GMT

Silver continues to trade within the 23-25 well-observed range, contrary to gold’s fiery performance. This balance between buyers and sellers is reflected in the momentum indicators as both the Average Directional Movement Index (ADX) and RSI are mostly pointing to a trendless market. The stochastic oscillator is trying to stir the pot, but it needs a more decisive move to help draw meaningful conclusions. In range-trading periods, the focus turns to “secondary” signals. In more detail, the convergence of the 100- and 200-day simple [..]

Technical Analysis – GBPJPY bounces off uptrend line but momentum is weak

Posted on January 20, 2023 at 8:52 am GMT

GBPJPY rebounded off the long-term ascending trend line and near the three-month low of 155.30. The price is currently trying to surpass the 20-day simple moving average (SMA) and the technical oscillators are confirming an upside movement. The RSI is ticking marginally up in the negative territory, while the MACD is surpassing its trigger line below the zero level. Should GBPJPY make another run higher, it’s likely to meet resistance at 161.20 as this level has strongly capped prices since [..]

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