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Technical Analysis

PayPal (PYPL): Ready for a pullback after hitting wave (iii)Plan the trade and trade the plan. That’s exactly what we’ve done with PayPal. In our last update a month ago, we stated: “We are going to take more profits once we are getting into the $81 area,” and now, we’ve done just that as NASDAQ:PYPL has reached the minimum target for Wave (iii) at $81. With the position now up 37%, we see more upside potential, but a pullback here could offer a prime second entry spot. Several factors are aligning in the chart, reinforcing our conviction for a good re-entry. First, we are seeing a bearish RSI divergence, suggesting a more significant drop than the minor one we've already seen. Ideally, we’d like to see the price dip below the last level before the low-volume node at $76. A low-volume node represents an area of little trading activity, which means the price tends to move quickly through these zones in the future. As for the entry, two key levels stand out to us. The high of the recent accumulation phase before the last leg up and the low of the same range, which aligns with the level of Wave (i). In theory, this level should not be breached. While we don’t strictly adhere to Elliott Wave theory, we prefer not to see the stock close below this level for an extended period. A wick below or consolidation around this zone would be valid for us. Additionally, the 38.2% Fibonacci retracement level sits in the middle of this accumulation phase, making it our targeted entry for Wave 4. Therefore, the level between $72.78 and $70.62 seems ideal for a re-entry. Given the upcoming election, it would be safer to play this setup with a wider stop-loss or soft stop-loss (manual stop-loss) to account for potential volatility or sudden price wicks. At the moment, we haven’t set a limit order but have activated alerts. Once the price dips below $76, we will activate our limit order and get ready for the next leg up. 🔥
NASDAQ:PYPLLong
by freeguy_by_wmc
Gold Uptrend - October 21, 2024A recent Kitco News survey shows a broad sense of optimism about the gold price outlook. The majority of experts (94%) predict further price gains, while only one analyst (6%) sees no significant change. However, gold’s ability to maintain its value may be challenged by concerns about the US dollar, which could see demand revive as the ‘Trump rally’ is revived. Additionally, with no major US economic data due for release on Monday, the focus will remain on risk sentiment and speeches from several Fed policymakers to provide fresh impetus to gold prices. When it comes to trading strategies for the start of this week, the priority will be given to buying in view of the Fibonacci extension on the bullish channel as mentioned on D1.
OANDA:XAUUSDLong
by ConanTradingFX
Can EURUSD continue to fall?EUR/USD is currently hovering around 1.0860 after an earlier rally, with stability in the Asian session. Notably, concerns about the possibility of a Federal Reserve rate cut in November have been dismissed, as recent data suggests that the US economy is still recovering. On the 1D chart, we can clearly see that after the price fell out of the uptrend channel and approached the support level of 1.0800, EUR/USD has reversed again. Currently, the price is hovering around 1.0865 and interacting with the 34 and 89 EMAs, combined with resistance at 1.0960. These factors suggest that the downtrend is still in place. My personal prediction is that EUR/USD is likely to continue falling and may hit a lower low around 1.0700 in the near term. Now the realization phase is taking shape we are waiting for confirmation with the prospect of strengthening the purpose.
Short
by ConanTradingFX
Gold Soars but Awaits a CorrectionXAUUSD isn’t just climbing—it’s soaring like a rocket. But wait, before continuing its adventure towards the 2,780 USD mark, the market might need to 'pause' around the support zone at 2,704 USD to refuel. The EMA 34 and EMA 89 are acting like loyal guardians, protecting the bullish trend in gold prices. If gold doesn't turn back and continues its upward journey, the bulls might start preparing for a celebration. However, don’t celebrate too soon; the market could 'flip' at any moment if it faces unexpected resistance. Traders must always be prepared for sudden turns to avoid being left behind! Traders should also be cautious of ongoing instability in the Middle East and Federal Reserve interest rate policies, which could further drive gold prices higher.
OANDA:XAUUSDLong
by Zola_Hello
possible NZDCHF breakout looking from the 4 hour time frame we can see that the market has been in a state of consolidation retesting major level of resistance 0.52620 4 times, the current upside push is currently retesting previous level of resistance from a higher high, if you look at it on the 1hr or 30 min time frame the rejections on all these levels are very clear. Giving me the optimism of a continuous push to the upside, eventually break out of this consolidation phase
Long
by Fxphil_trade
SWING IDEA - XCHANGINGNSE:XCHANGING has been rallying since the last few months. Currently it is at a S/R zone of 128. We have to wait a couple of weeks to see if this will turn out to be a Support Zone or a Resistance zone. If it turns out to be a good Support Zone, we also have a MACD crossover incoming and once the crossover completes, it can rally up the stock at least till its Swing High Levels. Another point to note is while the Lower Low Pattern on Price Action and Higher High Pattern started forming in the April of last year, this is only the next MACD crossover we are going to see after that.
NSE:XCHANGINGLong
by thepranam
SWING IDEA - BCLINDNSE:BCLIND is currently at a good demand zone. The stock is about to close a gap which was created last March. Some good volume and market conditions and it should be able to close the gap by this week or next week. It can start pumping up more and reach its Swing High levels once the Gap has been successfully closed. Company also has a strong 1Y Beta of 1.85. MACD line and signal has a very good split which indicates strong Bullish momentum. If market conditions are good in the coming days, this trade should not have any issues completing sooner.
NSE:BCLINDLong
by thepranam