Technical Analysis / Page 202

Technical Analysis – WTI crude oil finds resistance at downtrend line, meeting 50-day SMA

Posted on October 13, 2022 at 6:28 am GMT

WTI crude oil futures found strong resistance near the medium-term descending trend line at 93.70, sliding towards the 50-day simple moving average (SMA) in the aftermath. The MACD oscillator is still standing above its trigger and zero lines; however, the stochastic is diving towards the oversold territory, suggesting more losses in the market. Should prices decline further, immediate support could be found around the 20-day SMA at 84.40. Then, a leg below that level could meet the eight-month trough of 76.25, before the focus shifts to 65.90, [..]

Technical Analysis – US 30 index consolidates after 20-day SMA caps gains

Posted on October 12, 2022 at 2:30 pm GMT

US 30 stock index (cash) is consolidating after the latest upside attempt faltered when the price ran into the 20-day simple moving average (SMA). The momentum indicators are sending mixed signals, endorsing the current trendless motion. The RSI is flat below the 50-neutral level. On the other hand, both the %K and %D lines of the stochastic oscillator are sliding and could soon enter the oversold region. If the price manages to creep upwards in the next few sessions and [..]

Technical Analysis – XRPUSD finds support at 20-SMA after rally stalls

Posted on October 12, 2022 at 1:28 pm GMT

XRPUSD has slid from the two-and-a-half week high of 0.5481 where it started the week to around 0.4880, which coincides with the 20-day simple moving average (SMA). The 20-day SMA has been acting as a support buffer during the latest upswing that began in mid-to-late September. The momentum indicators suggest there may be further selling pressure in the near term as the stochastics are trending lower. However, although the RSI is also falling, it now appears to be flatlining, hinting [..]

Technical Analysis – EURCHF flatlines around 50-day SMA as momentum dwindles

Posted on October 12, 2022 at 11:17 am GMT

EURCHF is hovering around its 50-day simple moving average (SMA) at 0.9664 after slipping below the Ichimoku cloud and after last week’s high failed to top the previous peak in September, signalling that the bearish structure remains intact for now. The momentum indicators point to further neutral bias in the near term. The RSI is flatlining exactly at the 50 neutral level, while the MACD histogram is also flat. However, the MACD’s red signal line continues to climb and remains [..]

Technical Analysis – EURGBP finds support near the 20-day SMA above 0.8800

Posted on October 12, 2022 at 10:13 am GMT

EURGBP is finding safety above the 20-day simple moving average (SMA), following a heavy selling pressure after hitting a 21-month high of 0.9250. The market is currently developing above the long-term uptrend line; however, the technical oscillators are showing some weak signs. The RSI is pointing down in the bullish area, while the stochastics failed to jump above the overbought region. If prices continue to rise, they might reach the multi-month high of 0.9250 or encounter initial resistance at the 0.9290 barrier, registered in 2009. But if the current upward [..]

Technical Analysis – JPMorgan’s stock plunges to 2-year low ahead of earnings

Posted on October 12, 2022 at 9:25 am GMT

JPMorgan’s stock has completely erased its remarkable 2021 uptrend, which peaked at a record high of 172.75 a year ago, despite the Fed’s rate hike cycle. The price plunged to 101.72 on Tuesday, reaching the lowest level since November 2020 ahead of the bank’s quarterly earnings results. From a technical perspective, the bearish wave in the four-hour chart has not bottomed out yet as the RSI continues to slide towards its 30 oversold level. Moreover, the stochastics are moving sideways below 20, [..]

Technical Analysis – Gold pauses decline near familiar support

Posted on October 12, 2022 at 8:16 am GMT

Gold opened Wednesday’s session gently up after finding fresh buying interest around the 1,660 level. There is a ray of hope that market sentiment may improve as the RSI and the MACD are trying to change direction to the upside. Yet, some caution is still required as the 1,670 zone seems to have resumed its resistance role. The 20-period simple moving average (SMA), which ceased bullish pressures last week, is also within breathing distance. Should the recovery continue above the 50- and [..]

Technical Analysis – USDJPY storms to fresh 24-year highs, flirts with intervention

Posted on October 12, 2022 at 8:10 am GMT

USDJPY has been in a prolonged uptrend since early March, crossing above its historical resistance levels and generating consecutive multi-year highs. Moreover, despite the recent consolidation, the positive tone appears to be strengthening in the near term as the pair has edged higher today to a fresh 24-year high of 146.38. The short-term oscillators currently indicate that bullish forces are intensifying. Specifically, the RSI is sloping upwards towards its 70-overbought area, while the MACD histogram is strengthening in the positive region, [..]

Technical Analysis – NZDUSD rises after hitting new 31-month low

Posted on October 12, 2022 at 7:31 am GMT

NZDUSD is posting some gains after the selling interest towards the 31-month trough of 0.5530. The technical oscillators are suggesting positive movements in the short-term, as the MACD moved above its trigger line, while the stochastic posted a bullish crossover within the %K and %D lines in the oversold zone. The short-term simple moving averages are heading south following the downside movement. More upside pressures could drive the market until the immediate resistance of the 20-day SMA at 0.5740 before [..]

Technical Analysis – JP 225 index flags more bearish actions ahead

Posted on October 11, 2022 at 7:52 am GMT

Japan’s 225 stock index (cash) drifted southwards after its latest bullish correction ceased at the crossroads of the 20- and 200-day simple moving averages (SMAs) around 27,185. Also, the price could not find enough buyers to reclaim the support-turned-resistance trendline drawn from the pandemic trough, remaining within a broad bearish channel too. The 26,230 constraining zone is currently in target on the downside, as the negative reversal in the RSI and the soft pullback in the MACD keep the bias on the bearish side. Should that [..]

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