Technical Analysis / Page 25

Technical Analysis – WTI futures tick up after bouncing off 50-SMA

Posted on April 24, 2024 at 8:18 am GMT

WTI futures develop within a bullish channel since December Price retreats from a 6-month high but finds support at 50-day SMA Oscillators suggest intensifying positive momentum WTI oil futures (June delivery) have been in a constant uptrend since bottoming out at 69.97 in December, posting a fresh six-month peak of 86.90 on April 12. Despite experiencing a pullback from its highs, the price managed to find its feet at the 50-day simple moving average (SMA) and recoup some losses. Should the rebound resume, immediate resistance [..]

Technical Analysis – GBPUSD bounces off 1.2300 but remains at risk

Posted on April 24, 2024 at 7:55 am GMT

GBPUSD posts new 5-month low Price holds in bearish tendency MACD and stochastics suggest upside move GBPUSD is recovering from the five-month low of 1.2300 that was posted on Monday and is heading towards the restrictive region of 1.2495-1.2520. The pair has started a bearish tendency since the price peaked at 1.2892 in the short-term timeframe. According to technical oscillators, the MACD is trying to cross its trigger line to the upside beneath the zero level. Also, the stochastic oscillator [..]

Technical Analysis – AUDUSD gears up after disappointing US PMIs

Posted on April 23, 2024 at 2:56 pm GMT

AUDUSD accelerates above 50-period SMA A new barrier under examination is at 0.6585 Technical risk skewed to the upside Australian CPI data due on Wednesday at 01:30 GMT AUDUSD spiked to 0.6479 in the wake of weaker-than-expected US S&P Global business PMI figures, surpassing its 50-period exponential moving average (EMA), which had been capping bullish actions over the past couple of hours. The 0.6485 constraining zone is currently under examination, and according to the technical indicators in the four-hour chart, the [..]

Technical Analysis – Meta stock falls below 50-SMA ahead of earnings

Posted on April 23, 2024 at 2:39 pm GMT

Meta stock pulls back from its all-time high Violates the 50-day SMA ahead of Q1 earnings call Momentum indicators turn negative Meta’s (Facebook) stock has been in a steep uptrend since the beginning of the year, posting a fresh all-time high of 531.00 on April 8. However, the pair has come under selling pressure following its recent record peak, with the bears pushing the price below the 50-day simple moving average (SMA) ahead of its Q1 earnings. If the earnings report [..]

Technical Analysis – UK 100 index hits new all-time highs but rally may be cooling

Posted on April 23, 2024 at 9:49 am GMT

UK 100 index reaches 8,000 milestone But further gains may have to wait as uptrend starts to lose steam The UK 100 stock index (cash) closed at a new all-time high of 8,046.44 on Monday and climbed to an intra-day record of 8,077.25 earlier today. But whilst another record close is possible in the near term, positive momentum appears to be waning. The RSI is currently edging sideways slightly below the 70 overbought mark, while the MACD seems to [..]

Technical Analysis – US 500 index rebounds off 2-month low below 5,000

Posted on April 23, 2024 at 8:55 am GMT

US 500 index erases bearish correction MACD and RSI show mixed signals The US 500 cash index is recouping some losses after it lost almost 6% from the 5,240 high. The price dived to a fresh two-month low of 4,924 but failed to have a closing day beneath the 100-day simple moving average (SMA). The market has been in a downside correction in the short-term view with the MACD endorsing this view as it is standing beneath its trigger and [..]

Technical Analysis – Is Tesla’s bearish spiral about to end soon?

Posted on April 23, 2024 at 8:30 am GMT

The week begins with Tesla stock hitting new lows. Critical support trendline raises hopes for a bullish reversal Q1 earnings to be announced on April 23 after the bell Tesla’s stock started Monday’s session with a downward gap, hitting a nearly 18-month low of 138.84, before ending the day with minimal gains at 141.88. With a substantial portion of the January-July 2023 uptrend retraced, investors are now watching closely to see if there will be a bullish rotation in [..]

Technical Analysis – NZDUSD bounces off a 5-month low

Posted on April 23, 2024 at 7:29 am GMT

NZDUSD declines sharply within descending channel Drops to its lowest since November before paring some losses Oscillators are deep in their negative territories NZDUSD has been in an aggressive downtrend since its double rejection at the 0.6217 region in early March. Although the pair posted a fresh five-month bottom of 0.5851 last week, it seems that the retreat has paused for now. Given that both the RSI and MACD remain tilted to the downside, the price might revisit 0.5899, which is the [..]

Technical Analysis – Is gold ready for bearish correction?

Posted on April 23, 2024 at 6:44 am GMT

Gold dives towards 2,300 MACD and RSI decline from overbought regions Gold prices have been underperforming in the past two days, breaking back below the 2,320 and the 20-day simple moving average (SMA). Momentum indicators are pointing to a negative bias in the short term with the RSI ticking strongly to the downside. The MACD is easing beneath its trigger line losing its positive momentum. Both are confirming that a downside correction may be on the cards. Further losses could see the 161.8% [..]

Technical Analysis – EURGBP brings bullish scenario back to the table

Posted on April 22, 2024 at 3:38 pm GMT

EURGBP trends higher, defends double bottom pattern Technical indicators suggest limited room for improvement Bulls must close above 0.8630-0.8650 region to continue higher EURGBP refused to close below the 0.8528 support territory and instead bounced up aggressively to print a new higher high at 0.8642 on Monday – the highest since January 2024. The latest bullish wave put confidence back in the February-March double bottom pattern, which is a sign of a positive trend reversal. Yet, with the RSI and [..]

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