Technical Analysis / Page 449

Technical Analysis – Copper futures retrace below cloud; bullish bias persists

Posted on October 27, 2020 at 3:56 pm GMT

Copper futures’ recent pullback from the 28-month high of 3.213 appears to have been muted by the 100-period simple moving average (SMA) around 3.068. The retreat slipped under the 50-period SMA at 3.113 and the Ichimoku cloud, where the price seems to have slowed its downward pace. The falling red Tenkan-sen line suggests strengthening negative momentum, while the flattening blue Kijun-sen line is conveying a stalling in the withdrawal from the recent peak. The short-term oscillators reflect the slight improvement [..]

Technical Analysis – Amazon stock finds support at ascending line; strongly positive in long term

Posted on October 27, 2020 at 2:23 pm GMT

Amazon stock continues to move inside the Ichimoku cloud, remaining in a bullish tendency over the past seven months, stretching its upward pattern. According to the MACD, positive momentum is fading as it is moving lower in the short-term. The RSI is approaching the neutral threshold of 50, suggesting some gains again. In the positive scenario, where the price continues to expand above today’s high, a new top could be formed around 3,544.67, where the multi-month high is located. If the market [..]

Technical Analysis – EURCHF rests in Ichimoku cloud; fails to improve bullish picture

Posted on October 27, 2020 at 11:13 am GMT

EURCHF is failing to boost the upside direction in the very short-term as the price is standing within the Ichimoku cloud. The RSI is falling below the 50 level while the MACD is still holding above the trigger line. Moreover, the 20- and 40-period simple moving averages (SMAs) are moving sideways near the current market price. Should the pair manage to strengthen its positive momentum, the next resistance could come around the 1.0747 hurdle ahead of a rally towards the [..]

Technical Analysis – GBPUSD loses fuel above cloud; sideways move forming

Posted on October 27, 2020 at 9:03 am GMT

GBPUSD appears to have stalled its thrust above the Ichimoku cloud, as the pair pulls back from the 1.3176 level towards the 50-day simple moving average (SMA). The horizontal 50-day SMA and the flattening Ichimoku lines promote further ranging in the pair. The short-term oscillators reaffirm diminishing positive momentum. The MACD is slightly in the positive region and marginally above its red trigger line, while the RSI is slipping towards its neutral 50 mark. Moreover, the declining stochastic lines are [..]

Technical Analysis – EURJPY lacks direction but trendline is a ray of hope

Posted on October 27, 2020 at 8:45 am GMT

EURJPY could not close above its 50-day simple moving average (SMA) for the second time this month despite piercing it, pulling back into the 123.00 area. The above bearish action kept the market trajectory from the 127.06 peak on the downside, but the short-term ascending trendline that has been navigating the price since the drop to 122.36 is a ray of hope that the pair may attempt to regain ground and re-challenge its 50-day SMA and the 124.00 region. That said, the [..]

Technical Analysis – WTI futures rise slightly in the very short term

Posted on October 27, 2020 at 7:56 am GMT

WTI crude oil futures reverse slightly higher following the bounce off 38.25 and paring some of the previous sessions’ losses. The commodity finds resistance at the red Tenkan-sen line at the same time that the technical indicators are heading north. The RSI is edging higher in the negative territory, while the stochastic is approaching the overbought zone. In the wake of more positive pressures, the market could meet resistance at the 20- and 200-period simple moving averages (SMAs) at [..]

Technical Analysis – AUDUSD consolidates under 100-MA, tilting picture bearish

Posted on October 26, 2020 at 2:59 pm GMT

AUDUSD is creeping sideways in the Ichimoku cloud after the 100-period simple moving average (SMA) capped advances off the 0.7020 mark. The gradual downward sloping SMAs are upholding a bearish tone, while the flattening Ichimoku lines are nudging the price closer to the descending trend line. The short-term oscillators are conveying conflicting signals in directional momentum. The MACD is hovering below its red signal line in the positive region, while the RSI is diminishing towards its 50 threshold. Yet, the [..]

Technical Analysis – Facebook stock extends recovery above SMAs

Posted on October 26, 2020 at 2:17 pm GMT

Facebook’s stock price is climbing again above the crucial 280.16 barrier and its simple moving averages (SMAs) after a bearish movement towards 243.57. Currently, the price is trying to pare some losses and shift the short-term bias back to positive. The MACD oscillator is extending its upside movement above its trigger and zero lines, while the RSI is strengthening its momentum above its neutral threshold of 50. In the event the recovery continues, resistance could initially emerge near the all-time high of 304.55 before the market challenges new paths [..]

Technical Analysis – US 500 index turns slightly lower after pullback off 3,550

Posted on October 26, 2020 at 10:09 am GMT

The US 500 index has reversed back down after finding resistance at the 3,550 level. This top is just below the all-time high of 3,588.24 that was reached on September 1. The momentum indicators are pointing to a neutral to negative bias in the short term with the RSI just above 50 and the MACD oscillator falling beneath its trigger line in the positive territory. Further losses should see the 40-day simple moving average (SMA) at 3,408 acting as major support around [..]

Technical Analysis – Gold in wait-and-see mode ahead of US election; bears eye 1,900

Posted on October 26, 2020 at 8:44 am GMT

Gold completed another indecisive week, maintaining a horizontal trajectory within the 1,848-1,930 area as the final countdown to the US election nears an end, the stimulus confusion remains intact, and vaccine hopes rise. The technical indicators justify the sideways move in the price, with the RSI remaining muted around its 50 neutral mark and the MACD stabilizing between its zero and signal lines. On the downside, the 1,900 level is a crucial barrier to watch, especially in the weekly chart [..]

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