Technical Analysis / Page 62

Technical Analysis – Gold keeps negative to neutral bias in near term

Posted on January 11, 2024 at 9:25 am GMT

Gold finds resistance at 200-period SMA MACD and RSI weaken Gold prices are moving within a narrow range, with upper boundary the 2,042 resistance level and lower boundary the 2,017 support in the 4-hour chart. The price is currently developing below the 200-period simple moving average (SMA) and is also finding support at the 20-period SMA. Technically, the RSI is heading south after the bounce off the 50 level; however, the MACD is showing some signals for an upside movement [..]

Technical Analysis – GER40 cash index calmness could end soon

Posted on January 11, 2024 at 8:58 am GMT

GER40 index remains a tad below its all-time high It is currently 15% higher than the October 2023 low Momentum indicators are somewhat mixed at this juncture The GER40 cash index is trading higher today and remains a tad below the December 14, 2023 high of 17,004. It has recorded an impressive 15% rally since the October 27, 2023 low, with the bulls possibly taking a breather without risking their hard-earned gains. The bears are looking for an opening to [..]

Technical Analysis – USDCHF steady within bearish channel

Posted on January 11, 2024 at 8:50 am GMT

USDCHF retains a neutral pace ahead of US CPI inflation Encouraging signals detected, but rally above 0.8600 required USDCHF has been gently moving sideways, unable to post durable gains above the 0.8500 level after the bounce off a nine-month low of 0.8331 at the end of 2023. Both the RSI and the MACD have been trending up over the past week, reflecting improving sentiment in the market. Yet, the former is still some distance below its 50 neutral mark, indicating [..]

Technical Analysis – WTI crude oil remains within descending channel

Posted on January 11, 2024 at 8:34 am GMT

WTI oil holds beneath 20-day SMA 200-day SMA looks like significant resistance WTI crude oil futures with delivery in February have been developing within a descending channel since the end of September. Currently, the market is holding beneath the 20-day simple moving average (SMA) and near the 72.00 number with strong resistance being the 74.25 barrier as well. The MACD oscillator is travelling above its trigger line in the negative region, while the RSI is moving horizontally beneath the neutral [..]

Technical Analysis – JP 225 index rockets to 34-year high

Posted on January 10, 2024 at 4:20 pm GMT

JP 225 index re-activates 2023 uptrend More upside likely but gains could be limited Japan’s 225 stock index (cash) rocketed to a 34-year high of 34,827 on the back of a tech rally on Wednesday and there might be space for further progress. Both the RSI and the stochastic oscillators have surged into the overbought territory, but they have yet to show signs of weakness, reflecting a bullish bias. Besides, there is no major resistance in sight until the upper band of the [..]

Technical Analysis – USDJPY turns up, but is the rebound sustainable?

Posted on January 10, 2024 at 9:06 am GMT

USDJPY aims for a bullish breakout ahead of Thursday’s US CPI data Momentum indicators are encouraging, but trend signals are still cautious USDJPY found new buyers near its 200-day simple moving average (SMA) at 143.40 on Tuesday, drifting higher to close mildly positive on the day. Upside pressures persisted early on Wednesday, bringing the important 144.70 region, which coincides with the 38.2% Fibonacci retracement of the previous downleg, back under examination. A durable move above that border could be the key [..]

Technical Analysis – Is NZDUSD on the brink of another decent move?

Posted on January 10, 2024 at 8:52 am GMT

NZDUSD continues to trade sideways It is almost at the midpoint of its 2023 rectangle Momentum indicators are in waiting mode NZDUSD is in the green today but it continues to range-trade. Market participants appear to be in waiting mode with the bears trying to engineer another correction in order to recoup part of the losses incurred during the October-December upleg. They have managed to keep NZDUSD below the November 14, 2023 trendline but they probably need stronger US data [..]

Technical Analysis – Bitcoin climbs to new 21-month high ahead of ETF decision

Posted on January 9, 2024 at 3:07 pm GMT

BTCUSD rallies and hits new 21-month high RSI and MACD detect positive momentum Bearish reversal to be considered upon dip below $41,200 BTCUSD surged yesterday, breaking back above $45,000 and hitting a new 21-month high at $47,282. It seems that the euphoria around the potential approval of a spot-Bitcoin ETF by the Securities and Exchange Commission (SEC) has been the main driver behind the current uptrend, increasing the chances for a sell-the-fact response at the time of the announcement. That [..]

Technical Analysis – Boeing stock finds support at 50-day SMA after gap down

Posted on January 9, 2024 at 12:50 pm GMT

Boeing shares plunge after mid-air blowout incident But negative momentum may already be waning Can the stock stage a rebound? Boeing stock tumbled by 8% on Monday on worries about how the business might be hit from the blowout of a window in a Boeing plane in mid-flight. The stock had already gone into correction at the end of December, slipping below its 20-day simple moving average (SMA). But Monday’s panic selloff appears to have been halted by the 50-day [..]

Technical Analysis – US 100 cash index in waiting mode

Posted on January 9, 2024 at 10:43 am GMT

US 100 index remains a tad below its recent all-time high Strong reaction on Monday after last week’s anaemic performance Momentum indicators are mostly trading sideways The US 100 cash index is lower today following Monday’s very strong green session. The index is currently trading a tad below the November 22, 2021 high at 16,767 and not far from its recently recorded all-time high of 16,972. The bears would hope for a stronger correction, but the market appears to be in [..]

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