Technical Analysis / Page 259

Technical Analysis – Wells Fargo’s stock battles with 200-SMA but downside risks linger

Posted on April 13, 2022 at 11:24 am GMT

Wells Fargo’s stock has been experiencing a downside correction since its recent rally was halted at the four-year high of 60.20 in February. Although the price managed to cease its decline and has been moving sideways in the last few sessions, the descending 50-day simple moving average (SMA) is closing the gap with the 200-day SMA, where a potential violation could reinforce the case of a sustained downtrend. The momentum indicators reflect a mixed picture for the share price as the stochastic oscillator is ascending, signalling that positive [..]

Technical Analysis – Gold sustains one-week bullish bearing despite minor recoil

Posted on April 13, 2022 at 8:50 am GMT

Gold’s latest positive incline is finding assistance from the climbing Ichimoku lines after finally being able to shake off the one-month sideways market, which the commodity adopted from the second half of March. The recent upturn in the slopes of the 50-and 100-period simple moving averages (SMAs) has now aligned with the 200-period SMA that continues to sponsor the broader uptrend. The ascending Ichimoku lines are indicating positive forces are intact, while the short-term oscillators are conveying mixed messages in [..]

Technical Analysis – EURGBP lacks direction in short-term; holds beneath SMAs

Posted on April 13, 2022 at 8:23 am GMT

EURGBP is consolidating beneath the 20- and 40-day simple moving averages (SMAs), holding within the Ichimoku cloud. The RSI indicator is pointing marginally up in the negative region, while the MACD is still strengthening its bearish move. If price action remains above 0.8295, there is scope to test the 40- and then the 20-day SMA currently at 0.8360 and 0.8367 respectively. Clearing these lines could see additional gains towards the 0.8380 resistance and the 200-day SMA at 0.8450. Rising above it [..]

Technical Analysis – JPMorgan’s stock extends decline ahead of earnings report

Posted on April 13, 2022 at 8:19 am GMT

JPMorgan’s stock has been trending downwards after peaking at the all-time high of 173.00 in October, erasing most of its 2021 rally. Moreover, the price is currently trading well beneath the Ichimoku cloud, while the steeply descending 50-day simple moving average (SMA) further endorses the bearish short-term picture. The momentum indicators suggest that selling forces have gained the upper hand. The MACD histogram is found below both zero and its red signal line, while the RSI is ticking downwards beneath [..]

Technical Analysis – NZDUSD plunges below 0.6800 and the uptrend line

Posted on April 13, 2022 at 7:13 am GMT

NZDUSD is moving back to a negative ground after it failed to cross above the short-term uptrend line in the preceding days. The MACD oscillator is losing momentum below its trigger line and around the zero level, while the RSI is pointing south in the negative territory, both suggesting that the next move could be to the downside. In the bearish scenario where the 38.2% Fibonacci retracement level of the down leg from 0.7220 to 0.6524 at 0.6790 halts upside movements, the [..]

Technical Analysis – USDJPY advances to a two-decade high in overbought zone

Posted on April 13, 2022 at 7:09 am GMT

USDJPY bulls returned on Wednesday to fight the key 125.27 – 125.85 region after a neutral day, with the price even touching an almost two-decade high of 126.00. The positive trajectory in the momentum indicators endorse the bullish action in the market, though with the RSI and the Stochastics hovering in the overbought region for a week now, a downside correction would not be a big surprise in the short term. Nevertheless, a decisive close above the 125.85 bar could confirm additional [..]

Technical Analysis – JP 225 index cedes more than fifty percent of one-month rally

Posted on April 12, 2022 at 1:37 pm GMT

The Japan 225 stock index (Cash) has temporarily found its feet around the 26,242 level but it’s evident that downside risks have yet to fully evaporate. The price currently resides south of the 200-period simple moving average (SMA) and is toying with the 50.0% Fibonacci retracement level of the ascent from the near 16-month low of 24,502, which reached the 28,649 high. Nonetheless, the diving 50-period SMA along with the rolling over of the 100-period SMA, together convey messages that [..]

Technical Analysis – Natural gas futures hit 13-year high in overbought zone

Posted on April 12, 2022 at 11:01 am GMT

Natural gas futures (May delivery) further brightened their long-term bullish outlook on Tuesday, stretching their impressive five-week rally to a new 13-year high of 6.825. Despite the clear positive pattern in the market, which is well endorsed by the upward-sloping simple moving averages (SMAs), some signs of weakness are already evident on the four-hour chart. The price has started to decelerate after printing a squeezed evening star candlestick earlier today, reflecting fading buying appetite. Likewise, the RSI and the Stochastics seem to [..]

Technical Analysis – AUDUSD’s bullish tone under strain ahead of 200 MA

Posted on April 12, 2022 at 10:15 am GMT

AUDUSD has rebounded off the 0.7400 handle, a region being underpinned by the rising 200-period simple moving average (SMA) currently at 0.7388. The easing of the positive slope of the longer-term 100-period SMA, and the rolling over of the 50-period SMA, which is nearing a bearish crossover of the 100-period SMA, are strong signs that a bearish trend may overwhelm the pair. Furthermore, the Ichimoku lines are indicating that downward forces are taking a breather. Meanwhile, the short-term oscillators are [..]

Technical Analysis – US 100 index posts losses after pull back off 61.8% Fibo

Posted on April 12, 2022 at 9:16 am GMT

The US 100 cash index is heading south after the pull back off the 61.8% Fibonacci retracement level of the down leg from 16,767 at 12,940 at 15,308, which also stands near the 100- and the 200-day simple moving averages (SMAs). The RSI indicator is flattening beneath the neutral threshold of 50, while the MACD is touching the zero level, remaining below its trigger line. Steeper decreases could open the way for a visit of the 23.6% Fibonacci of [..]

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