We've got all signs of a top, extreme greed, record short positions in both the dollar and 30yr T-Bonds.
We have the daily RSI divergence from Sep - Nov, as we saw in Jan - Feb.
Fade it.
$BA has failed to join the rally that the rest of the industrial sector & broader markets have enjoyed & the fundamentals have a lot to do with this.
Descending purple triangle with 153.31 acting as final support providing a nice R/R setup for a short. 50DMA also acting as overhead resistance as well. Going to wait for a bounce off of this level, and then the...
SPX Futures have formed a perfect falling wedge on the hourly chart,
3200 Zone is Huge support as it was tested numerous times in July before we ripped to all time highs
100 Dma also sitting at 3200
Trendline (Purple) Connects us from Pre-Covid High, June high pivot, as well as the low on Monday
Huge confluences of support here, however I'm not sure which sector...
Silver broke severely bearish from it's consolidation pattern in response to the DXY daily uptrend confirmation.
Key Support Levels:
23 - Key pivot point
22.70-22.80's - Support from March lows
22.25 - Another key pivot from recent rally
100 dma, if this doesn't hold then it would most likely be complete capitulation for the bulls who would then be looking at the...
Huge bear break on gold and silver as the $DXY confirmed its daily uptrend.
Key Support Levels:
1862 - Low of consolidation phase (holding for now)
1840 - 100 dma as well as support line since beginning of April
1820-1790 would be the final zone, where I'd be aggressively buying & if that failed then it'd be total capitulation for the bulls
As noted in my previous post about McEwen Mining, the monthly resistance lines are offering us a current consolidation zone after a nice 200% bounce off of the march lows, However following recent price action as well as seeing gold pull back, reloading for a healthier move higher, has made me considerably more bullish on this name.
We now have 2 major...
Picture perfect chart here.
Only 4% between following key levels:
- Support line has been tested 5 times & now coinciding with 50 dma
- Resistance line has been tested 2 times & has been coinciding with 200 dma
Daily RSI convergence confirming price action
While in the middle of those support / resistance lines, 2 major dma's, we are also stuck between the 50 &...
The dollar has put its most significant and bullish bounce in during this summer sell off. While we broke nicely out of the orange channel & set a daily higher low, overnight we rejected hard off the 50dma and local daily high of 93.66, topping out at 93.59. Bulls are going to want to hold 92.70, reload and make a big push over this 93.59-93.66 area (which would...
Textbook technical's on gold, & the critical point is coming for it.
Gold in a bull market taking out the post financial crisis high in early August and has been consolidating for just over a month and is looking to resume its move higher as the bulls have done everything they have needed to, however the critical point is just days away and if we don't head...
Really like GDXJ here, might be more of a chase then a reversal trade which is tougher for me but there's a few solid points in favor of the bulls:
- 50 dma has held perfectly during this period of consolidation, (also coincides with daily support trend line), just as it did in mid June before taking off
- its begun to break out of this mini daily triangle and has...
Multi-month triangle & equilibrium formed on USDJPY had a perfect, clean bear break. No questions asked, bears are in full control. If they can get this thing below 104.188 (which will take a lot of momentum as there is huge resistance in the 104's), then they're looking straight down to multi-year wedge support, just below 102.
Not taking a side of this trade,...
Long $BAC here. Testing bottom of symmetrical triangle as well as 50 dma. All of the triangles being formed so far in this market have broken bullish, looking for same reaction here in this name as well as the financial sector as my overall market bias is bullish and this is a quality name that could run. RSI has been contained between 40-70, which also leads me...
ACB has almost completely filled its gap (6.85) that it put in during their post-split short squeeze. With short interest being very high, Daily RSI in the low 20's, as well as an upcoming earnings which I believe expectations are already very bearish with the press release earlier this week, this could see a 1-2X move on the back of not so bad earnings and a huge...
Nice little bullish triangle setting up, between the daily trend line from April that has been tested 4 times, as well as this nice little consolidation that's occurred makes a nice setup for either LT entry if you've missed the boat and want to get in, or a nice quick trade with stop at 153.60 (local absolute low) with a PT of the high of consolidation of 160.
A pure speculative play (companies operating efficiencies aren't the best) that has a return potential of 5X+. The long term chart (going back to the 80's!) looks primed to explode if all the 30 & 10 year descending trend lines get taken out, as well as the golden cross & the inverse H & S as noted in HI_DUTENGIN's post. The fundamentals of the company are OK...
Nice long here. XLE broke (purple) triangle bearish but saw no follow through as it got bid up from 35.30 support on 08/27. Huge support between 34.26 & 35.30 with 34.88 being the 50% retracement of Covid low to high of Covid bounce. This support area has held since early May and should continue to hold unless we see a significant sell off in the broader markets....
Aug 28 26.5C picked up for 0.50c, looking to bounce off trendline & either break bullish out of pennant first attempt, or retest current trendline then break over 30. SLV Target - 27.50+. IF we break trendline below current one being tested, then will cut losses.
Using $USO options to trade a 04 Sep 30P, 31C Strangle for about 1.50 a piece. Will exit otm position as well as 25% of itm position once this wedge breaks meaningfully. I do have a bearish bias as it is a rising wedge, but this market never seizes to amaze me, so I do want to remain somewhat neutral and let the price action determine my actions. Might be looking...
