Looking at support and RSI this time. RSI indicates oversold conditions, but prices may likely touch the support line again.
It is safer to wait until prices touch the displayed support line, but the current price is also a well-tested support.
Disclosure: I am long CWEB.
GLD (Gold) touched where I believe is the current trend's support line. Oversold on Williams, but Williams is more effective as an oscillating indicator.
A day late, but I am bullish on SLV (Silver). The triangle pattern is well established.
Williams is the only indicator suggesting oversold conditions right now.
Setting stop loss near yesterday's low makes this a low risk opportunity.
EWZ (Brazil), has been in an uptrend since 2016. The past 3 months has seen it drop to it's support. Oversold conditions in RSI and Williams indicate that EWZ may have bottomed out.
This may be a low-risk entry point, but buying would be catching a falling knife. The support has not been well-tested either, so I am remaining neutral on EWZ for now.
There's a triple divergence on the IYR chart (U.S. Real Estate ETF).
1. First high
2. Second high, lower high on MACD
3. Third high, even lower high on MACD
There is some space between 1. and 2. on the MACD. I would appreciate if anyone knows whether the MACD gap would disqualify 1. as the first high in a divergence analysis.
Update on my last idea on SPGSCLP.
Following a bearish divergence, SPGSCLP has spent the week below the uptrend support. A retest of the old support in the upcoming days represents a low-risk shorting opportunity.
Bullish Divergence on Williams and MACD
1. First low
2. Second low with higher low on Williams and MACD
Extra plus that it's approaching the support of the uptrend range.
Crude oil has been in an uptrend since June 2017. The last two highs though have formed a bearish divergence.
1. First price high, MACD peak, RSI peak
2. Higher price high, lower MACD peak, lower RSI peak
Not sure if the trend will continue, but I feel that the uptrend may be nearing its end.
It's been a choppy few years, but I believe JPYUSD will ultimately return to the uptrend range that has been established since 1986.
I don't follow market news very closely, so I would appreciate any feedback on market news that points in the other direction.
The Natural Gas index has had an established a downtrend since 2016. These two weeks, it has tested an old low and the downtrend resistance, two tough psychological obstacles to break through.
I believe the recent rally is a failure swing, and am bearish.
I'm an amateur charter. Read a section in Trading for a Living about Victor Sperandero's method for identifying trend reversals that I am basing my forecast on.
1. Broken trendline the week of 04/16/18
2. Retest old support this week 05/28/18
If the theory plays out, BTC will likely retest the latest high and hopefully break out. Would appreciate feedback on...
