Trendsharks

Trendsharks

As the global economy stabilises, demand is once again picking up. This is affecting the commodities market positively, including silver. The price is currently testing the major resistance level at 27.500. Once the price manages to break it, the next target would be the psychologically significant resistance at 30.00. Conversely, a potential (temporary)...

Trendsharks

A confluence of bearish indications Alcoa's share price is currently probing the psychologically significant resistance level at 40.00, which serves as the upper boundary of a major accumulation range. The latter's lower end is represented by the support level at 17.00. Breaking higher would prove quite difficult for the share price due to the massive selling...

Trendsharks

The AUDUSD pair looks poised to complete a major Head and Shoulders, which is a type of pattern that is typically taken to signify probable bearish reversals in the wake of the May meeting of RBA's Governing Board. The AUDUSD has been developing the aforementioned Head and Shoulders pattern for quite some time now, and the pair is now seemingly finally ready...

Trendsharks

The NZDCAD is about to test the strength of the ascending trend line. If it manages to break down below it on the third attempt, this would likely allow the pair to probe breaking even further down south - towards the previous swing low. Upon completing the last 1-5 Elliott Wave Pattern, the pair is currently developing a corrective ABC pattern. Notice that the...

Trendsharks

The price of crude oil is currently establishing a harmonic ABCD pattern, which means that the correction is likely to head towards the bottom at point C (60.50) next. This is further substantiated by the fact that this level is positioned quite close to the lower boundary of a major Distribution range. The MACD indicator is already underpinning rising bearish...

Trendsharks

One of the most commonly asked question by novice traders is "what indicators should I use?" which is unsurprising given the vast array of available tools on a typical trading platform. Some traders prefer to crowd their charts with all sorts of indicators, whereas others prefer a more minimalistic approach. While there is no perfect solution, one thing should...

Trendsharks

Facebook's earnings rose by 48 per cent from a year earlier, causing the company's share price to explode by more than 7 per cent in the pre-open hours. It has recently broken out above the upper boundary of the Ascending Wedge, which signifies the strong bullish sentiment in the market. The uptrend was resumed after a minor throwback to the Wedge from above,...

Trendsharks

The dollar depreciated yesterday and is currently headed towards the 100-day MA (in blue). Notice that the latter is threading near the 23.6% Fibonacci retracement level at 0.90347, which is where the downswing is likely to bottom out. The bearish correction is likely to take the form of an ABC structure given that it emerged from the preceding 1-5 impulse wave...

Trendsharks

The EURUSD appears to be developing a major H&S pattern, which is typically taken to indicate emerging bearish reversals, ahead of FED's April policy meeting. The expected upsurge in volatility later today and tomorrow (advance U.S. GDP data scheduled for release) would demonstrate whether such an H&S pattern is really in the making. Notice that the Neckline is...

Trendsharks

Following the completion of the last 1-5 impulse wave pattern, as postulated by the Elliott Wave Theory, Apple's shares developed a classic ABC correction. Now that the correction is over, the uptrend is ready to be resumed, allowing traders to go long. Notice that after the ABC correction was completed, a Pennant pattern emerged, which is typically taken to...

Trendsharks

The GBPUSD looks set to attempt forming a new bearish correction at least to the descending trend line (TP Area 1). Notice that the latter had previously served as a major resistance but is currently taking the role of a descending support. In other words, it could initiate another bullish rebound once the price falls to it. At the same time, the recent bullish...

Trendsharks

The GBPJPY is currently forming a Pennant pattern, which presupposes diminishing volatility. Such conditions are typically observed whenever the market is ranging, potentially before the price gets ready to develop a new upswing/downswing. The current upswing could reach the Test Area in green before a major bearish reversal takes place. Bears can look for an...

Trendsharks

Confirmation of a potential breakout past 14000.00 would allow market bulls to join the existing uptrend. They can open long orders just above this crucial resistance while placing their stop-loss orders around the dip of the last bearish pullback (around 13700.00). The significance of the latter is also confirmed by the fact that the 20-day MA (in red) is...

Trendsharks

Tesla is set to post its quarterly earnings after today's market close. While the market expects the company to deliver robust performance, the continuation of the underlying rally is far from certain. The general stock market rally has been showing signs of weakness over the past several weeks amidst rising U.S. yields and fears of soaring inflation. Meanwhile,...

Trendsharks

The Federal Reserve in the U.S. and the Bank of Japan have their April policy meetings taking place this week, which is likely to boost the underlying volatility currently observed on the USDJPY. At present, the price action is contained within the boundaries of a Descending Wedge, which is a type of pattern that typically entails the likely continuation of...

Trendsharks

The problem with wanting to buy the Bitcoin dip lies in knowing where the dip actually is. And in the case of Bitcoin, using conventional logic to determine the latter simply will not do. That is so because the crypto-king continues to epitomize the so-called "animal spirits". Bitcoin's rally was, and continues to be, driven primarily by greed. Traders can be...

Trendsharks

With the earnings data of American Airlines just around the corner, now seems like the perfect time to consider going long on ALL's stock at the most opportune moment. The coronavirus pandemic has pressured the stock as the tourism sector as a whole suffers from low activity - this was exacerbated recently with the global uptick of new cases - but the situation...

Trendsharks

The proposal for the formation of a new "Super League" by a breakaway group of top-tier football clubs in Europe has stirred quite the polemic over the past several hours, especially after the name of the U.S. bank JPMorgan was thrown into the controversy. Leading clubs from England, Italy, and Spain, announced their intentions to create a new competition...