Technical Analysis / Page 649

Technical Analysis – WTI oil futures unlock fresh tops in overbought area

Posted on April 23, 2019 at 8:08 am GMT

WTI oil futures extended their bullish momentum above the 66 level and towards fresh six-month highs on Tuesday. While the RSI has re-entered the overbought territory, the Stochastics have yet to post a bearish cross above 80, indicating that there is still some room for improvement in the short term. Trend signals are also positive as the market action is currently taking place above moving averages and the Ichimoku cloud. The bulls are expected to find immediate resistance near 66.63, identified by the peak on January 2017. To take [..]

Technical Analysis – GBPUSD declines below 1.3000, posting 1-month low

Posted on April 23, 2019 at 6:37 am GMT

GBPUSD tumbled over the previous four consecutive days, plunging below the medium-term ascending trend line and creating a short-term descending line after the pullback on the nine-month high of 1.3380 in the daily timeframe. Also, the pair declined beneath the key level of the 38.2% Fibonacci retracement level of the upleg from 1.2390 to 1.3380, around 1.3000, recording a fresh one-month low of 1.2975. Regarding to the technical picture, the 20- and 40-simple moving averages (SMAs) posted a bearish crossover [..]

Technical Analysis – Brent futures trade near multi-month high; upward sloping range holds

Posted on April 22, 2019 at 1:13 pm GMT

Brent futures skyrocketed towards a multi-month high of 74.30 earlier today but are currently moving slightly below this level. The red Tenkan-sen and the blue Kijun-sen lines are flattening below the price action, suggesting a flat bias after the aggressive buying interest. According to the RSI, the market seems to be ready for negative correction as the index is moving sideways in overbought zone, while the stochastic is edging lower after it touched the 80 level. If the price extends [..]

Technical Analysis – CADJPY squeezed by Bollinger band; strong movement is expected

Posted on April 22, 2019 at 12:03 pm GMT

CADJPY has been finding strong support on the bullish cross of the 20- and 40-day simple moving averages (SMAs) since the beginning of this month, creating a narrow sideways move above the 50.0% Fibonacci retracement level of the downleg from 89.25 to 76.60, near 82.90. Having a look at the momentum indicators, the RSI is pointing up above the neutral threshold of 50 and the MACD is hovering marginally above the trigger and zero lines. Also, the price action holds above the mid-level of [..]

Technical Analysis – Gold stops sell-off near 4-month lows; eyes on downtrend line

Posted on April 22, 2019 at 9:47 am GMT

Gold printed fresh losses last week after remaining mostly stable in the first half of the month, slipping near a four-month low of 1,271 on Friday. The price, however, has been flirting with the lower Bollinger band in the past three sessions, while the Stochastics have already registered a bullish cross in oversold area below 20, both justifying today’s upside momentum in the market. Still, the line connecting the lower highs from the 1,346 peak, and a price below the Ichimoku cloud and its [..]

Technical Analysis – Twitter stock declines below red Tenkan-sen line; neutral in long term

Posted on April 22, 2019 at 9:38 am GMT

Twitter stock price has been developing within a consolidation area over the last nine months with upper boundary the 37.10 resistance level and lower boundary the 26.20 support barrier. From the technical point of view, the market could experience some softness in the short term, as the RSI is slipping towards its 50 neutral level and the MACD oscillator is holding below its trigger line, confirming the recent weak movement in price action. The 50 and 200-day simple moving averages (SMAs) are in [..]

Technical Analysis – EURUSD drops beneath SMAs in descending channel

Posted on April 22, 2019 at 6:19 am GMT

EURUSD is looking bearish in the short term after creating a descending channel over the last three months. Also, the price declined beneath the moving averages on Thursday and the technical indicators are all pointing to further negative momentum. The stochastics are heading south with the %K line entering the oversold zone, suggesting plenty of scope for additional bearish moves. The MACD is ready to cross below its trigger line in the negative zone. Immediate support to further losses would [..]

Technical Analysis – EURGBP consolidates the last 2 months; indicators suggest bullish bias

Posted on April 19, 2019 at 11:16 am GMT

EURGBP is in a neutral mode after tumbling below the 38.2% Fibonacci retracement level of the downleg from the 15-month high of 0.9110 to the 22-month low of 0.8470 on February 19; prices are consolidating within the 0.8715 resistance and the 0.8470 support. The technical indicators, however, are pointing to positive momentum in the near term. The MACD is strengthening its movement above its trigger and zero lines, while the RSI holds in positive area and is turning slightly higher. It is worth mentioning [..]

Technical Analysis – US 500 index flies near 6-month peak; all-time high is near

Posted on April 19, 2019 at 9:12 am GMT

The US 500 index price skyrocketed to a fresh six-month high of 2918 on Thursday before it pared those gains later in the day. The price is holding above the red Tenkan-sen line as well as above the ‘golden cross’ within the 50- and 200-simple moving averages (SMAs). Technically, the RSI indicator is pointing marginally up near the overbought territory. However, the MACD oscillator is developing with stable momentum over the last sessions, despite the strong upside rally in the [..]

Technical Analysis – USDCAD finalizes symmetrical triangle formation

Posted on April 19, 2019 at 7:15 am GMT

USDCAD had another uneventful week as it was congested within the 1.33 area. According to the RSI and the MACD the pair is likely to continue consolidating in the short-term as both indicators show no clear direction. Yet and more interesting, the market seems to be completing a symmetrical triangle, hinting that the sideways move may soon come to an end. A breakout from the upper trendline currently seen around 1.34 would mark the start of a bullish phase, while only a close above 1.3445 would confirm a growing uptrend. Further up, the area [..]

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