michaeldobfx

michaeldobfx May 25, 2021

A careful look at the chart, and you can easily see that SLP is forming a bull flag after the peak of £1.50. Compare this to the last time this happened, a similar bull flag sent this higher. It looks to be in a strong, steady uptrend for now. Waiting for the bull flag to break. Note: Not professional financial advice. Thanks and GLTA.

michaeldobfx May 1, 2021

In contrary to my other post which pointed out a bullish pennant, there is also a bear flag forming on the daily chart. This does not look good for bulls since if there is a break below the flag, it may turn nasty. Hence, it is better wait out before impulsively buying solely on the bullish pennant. Note: Not financial advice. I bring the evidence, you be the...

michaeldobfx May 1, 2021

A bullish pattern is forming on the daily chart for Tesla, which is known to be a consolidating triangle/pennant. As we all know, TA is all about the price patterns repeating themselves. This can be a clear example of that. As you can see on the left, in 2020 we saw a clear consolidating triangle forming around $400-$500 range, and soon after, it broke out above...

michaeldobfx Apr 16, 2021

Hi everyone, Quick update on NIO here. After a tremendous rise throughout 2020, NIO caught the eye of many people, me especially I first bought in at $14 but when it inched closer to $50 as soon as three months later, that was a big no no for me. So ever since then it went a bit higher. Fast-forward to today, however, it's back around $35, which makes me...

michaeldobfx Apr 2, 2021

Hi everyone, Just giving a quick analysis on one of the AIM-listed stocks on the LSE (London/UK). As you can see, there is a clear cup and handle forming on the daily chart, and it is an incredibly clean example in reference to what you would technically find in a text book. The resistance is at 115p, and this week it has seen a breach above next to the 120p...

michaeldobfx Apr 1, 2021

I don't have much time to address, and I am no fan of BTC, never traded it myself before etc...but the chart does not lie. So it seems like Bitcoin is indeed in a bullish ascending triangle. I can't say when the breakout will be, but the volume is declining so I would say fairly soon. Those who are experienced with TA and ascending triangle should also be aware...

michaeldobfx Jul 27, 2020

GBP/USD is approaching a crtiical point as the RSI shows it is seriously overbought now. It's fair to assume a correction will take place, once price touches the upper trendline around 1.29 level. Note: Pay attention to USD strength - the weaker the USD, the more likely for there to be a break above the upper trendline. NOTE: Not professional investment advice....

michaeldobfx Jul 23, 2020

Simple trading idea. Price currently at 1.27300, but may fall back down towards towards the lower trendline acting as a support barrier for GBP/USD - a bounce off this trendline could provide a good trade opportunity. NOTE: Not professional investment advice. I will not be held accountable for any losses.

michaeldobfx Jul 21, 2020

As you can see on the chart, the lower green trendline can be seen to be supporting the most recent upmove towards 1.27000 level, making it likely that we will see a breach through 1.27 soon. On the bear case however, since there is little data out this week, any USD strength will send the pair back down. Also, any technical selling will also send it back down to...

michaeldobfx Jul 20, 2020

Simple as it looks. 1-hour chart on GBP/USD showing RSI at the 70 level level, suggesting it is now overbought for the current time period. This is especially true as the pair retests the 1.265 - 1.266 resistance level, hence making it harder for there to be a strong breach above the 1.266 level. Thus there being a likelihood of the pair heading back down to...

michaeldobfx Jul 19, 2020

GBP/USD consolidating within a pennant (4 hour chart). RSI halfway through. The breakout will depend purely on fundamentals, such as USD strength and overall market sentiment/optimism around the COVID-19 and the global economy. Also pay attention earnings releases this week and any geopolitical tensions, will have an effect on the USD. Will have to wait and see...

michaeldobfx Jul 15, 2020

RSI signalling another drop, especially on the 1 hour and 2 hour charts (GBP/USD). Could see a repeat move off the upper trendline again, back down to at least 1.255. Of course, things don't always work out, so please do not take this as professional investment advice. Trade at your own risk - I take no responsibility for any losses.

michaeldobfx Jul 11, 2020

Potential short idea for GBP/USD. Before the final breakout, consolidating triangle on the 4-hour chart indicates price action may deflect off the upper trendline, thus heading lower towards either 1.255, or even to 1.252. Note: My analysis is not professional investment advice. I do not take responsibility for any trading decisions you make ;)

michaeldobfx Jul 6, 2020

Potential cup and handle pattern on the 1-hour chart (For GBP/USD). Also a likely breakthrough on the 1.250-1.252 resistance level of risk-on optimism continues globally and USD weakness continues. Note: My analysis is NOT professional investment advice, so please take responsibility for your own actions.

michaeldobfx May 26, 2020

Just a quick snapshot of the new channel that has emerged in the GBP/USD pair. Currently trading around the upper trendline, it is likely that we will see the pair move downwards towards the lower trendline. RSI is also around the 70s, and the 20 (red) & 50 (green) SMA lines are below it by a significant amount. - MY ANALYSIS SHALL NOT BE TAKEN AS PROFESSIONAL...

michaeldobfx May 5, 2020

As you can see on the chart there, there is a clear double top pattern visible on the 1-hour chart of the GBPUSD pair. The double top pattern reflects the strong resistance area of 1.26150. In both instances, price action has rejected these levels. In the first top, the price fell all the way to the 1.23000 support level. But the overall price action, as you can...

michaeldobfx Apr 27, 2020

Chart shows a possible double top forming after the strong relief rally we saw after the crash in March. I think it is possible that if 2850-2900 level becomes resisted again, then the index could fall to the next major support level of 2700.

michaeldobfx Apr 7, 2020

Maybe too early to say, but one of the many possibilities we could see the S&P500 do over the next few weeks is a head and shoulders pattern. That might just send it back down to the $2200 level or even lower. Just a possibility. Nor long or short on this one.