Supportandresistancezones
Technical Study of Fundamental Support for NVDA EarningsNASDAQ:NVDA is the NYSE:GE , NASDAQ:MSFT , or NYSE:GM of prior Great Bull Markets of the past. It is overly influential; when it moves so too do most of the other semiconductor, electronic components, gaming stocks, etc. Too much importance is placed on this one lone stock. It is just one of many companies that are leading this new Great Bull Market.
However, NVDA has an earnings report due out Wednesday May 22. The black line defines the support that has held the stock even when the overall sentiment of retail groups was selling other stocks down more steeply than this one. The sideways trend is not developed enough at this time to pattern out any excessive pricing above fundamentals.
The question is where are the fundamentals right now--obviously well above the lower level outlined in blue, which was the previous fundamental support level.
The sideways support of February, outlined in orange, was the start of a fundamental support level before retail traders and smaller funds went bonkers on their excitement about NVDA beating expectations.
One good indication that fundamentals are within the current wide sideways trend is the fact that this stock has been trending back up to a narrow sideways trend, outlined in green.
Watching this stock this week can provide some more information for pre earnings run activity. Holding through to the earnings date poses higher risk as HFTs are gapping stocks down on earnings news that is not bad news but a minor weakness somewhere in the earnings report.
GBP/USD Testing Daily Resistance Ahead of UK Data Sterling ended the week a touch lower versus the US dollar, down -0.2% and snapping a two-week bullish phase. As we enter the second full week of May, the GBP/USD currency pair will be monitored closely ahead of Tuesday’s employment and wage data out of the UK, with technical studies indicating a bearish move could be on the table.
Long-Term Picture
Price action on the monthly chart continues to hold under resistance at $1.2715, which has been the case since late 2023. This is currently reinforced by the daily chart wrapping up the week testing channel resistance, drawn from the high of $1.2894, a descending line complemented by a horizontal resistance level at $1.2527.
While one may argue that the monthly chart is in the early stages of an uptrend, the high at $1.3142, located near the next layer of resistance at $1.3111, would likely need to be breached before a long-term uptrend can be confirmed with any conviction.
As things stand, the monthly support level at $1.2173 is viewed as the next logical longer-term downside target for GBP bears and the trend currently supports sellers (this would be strengthened were a break of $1.2173 to be seen). This is also aligned with the daily chart’s downtrend, printing clear lower lows and lower highs since pencilling in a top at $1.2894. Further supporting bears, both monthly and daily charts reveal that the Relative Strength Index (RSI) is testing the underside of the 50.00 centreline, indicating possible resistance.
Short-Term Picture
From the H1 timeframe, price action concluded the week at the underside of resistance from $1.2530, set just ahead of the $1.25 handle. Space north of current resistance draws attention to prime resistance coming in from $1.2583-$1.2560. Knowing that the longer-term trend is facing southbound and daily price is testing resistance from $1.2527, H1 resistance from $1.2530 or the prime resistance at $1.2583-$1.2560 could be areas that sellers welcome this week, taking aim at $1.25, followed by H1 support from $1.2459 and perhaps $1.24.
XAUUSD LONG AND SHORTHi Guys, its been a long time since i published an analysis. and I'm back again
Gold sore the other day and reached the 2379 level which was the resistance, and has managed to cool off those buyers.
As always there are some demand and supply levels to take trade from. Our immediate demand level would be around 53-49 which upon reaching, with confirmation we will take trades. If the level is breached other levels below would become possible long points.
Those who want to go short ,currently level around 73-75 is a suitable point and above that levels 85,93,403,412,....
My view is that Before continuing higher market needs to see lower prices and demand levels to test.
* As always add your own intuition and logic into this analysis and proceed with safety measures in place.
Be honorable
Gold Buyers Back in the Fight; H1 Supports Call for AttentionControl changed hands in the gold space (XAU/USD) last week; buyers strengthened their grip, adding +2.5% and snapping a two-week losing streak a whisker off all-time highs of $2,431.
Technicals Favouring Buyers
Last week’s move was (technically) aided by support on the daily timeframe coming in from $2,280, a level which the Research Team were watching closely and recently noted the following (italics):
A move lower will unlikely breach bids from daily support at $2,280, which is an area buyers could look to defend as dip buyers (trend followers) attempt to enter the trend from support.
The above-mentioned support benefitted from a 1.618% Fibonacci projection ratio at $2,293. Among the Harmonic trading community, this is also referred to as an ‘alternate’ or ‘extended’ AB=CD formation. You will note that price has rallied beyond the 38.2% Fibonacci retracement ratio at $2,336, ending the week at $2,371, a 61.8% Fibonacci retracement ratio. Both of the aforesaid ratios are derived from the legs A-D of the AB=CD structure and tend to serve as upside targets for Harmonic traders.
Having seen the AB=CD structure complete (both upside targets achieved) and taking into consideration that the price of the yellow metal remains entrenched within an unmistakable uptrend (no matter which trend identification tool you employ, it all points to the same thing), together with the daily chart’s Relative Strength Index (RSI) rebounding from a combination of the 50.00 centreline and trendline support (extended from the low of 19.33), this remains a buyers’ market. The caveat is the weekly chart’s RSI recently pulling back from overbought highs not seen since mid-2020, though let’s not forget that this indicator can, and often does, remain overbought for prolonged periods in trending environments.
Direction This Week?
Given the bigger picture demonstrating scope to explore higher terrain, shorter-term structure on the H1 timeframe highlights neighbouring demand at $2,347-$2,355 as a possible platform buyers may work with this week. Failure to hold here unearths two additional levels of support to consider at $2,326 and $2,344.
EUR/USD Echoing Bullish Picture Ahead of US CPI Data Europe’s shared currency eked out a marginal gain of +0.1% versus its US counterpart last week, marking a fourth straight week in positive territory for the major currency pair. This will be a watched market ahead of Wednesday’s US CPI print, with technicals suggesting a move higher in EUR/USD from short-term support.
Long-Term Picture
There is little change evident on the monthly scale; buyers and sellers continue to square off just north of support coming in at $1.0516. Overhead, the 50-month simple moving average (SMA) calls for attention at $1.1122, closely shadowed by a layer of resistance at $1.1233. Aside from the aforementioned structure, trend direction continues to lean in favour of bears, emphasising relatively clear lower lows and lower highs since 2008.
While a bearish vibe is realised on the longer-term chart, things are more optimistic on the daily timeframe. After recovering from a support area between $1.0726 and $1.0739, buyers appear to be at the wheel for now (early uptrend visible through higher highs/lows off the bottom formed at $1.0601). While Quasimodo resistance at $1.0802 (black arrow) could ‘throw a spanner in the works’ for further upside this week, any meaningful push higher may take aim as far north as daily resistance between $1.0883 and $1.0864.
Short-Term Picture
As far as the shorter-term picture goes, H1 resistance appears limited/weakened between the current price and the $1.08 big figure, which happens to coincide closely with daily resistance highlighted above at $1.0802.
US hours on Friday witnessed moderate selling, consequently directing the technical headlights towards H1 support at $1.0754. As a result, considering the room for daily price to run for at least $1.0802 resistance, H1 support from $1.0754 could be a location buyers make a show from this week, targeting at least $1.08.
Buy GBP/CAD UK GDPThe GBP/CAD pair on the M30 timeframe presents a potential buying opportunity due to a recent upward breakout from a well-defined bullish channel pattern. This breakout suggests a shift in momentum towards the upside and a higher likelihood of further price gains in the coming hours.
Key Points:
Buy Entry: Consider entering a long position (buying GBP/CAD) above the broken resistance level of the channel, ideally around 1.7120 after confirmation of the breakout. This offers an entry point close to the perceived shift in momentum.
Target Levels: Initial bullish targets lie at the following points, based on the channel and recent price movement:
1.7181: This target is obtained by measuring the height of the channel (from the base to the breakout point) and adding that distance to the breakout price.
1.7215: This is a further extension of the upside target, based on roughly twice the height of the recent price movement before the breakout.
Stop-Loss: To manage risk, place a stop-loss order below the broken resistance line of the channel, ideally with some buffer around 1.7105. This helps limit potential losses if the price unexpectedly reverses and breaks back downwards.
Thank you.
Sell USDJPY Channel BreakoutThe USD/JPY pair on the M30 timeframe presents a potential shorting opportunity due to a recent downward breakout from a well-defined bearish channel pattern. This breakout suggests a shift in momentum towards the downside and a higher likelihood of further declines in the coming hours.
Key Points:
Sell Entry: Consider entering a short position (selling USD/JPY) below the broken support level of the channel, ideally around 155.60 after confirmation of the breakout. This offers an entry point close to the perceived shift in momentum.
Target Levels: Initial bearish targets lie at the previous support levels within the channel, now acting as potential resistance zones:
154.74: This represents the first level of support within the channel.
154.27: This is a further extension of the downside target, based on the height of the recent price movement before the breakout.
Stop-Loss: To manage risk, place a stop-loss order above the broken support line of the channel, ideally around 156.60. This helps limit potential losses if the price unexpectedly reverses and breaks back upwards.
Thank you
Sell GBPAUD UK Interest Ratethe GBP/AUD pair on the M30 timeframe presents a potential shorting opportunity due to the presence of a bearish pennant pattern.
Potential Short Trade :
Entry: Consider entering a short position (selling) below the broken support trendline of the pennant after confirmation. Ideally, this would be around 1.9000 or lower if the price continues to decline.
Target Levels:
1.8871: This target is achieved by measuring the height of the flagpole (initial downtrend before the pennant) and projecting it downwards from the breakout point.
1.8807: This is a further extension of the downside target, based on roughly twice the height of the flagpole.
Stop-Loss: Once the entry point is confirmed, place a stop-loss order above the broken support line of the pennant, ideally with some buffer around 1.9042. This helps limit potential losses if the price unexpectedly reverses and breaks back upwards.
Thank you
Sell USDCAD Channel PatternThe USD/CAD pair on the M30 timeframe presents a possible shorting opportunity due to the presence of a channel pattern.
Potential Short Trade:
Entry: Consider entering a short position (selling) only after a confirmed breakout below the support trendline of the channel. Ideally, this would be around 1.3750 or lower if the price continues to decline after the breakout.
Target Levels:
1.3652: This target is achieved by measuring the height of the channel (distance between the resistance and support lines) and projecting it downwards from the breakout point.
1.3607: This is a further extension of the downside target, based on roughly twice the height of the channel.
Stop-Loss: Once the entry point is confirmed, place a stop-loss order above the broken support line of the channel, ideally with some buffer around 1.3770. This helps limit potential losses if the price unexpectedly reverses and breaks back upwards.
Thank you
Bulls and Bears zone for 05-08-2024Is this rally coming to an end. Yesterday afternoon market sold off which continued to ETH session.
Any test of ETH session Low could provide direction for the day.
Level to watch: 5195 --- 5193
EIA Petroleum Status Report
10:30 AM EST
Will BNB maintain current resistance?Hello everyone, let's look at the 4H BNB to USDT chart, in this situation we can see how the price is moving in a sideways trend channel, staying below the local downtrend line.
Let's start by setting goals for the near future that we can include:
T1 = USD 579.2 at which the price struggles
T2 = $605.9
T3 = $623.6
AND
T4 = $648.3
Now let's move on to the stop-loss in case of further market declines:
SL1 = $570.1
SL2 = $539.4
SL3 = $518.2
AND
SL4 = $491.50
Looking at the RSI indicator, we can see that there is still room for price movement down, but when we look at the STOCH indicator, we can see that it has returned to the lower border of the channel, which may slow down the price decline.
GOLD pushing off the 382 fib level - bulls taking higher?Looking at the 4h and daily time frames we can see that price has bounced/rejected the 382 fib level and could be looking to push higher.
There was a small order block below around 2310 which price headed towards before making a reversal. This area presented the 382 fib level which has had some short term rejections. With this, the 382 is likely to predict a 618 extension which is 2366 region. Ambitious right now but still a very likely chance given the circumstances.
So we have a fib level rejection
Price rejecting order blocks
Price is currently at resistance and will need to break key levels above before this target is hit.
Sell EURCAD Channel BreakoutThe EUR/CAD pair on the M30 timeframe presents a potential shorting opportunity due to a recent downward breakout from a well-defined bearish channel pattern. This breakout suggests a shift in momentum towards the downside and a higher likelihood of further declines in the coming hours.
Key Points:
Sell Entry: Consider entering a short position (selling) below the broken support level of the channel, ideally around 1.4730 after confirmation of the breakout. This offers an entry point close to the perceived shift in momentum.
Target Levels: Initial bearish targets lie at the previous support levels within the channel, now acting as potential resistance zones:
1.4677: This represents the first level of support within the channel.
1.4645: This is a further extension of the downside target, based on the height of the recent price movement before the breakout.
Stop-Loss: To manage risk, place a stop-loss order above the broken support line of the channel, ideally around 1.4745. This helps limit potential losses if the price unexpectedly reverses and breaks back upwards.
Thank you.
Sell EUR/USD Triangle BreakoutThe EUR/USD pair on the M30 timeframe presents a potential shorting opportunity due to a recent breakout from a triangle pattern.
Entry: Consider entering a short position (selling) below the broken support trendline of the triangle after confirmation. Ideally, this would be around 1.0770 or lower if the price continues to decline.
Target Levels:
1.0704: This represents the height of the triangle, measured from its apex (highest or lowest point) to the breakout point, projected downwards from the breakout point.
1.0680: This is a further extension of the downside target, based on the height of the recent price movement before the breakout.
Stop-Loss: Once the entry point is confirmed, place a stop-loss order above the broken support line of the triangle, ideally with some buffer around 1.0800. This helps limit potential losses if the price unexpectedly reverses and breaks back upwards.
Thank you.
AUD USD TRADE SET UP AUD USD TRADE SETUP 4HR TIMEFRAME
AUD USD is trading in a support and resistance level, the price is currently at the resistance level.
A Double Top Pattern has formed on the resistance level which is a good confirmation for reversal.
When it comes to broadening wedges...AMEX:SPY Here we have a few broadening wedges. The last 2 were descending and SPY blasted off to new ath highs. Now were in a ascending wedge and sitting at 514. We have a few big name ERs that can put us back on the path to new aths but I think we are heading back to 480 by July based on the previous wedge behavior, and long support and resistance.
Buy BTCUSDT Channel BreakoutThe BTC/USDT (Bitcoin) pair on the M30 timeframe presents a potential buying opportunity due to a recent upward breakout.
Key Points:
Buy Entry: Consider entering a long position (buying) above the broken resistance level of the channel, ideally around 5900 after confirmation of the breakout. This offers an entry point close to the perceived shift in momentum.
Target Levels: Initial bullish targets lie at the following points, based on the channel and recent price movement:
62274: This target is obtained by measuring the height of the channel (from the base to the breakout point) and adding that distance to the breakout price.
63830: This is a further extension of the upside target, based on roughly twice the height of the recent price movement before the breakout.
Stop-Loss: To manage risk, place a stop-loss order below the broken resistance line of the channel, ideally around 56500. This helps limit potential losses if the price unexpectedly reverses and breaks back downwards.
Thank you.
Sell ETHUSDT Bearish PennantThe ETH/USDT (Ethereum) pair on the M30 timeframe presents a potential shorting opportunity due to the presence of a bearish pennant patten.
Potential Short Trade :
Entry: Consider entering a short position (selling) below the broken support trendline of the pennant after confirmation. Ideally, this would be around 3020 or lower if the price continues to decline.
Target Levels:
2764: This target is achieved by measuring the height of the flagpole (initial downtrend before the pennant) and projecting it downwards from the breakout point.
2692: This is a further extension of the downside target, based on roughly twice the height of the flagpole.
Stop-Loss: Once the entry point is confirmed, place a stop-loss order above the broken support line of the pennant, ideally with some buffer around 3040. This helps limit potential losses if the price unexpectedly reverses and breaks back upwards.
Thank you.
GOLD next bear targetsWith todays price action we see a nice rejection off the falling trend line resistance. US data pushed price for a possibly breakout only to run into resistance and break back down to continue downwards.
Price is now forming a bearish triangle pattern with support currently being tested. The plan?
- Hold for break of this key level of support
- Wait for a retest / roll reverse (lower time frames LL, MA crosses)
- Support levels at 2266 (previous low/Swing) and 2255 (deep daily fib level)
Sell EURCAD Ascending TriangleThe EUR/CAD pair on the M30 timeframe presents a potential shorting opportunity due to the presence of an ascending triangle pattern.
Potential Short Trade :
Entry: Consider entering a short position (selling) below the broken support trendline of the triangle after confirmation. Ideally, this would be around 1.4710 or lower if the price continues to decline.
Target Levels:
1.4655: This represents the height of the triangle, measured from the apex (highest point) to the base (horizontal line), projected downwards from the breakout point.
1.4630: This is a further extension of the downside target, based on the height of the recent price movement before the breakout.
Stop-Loss: Once the entry point is confirmed, place a stop-loss order above the broken support line of the triangle, ideally with some buffer around 1.4732. This helps limit potential losses if the price unexpectedly reverses and breaks back upwards.
Thank you.
BUY WIPRO cmp 450 target 480 SL 442There is strong correction in Wipro and it is near strong support zone. It can possibly retraced with broader market going up. Risk to reward ratio is favourable
Sell GBPCHF Channel BreakoutThe GBP/CHF pair on the M30 timeframe presents a potential shorting opportunity due to a recent downward breakout from a well-defined bearish channel pattern. This breakout suggests a shift in momentum towards the downside and a higher likelihood of further declines in the coming hours.
Key Points:
Sell Entry: Consider entering a short position (selling) below the broken support level of the channel, ideally around 1.1500 after confirmation of the breakout. This offers an entry point close to the perceived shift in momentum.
Target Levels: Initial bearish targets lie at the previous support levels within the channel, now acting as potential resistance zones:
1.1430: This represents the first level of support within the channel.
1.1395: This is a further extension of the downside target, based on the height of the recent price movement before the breakout.
Stop-Loss: To manage risk, place a stop-loss order above the broken support line of the channel, ideally around 1.1515. This helps limit potential losses if the price unexpectedly reverses and breaks back upwards.
Thank you.
