Technical Analysis

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Technical Analysis – EURUSD loses momentum; re-tests short term rising trend line

Posted on January 22, 2019 at 7:11 am GMT

EURUSD has declined considerably after finding strong resistance level on the three-month high of 1.1570 on January 10. The world’s most traded currency pair is now ready to re-test the short-term ascending trend line, which has been holding since November 12, while it dropped below the 20- and 40-simple moving averages (SMAs) in the daily timeframe. Looking at the technical indicators, the RSI is losing momentum beneath its neutral threshold of 50, while the MACD oscillator is flattening near the zero line following the bearish crossover with its [..]

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Technical Analysis – IBM stock looks positive ahead of Q4 earnings results

Posted on January 21, 2019 at 3:52 pm GMT

IBM’s stock price unlocked fresh one-month highs on Friday ahead of the company’s quarterly earnings results on Tuesday. Technically, the market is expected to continue the rebound off the decade lows as the RSI fluctuates positively above its 50 neutral mark and the MACD keeps strengthening to the upside and above its red signal line. An extension higher could find a barrier between Friday’s high of 124.66 and the 126.51 peak on December 3, which if violated could result to further improvement, with the price [..]

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Technical Analysis – Gold oversold near three-week lows

Posted on January 21, 2019 at 10:42 am GMT

Gold dropped to a three-week low of 1,277.66 on Monday after a failed attempt to pierce the strong roof around the 1,298.47 peak last week. But the RSI and the Stochastics in the four-hour chart suggest that the downside is overstretched, and the price could rebound again as both indicators hover near oversold levels; the RSI is attached to 50, while Stochastics have posted a bullish cross below 20 and are heading north. Moving slightly higher the price may meet resistance around [..]

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Technical Analysis – USDCAD trades cautiously above one-month lows

Posted on January 21, 2019 at 8:08 am GMT

USDCAD gained little after its freefall to one-month lows, rising slightly above the 50% Fibonacci of the upleg from 1.2781 to 1.3663 to start consolidation. In the short term the pair could see some recovery as the RSI heads towards its 50-neutral mark, though as long as the indicator holds in negative territory, downside movements cannot be ruled out. The MACD continues to fluctuate below its red signal line, supporting that downside risks are still high as well. Should the [..]

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Technical analysis – Tesla stock clears moving averages, cautiously positive in medium-term

Posted on January 18, 2019 at 1:07 pm GMT

Tesla’s stock crossed back above both its 50- and 200-day simple moving averages (SMAs) in recent sessions and is also trading above an uptrend line drawn from the lows of October. The combination suggests the outlook has turned cautiously positive. For the picture to turn decisively positive, it may require a higher high on the daily chart, namely a clear break above 379. Short-term momentum oscillators support the notion. The RSI is flattening slightly above its neutral level, while the [..]

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Technical Analysis – EURGBP pares some losses after strong sell off in near term

Posted on January 18, 2019 at 12:36 pm GMT

EURGBP has been erasing the strong bearish rally that was created the previous six consecutive days, sending prices towards a new two-month trough of 0.8758. The stochastic oscillator is suggesting a positive retracement as the %K line jumped above the %D line creating a bullish crossover in the daily timeframe. An upside rally in the pair and a successful close above the 0.8810 barrier may retest the 0.8930 resistance barrier. Even higher, the price could test the 40- and then [..]

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Technical Analysis – Johnson & Johnson stock price struggles within tight Bollinger band; bullish in long term

Posted on January 18, 2019 at 11:06 am GMT

Johnson & Johnson stock price has been squeezed within the Bollinger bands over the last couple of weeks in the daily timeframe, failing to pare some of the losses that were posted in mid-December. From the technical point of view, the indicators seem to be flat. The RSI is standing below 50 level with weak momentum, while the ROC is moving sideways near the zero line in the short-term. Upside moves may drive the price action higher towards the immediate resistance of 130.45 before touching the [..]

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Technical analysis – US 30 index crosses above 50-day SMA, neutral in short-term

Posted on January 18, 2019 at 10:57 am GMT

The US 30 index staged a major recovery in recent weeks, after touching an 18-month low on December 26. Price action is now taking place back above the 50-day simple moving average (SMA), which suggests the near-term outlook has shifted back to neutral, from negative previously. Further advances in the index could encounter immediate resistance near the 24,830 zone, defined by the peaks of December 12. An upside break could open the way for a test of the 200-day SMA [..]

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Technical Analysis – GBPJPY hovers around 1-month high; positive in short term

Posted on January 18, 2019 at 9:16 am GMT

GBPJPY has been advancing considerably for three days in a row, reaching a fresh one-month high of 142.20 during yesterday’s trading session. The price jumped above the strong obstacle of the 50.0% Fibonacci of 141 of the downleg from 149.50 to 132.50, while it also surpassed the 20- and 40-simple moving averages (SMAs) in the 4-hour chart. Technically, the RSI indicator is trying to enter into the overbought zone, but its momentum is slowing down, while the MACD oscillator holds above trigger line and hovers in the positive [..]

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Technical Analysis – USDCAD finds significant resistance near 23.6% Fibonacci region

Posted on January 18, 2019 at 7:31 am GMT

USDCAD has been struggling below the 23.6% Fibonacci retracement level of the upleg from 1.2060 to 1.3663, around 1.3285 over the last seven days, following the bearish rally from the 19-month high of 1.3663. The price also remains below the simple moving averages (SMAs) which are turning lower, signaling a bearish crossover in the near future. Looking at the technical indicators, in the daily timeframe, they seem to be in agreement with the latest movement in the very short-term. The RSI is [..]

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