Technical Analysis / Page 85

Technical Analysis – US 100 cash index edges lower; key levels ahead

Posted on October 23, 2023 at 9:28 am GMT

US 100 cash index remains under bearish pressure Prepares to test the September lows as geopolitics dictate sentiment Momentum indicators point to a continuation of the current move The US 100 cash index is trying to record its fifth consecutive red candle for the first time since April. The bears continue to take advantage of the current bearish sentiment that is fuelled by unfolding geopolitical developments. Their main target appears to be a lower low, below the recent 14,430 low, in [..]

Technical Analysis – Gold pulls back after touching 2,000

Posted on October 23, 2023 at 7:12 am GMT

Gold surges to a 5-month high on geopolitical tensions Retreats slightly before claiming the 2,000 psychological mark Momentum indicators suggest overbought conditions Gold has been in a steep uptrend after bouncing off its October low, jumping back above crucial technical regions such as the 200-day simple moving average (SMA) and posting a fresh five-month peak of 1,997. However, bullion experienced a minor correction due to reaching overbought levels. Should buying interest persist, the July peak of 1,987 could initially curb bullion’s [..]

Technical Analysis – EURGBP snaps key barriers, but one more remains

Posted on October 20, 2023 at 8:22 am GMT

EURGBP heads for a strong weekly close Bull run faces another challenge at 0.8740 EURGBP recorded a couple of bullish achievements this week, ascending above the resistance trendline, which halted September’s bull run, and crawling above the 200-day simple moving average (SMA) for the first time since May. The price resumed its bullish momentum on Friday to unlock a six-month high of 0.8736, but the 50% Fibonacci retracement of the 0.8201-0.9249 upleg at 0.8725 might prove challenging as the RSI and the stochastic [..]

Technical Analysis – USDCAD retraces higher towards 6-month high

Posted on October 20, 2023 at 7:19 am GMT

USDCAD attempts to completely erase its latest pullback On track to test the 6-month peak of 1.3784 Momentum indicators are heavily tilted to the bullish side USDCAD had been in a steady advance since late September, posting a fresh six-month high of 1.3784 on October 5. Although the pair corrected to the downside, it quickly found its feet and recouped some losses, while both the RSI and MACD are endorsing this rebound as they are deep in their positive zones. Should buying [..]

Technical Analysis – BTCUSD consolidates above 200-day SMA

Posted on October 19, 2023 at 1:57 pm GMT

BTCUSD reclaims crucial 200-day SMA, posting 2-month high Trades flat in the past few daily sessions Momentum indicators are heavily tilted to the bullish side BTCUSD (Bitcoin) had been forming a structure of higher highs and higher lows since its bounce off the September bottom of 24,915. Moreover, the price jumped above the 200-day simple moving average (SMA) after several failed attempts, but this bullish outbreak failed to trigger a rally. If the bulls keep applying upside pressures, the price could initially [..]

Technical Analysis – Netflix stock set for a great open

Posted on October 19, 2023 at 1:20 pm GMT

Netflix to rally after upbeat subscription numbers Bullish trend reversal not likely yet Netflix attracted an outsanding number of 8.8 million new net subscribers during the third quarter probably on the back of password sharing restrictions, with its stock trading almost 15% higher during the pre-market hours on Thursday. The price halted its latest decline near the former resistance of 345 taken from April-May 2023. This could be an ideal place for a rebound, though sentiment could remain fragile [..]

Technical Analysis – Will the US 500 index put brakes to the bearish storm?

Posted on October 19, 2023 at 11:39 am GMT

The US 500 index follows a short-term negative path Approaches key support area. Will the bulls take control? The US 500 stock index (cash) is probably set for another bearish round on Thursday as the technical signals remain gloomy. The RSI has fallen back below 50 and the stochastic oscillator is not yet at its oversold level of 20, indicating that sellers still have momentum. In other discouraging signs, the shorter- and longer-term simple moving averages (SMAs) have negatively [..]

Technical Analysis – Gold advances above 200-day SMA

Posted on October 19, 2023 at 7:53 am GMT

Gold violates crucial trendline as geopolitical tensions increase Erases its October decline, marching to a fresh 2-month high Momentum indicators reach overbought levels Gold has been in a steep uptrend after bouncing off its October low, jumping back above crucial technical regions such as the 200-day simple moving average (SMA) and the Ichimoku cloud. Although the short-term oscillators are hinting that the advance is overstretched, fresh geopolitical concerns may add more fuel to the latest rally. Should buying interest persist, the recent two-month peak of [..]

Technical Analysis – WTI oil futures await the green light from 88.50

Posted on October 19, 2023 at 7:39 am GMT

WTI oil retains upward move Bulls may retry push higher, but resistance still nearby WTI oil futures could not sustain strength above June’s broken support trendline at 87.50 on Wednesday despite a flash spike to 88.55. The 23.6% Fibonacci retracement of the previous uptrend also proved a heavy obstacle at 88.50. Fortunately, the price closed marginally above its 20-day moving average (SMA) and held within the upper bullish Bollinger area, suggesting sentiment still favors the upside. The RSI has risen [..]

Technical Analysis – EURJPY attempts breakout above cloud but meets tough resistance at 158.60

Posted on October 18, 2023 at 10:37 am GMT

EURJPY turns more bullish after rising above 50-day SMA and cloud But 158.60 level proving to be a more difficult obstacle Bigger picture remains neutral EURJPY has gained some positive traction in recent days after clearing both the 50-day simple moving average (SMA) as well as the top of the Ichimoku cloud. However, the bulls can only claim partial victory because there is a high risk of a pullback if the pair is unable to break above the 158.60 hurdle, [..]

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