Technical Analysis / Page 180

Technical Analysis – US 30 index edges slightly lower as festive lull prepares to kick in

Posted on December 22, 2022 at 10:31 am GMT

The US 30 cash index prepares for the last sessions before the festive mood kicks in. It is currently hovering around 33,350 following the local trough of 32,475 seen on December 20. The short-term bearish trend since early December appears to be in control but the momentum indicators are less enthusiastic. The RSI is exactly at the 50-level threshold while the Average Directional Movement Index (ADX) and its subcomponents show little appetite for trend signaling at this juncture. Interestingly, the [..]

Technical Analysis – WTI oil futures bounce off 1-year low

Posted on December 22, 2022 at 9:38 am GMT

WTI oil futures (February delivery) have been trending lower since mid-June when the price got rejected at the 121.00 region. Furthermore, in the last few daily sessions, the commodity plummeted to a fresh one-year low of 70.30 before recouping some losses. The momentum indicators currently suggest that bullish forces are strengthening. Specifically, the RSI has jumped above its 50-neutral mark, while the stochastic oscillator is sloping upwards after posting a bullish cross. Should buying pressures persist, oil futures might ascend towards the recent resistance [..]

Technical Analysis – EURAUD finds resistance at 10-month high

Posted on December 22, 2022 at 9:14 am GMT

EURAUD is diving after the rise towards the ten-month high of 1.5980 but remains above the medium-term ascending trend line. However, the technical oscillators are mirroring the latest down move. The RSI is sloping down but remains above the neutral threshold of 50, while the stochastic found strong resistance at the 80 level and is ticking lower. Further declines may meet immediate support around the 1.5700 key level, while slightly lower the bears could try to overcome the 20- and 40-day simple moving averages (SMAs) currently [..]

Technical Analysis – EURGBP gets fresh impetus; tests key resistance

Posted on December 22, 2022 at 8:38 am GMT

EURGBP drew bulls‘ attention after setting a nice foothold around the 0.8700 key constraining zone, with the price accelerating to a new five-week high of 0.8790 early on Thursday. Additional gains are likely as the momentum indicators keep strengthening within the bullish area. Yet, some caution is required as the RSI and the stochastics are close to overbought levels. Besides, with the price trading around the upper boundary of a descending channel at 0.8777 and not far below the key 0.8820 resistance area, the bears might be [..]

Technical Analysis – What’s next for Nike: trend reversal or continuation?

Posted on December 21, 2022 at 2:27 pm GMT

Nike stock traded sharply lower recently after it found strong resistance at the 116.00 territory, which stopped the bulls during the summer and offered strong support back in March. The stock has returned back below all three of the plotted moving averages this week, but it continues to trade above the prior downtrend line drawn from the high of November 22, 2021, and above the uptrend line taken from the low of October 3. All these mixed technical signals paint [..]

Technical Analysis – ETHUSD trades sideways but sets for ‘death cross’

Posted on December 21, 2022 at 2:26 pm GMT

ETHUSD (Ethereum) experienced a sharp decline in the four-hour chart, with the price falling below both its 50- and 200-period simple moving averages (SMAs). Even though the digital coin has been trading sideways in the last few sessions, the completion of the impending ‘death cross’ between its 50- and 200-period SMAs could spark a selloff. The momentum indicators suggest that near-term risks are tilted to the upside, diverging from the bearish ‘death cross’ signal. Specifically, the MACD histogram remains above [..]

Technical Analysis – AUDUSD pulls back but stays above uptrend line

Posted on December 21, 2022 at 12:25 pm GMT

AUDUSD has been trading in a consolidative manner for the last five days, but in the bigger picture, it remains above the prior downtrend line drawn from the high of April 5, as well as above a shorter-term uptrend line taken from the low of October 13. Despite the decent slide following the test at 0.6890, this keeps alive the chances of another round of buying. That said, the daily oscillators are detecting fading positive momentum, which suggests that a break above 0.6890 [..]

Technical Analysis – GBPUSD flirts with 20- and 200-day SMAs; weak momentum

Posted on December 21, 2022 at 11:03 am GMT

GBPUSD has been moving sideways over the last few sessions, remaining above the 200-day simple moving average (SMA) but the momentum is weak for now. The pair is still holding in an ascending tendency after the bounce off the record low of 1.0325; however, the technical oscillators are suggesting a bearish correction may be on the cards. The MACD oscillator is moving lower below its trigger line in the bullish region, while the RSI is pointing down near the neutral [..]

Technical Analysis – Gold edges lower; increased evidence against recent bullish bias

Posted on December 21, 2022 at 10:10 am GMT

Gold has been gliding lower in the past 24 hours as the market got in the festive mood. It remains inside a well-crafted slightly upward sloping trend channel since December 1, and managed to make a new higher high by closing above 1,810. However, this bullish bias does not enjoy the overwhelming approval of the momentum indicators. The conservative RSI is trending upwards, being the most prominent advocate for the current bias. And the positive news stops here. The stochastic [..]

Technical Analysis – NZDUSD extends slide near 200-day SMA

Posted on December 21, 2022 at 8:26 am GMT

NZDUSD had experienced a prolonged downtrend since March, hitting a 31-month low of 0.5510 in early October. Even though the pair has posted a strong recovery since then, it is currently experiencing a pullback after its rebound came to halt at the six-month high of 0.6512. The momentum indicators suggest that bearish forces have gained control. Specifically, the stochastic oscillator is descending after it failed to complete a bullish cross, while the MACD histogram has retreated further below its red [..]

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