Technical Analysis / Page 67

Technical Analysis – Gold battles with 50% Fibo amid declining volatility

Posted on December 20, 2023 at 12:45 pm GMT

Gold has been trading sideways in the four-hour chart The narrowing Bollinger bands point to lower volatility ahead Momentum indicators deteriorate but remain positive Gold had been stuck in a rangebound pattern in the four-hour chart, following its persistent inability to conquer the 50.0% Fibonacci retracement of the 1,931-2,144 upleg. Although the short-term oscillators are reflecting fading positive momentum, near-term risks remain cautiously tilted to the upside. Should the price manage to claim the 50.0% Fibo of 2,038, immediate resistance could be [..]

Technical Analysis – GER 40 index near new highs at the end of 2023

Posted on December 20, 2023 at 12:13 pm GMT

GER 40 looks strongly bullish However, RSI suggests overbought market As the 2023 is coming to an end, the GER 40 index added more than 17% after the bounce off the 14,600 support level and the 100-week simple moving average (SMA). The price reached a new high near 17,003.90 in the previous week and lost some of its upside momentum, falling lower. According to technical oscillators, the RSI is flattening marginally below 70, suggesting a weakening positive bias; however, the [..]

Technical Analysis – Apple stock eases from record high

Posted on December 20, 2023 at 10:45 am GMT

Apple shares post a fresh all-time peak Stock pares some gains after advance got overstretched Oscillators ease from overbought conditions Apple’s shares have been experiencing a steep uptrend since their October bottom of 165.50. Last week, the price recorded a fresh record high of 199.40 before undergoing a minor setback, with the momentum indicators relaxing from their overbought territories. Should the recent pullback extend, the price could initially test 191.11, which is the 78.6% Fibonacci retracement of the 198.08-165.50 downleg. Further declines [..]

Technical Analysis – Caterpillar stock continues to fly, hits record high

Posted on December 20, 2023 at 10:12 am GMT

Caterpillar closes at new all-time high on Tuesday Short-term picture increasingly bullish But stock is looking overbought Caterpillar stock closed at a new all-time high of 292.76 on December 19, extending its winning streak from the October low. The long-term uptrend that started in September 2022 underwent a second big downside correction between August and October, but the latest bullish phase is in danger of running out of steam as the momentum indicators have entered their overbought regions. The RSI [..]

Technical Analysis – Could EURGBP bulls keep the rebound alive?

Posted on December 20, 2023 at 8:17 am GMT

EURGBP edges higher after weaker UK CPI Path higher filled with strong resistance points Momentum indicators are mostly bullish EURGBP is trading higher today after the downside surprise registered by the UK inflation report. The 0.8635 level was easily surpassed with the EURGBP bulls now preparing to test the resistance set by the 0.8657-0.8720 area. They are just halfway to recovering the losses incurred during the November 20-December 1 correction. In the meantime, the momentum indicators appear supportive of the [..]

Technical Analysis – USDJPY holds within key lines

Posted on December 20, 2023 at 7:57 am GMT

USDJPY rebounds off 140.90 Momentum indicators suggest more gains in the near term USDJPY stormed higher after penetrating the 200-day simple moving average (SMA) but found strong resistance at the 200-day exponential moving average (EMA), recouping some of last week’s losses. The RSI indicator bounced off the 30 level but is flattening, while the MACD is moving higher after the slip beneath its trigger line. If the bullish pressures persist, the price could revisit the 20-day SMA at 146.15 and [..]

Technical Analysis – US 500 index rallies to new highs in 2023

Posted on December 19, 2023 at 10:19 am GMT

US 500 completes 8 green weeks Overall trend remains overwhelmingly positive The US 500 cash index rose to its highest level of 4,801 in at least two years. The index is recording the eighth straight green week following the strong rebound off the ascending trend line and the 4,120 support level. Weekly oscillators suggest that upside momentum is still gaining steam, reflecting the latest bullish rally in the market. The RSI has turned up and is ready to cross above the 70 level, while [..]

Technical Analysis – USDCAD forms bullish double bottom

Posted on December 19, 2023 at 9:01 am GMT

USDCAD creates bullish formation after sharp decline A close above 1.3400 could boost buying sentiment Canadian CPI figures for November due at 13:30 GMT USDCAD entered a range trade following the slump to a four-and-a-half month low of 1.3349 last Friday. In the four-hour chart, the ongoing sideways move seems to have taken the shape of a bullish double bottom pattern, increasing optimism the pair might soon change direction to the upside. In other encouraging signals, the RSI has bounced off [..]

Technical Analysis – EURJPY retraces higher as 200-day holds ground

Posted on December 19, 2023 at 8:44 am GMT

EURJPY falls sharply but the 200-day SMA acts as a strong floor Repeated failure to violate the latter triggers an upward spike Momentum indicators improve, but remain in negative zones EURJPY had been experiencing a steep pullback from its recent 15-year peak of 164.28, which ceased at the crucial 200-day simple moving average (SMA). In today’s session, the pair has gained significant ground in its attempt to erase the recent correction. Should buying pressures intensify further, the June-July resistance of 157.93 could [..]

Technical Analysis – GBPUSD attempts to recoup some losses

Posted on December 19, 2023 at 7:46 am GMT

GBPUSD maintains weak bias in near term Falls from 4-month high MACD and RSI suggest horizontal move GBPUSD climbed to a new four-month high in the previous week, but it reversed lower again, falling beneath the 61.8% Fibonacci retracement level of the down leg from 1.3140 to 1.2035 at 1.2720. The next major support level for traders to have in mind is the 20-day simple moving average (SMA) at 1.2615, with the technical oscillators confirming another bearish wave. The MACD [..]

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