Technical Analysis / Page 50

Technical Analysis – BTCUSD advances towards crucial resistance

Posted on February 8, 2024 at 1:21 pm GMT

BTCUSD ascends sharply after claiming 50-day SMA Currently challenges the December peak of 44,785 Momentum indicators are starting to look overbought BTCUSD (Bitcoin) experienced a strong decline from its recent two-year peak of 49,051, dropping to as low as 38,460. However, the price has managed to storm back and recoup a significant part of its losses, testing the crucial 44,785 resistance zone on Thursday. If the price conquers the December peak of 44,785, the bulls could then aim for the January resistance [..]

Technical Analysis – Nvidia goes supernova, hits new record highs

Posted on February 8, 2024 at 12:12 pm GMT

Nvidia shares continue their unstoppable rally Momentum oscillators are at extreme levels Uptrend may encounter some resistance near 730 Nvidia shares have risen more than 41% already this year, extending their rally to reach consecutive record highs. The stock is in a powerful uptrend, although some technical oscillators suggest the latest move is overextended, generating the risk of a pullback. Specifically, the RSI and the MACD are both at extreme overbought levels, with the MACD hitting its highest level on [..]

Technical Analysis – WTI oil futures need one more confirmation

Posted on February 8, 2024 at 11:53 am GMT

WTI oil aims for some recovery but lacks confidence Price fluctuates within a bullish channel Resistance at 74.40; support at 72.70 WTI oil futures have been tip-toeing higher after last week’s steep downfall paused at the lower boundary of a short-term bullish channel. The price posted a doji green candlestick on Monday with scope to change direction higher, but gains have been limited so far, and currently constrained below the 20-day simple moving average (SMA) at 74.40. The technical indicators [..]

Technical Analysis – US 30 index flirts with all-time high

Posted on February 8, 2024 at 10:19 am GMT

US 30 index retains bullish outlook above uptrend line Technical oscillators indicate more gains The US 30 (cash) index is traveling slightly below the all-time high of 38,782 and above the medium-term rising trend line, suggesting a potential move to the upside again. Given the current positive momentum, the question now is whether the index will stay resilient above the 38,108 key region. A clear step below it and beneath the uptrend line as well as the 161.8% Fibonacci extension level of [..]

Technical Analysis – AUDUSD bounces off 2024 low

Posted on February 8, 2024 at 8:37 am GMT

AUDUSD hits its lowest level since mid-November Although decline halts, rebound looks unconvincing Momentum indicators remain tilted to the downside AUDUSD has been in a constant decline after peaking at 0.6870 in December, breaking below both its 50- and 200-day simple moving averages (SMAs). This week, the price fell to a fresh two-month bottom of 0.6467 before recouping some losses, while the short-term oscillators still suggest that bearish forces are holding the upper hand. Should bearish pressures persist, the price could revisit [..]

Technical Analysis – Gold eases above uptrend line

Posted on February 8, 2024 at 8:06 am GMT

Gold prices find resistance at 200-period SMA MACD and RSI still near neutral levels Stochastics suggest bearish correction Gold prices are struggling to surpass the 200-period simple moving average (SMA) around 2,039 but the outlook remains bullish in the short-term timeframe as the ascending trend line is still in place. The RSI is above its 50 neutral mark, although weaker, and the MACD is keeping its footing above its trigger line as it flatlines around zero, both reflecting that buyers [..]

Technical Analysis – EURCHF looks to extend gains but tough obstacles ahead

Posted on February 7, 2024 at 3:30 pm GMT

EURCHF headed for sixth day of gains Positive momentum enjoys increased traction But can the pair break above the descending trendline? EURCHF is testing its moving averages on Wednesday, as it attempts to build on its recent gains. Having surpassed the 20-day simple moving average (SMA) earlier in the session, the focus now is on the 50-day SMA. But the latter corresponds with the medium-term descending trendline, making this a potentially difficult barrier to beat. Should it succeed, this would [..]

Technical Analysis – EURJPY rotates lower as rebound falters

Posted on February 7, 2024 at 3:27 pm GMT

EURJPY bounces back after 50-day SMA prevents decline But reverses lower again, finding support at descending trendline Momentum indicators are neutral-to-negative EURJPY has been sliding lower in the short term, following its rejection at 161.85 in late January. Despite its temporary rebound at the 50-day simple moving average (SMA), the pair has been on the retreat again, holding marginally above the downward sloping trendline taken from its 15-year peak of 164.28. Should selling pressures persist, the price could initially test the February [..]

Technical Analysis – HK50 index struggles to get past 50-day SMA

Posted on February 7, 2024 at 10:33 am GMT

HK50 index rebound runs into trouble at 50-day SMA Still plenty of positive momentum left But risk that bull’s latest attempt falters The HK50 stock index (cash) has turned lower after the latest rebound met resistance at the 50-day simple moving average (SMA) near 16,274. The index jumped by more than 5.5% in the first two trading days of the week before coming under selling pressure. The momentum indicators remain broadly bullish, with the stochastics and MACD still climbing and [..]

Technical Analysis – Disney’s stock confirms bullish trend pattern

Posted on February 7, 2024 at 9:51 am GMT

Disney trades weaker after market hours Trend signals point to higher highs Q1 earnings due on Wednesday after market close Disney’ stock traded lower by 1.06% after market hours following a rally to a nine-month high of 99.20 on Tuesday. Despite the cautious sentiment, the stock seems to have completed a short pennant formation ahead of the company’s earnings release, which is theoretically a signal of a positive trend continuation. The RSI and the stochastics are close to overbought [..]

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