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Technical Analysis

GBPUSD: Price is still favorable for SellersToday, GBPUSD is trading around the 1.263 level, with the main trend favoring the sellers. The technical outlook points towards further downside targets as the pair remains within a descending wedge. I will trade with the trend and prioritize selling this pair. Pay attention to the upper and lower limits to find optimal buy and sell opportunities, and be mindful of your stop loss (SL) and take profit (TP) levels when the price breaks out.
Short
by HamedMarkets
Head and SHoulder visible on Weekly Time Frame### Key Patterns 1. **Inverse Head and Shoulders Pattern**: - **Left Shoulder**: Formed around late 2017. - **Head**: Formed around early 2020. - **Right Shoulder**: Formed around early 2023. - This is a bullish reversal pattern suggesting a potential upward movement. 2. **Neckline**: - The horizontal line connecting the peaks of the shoulders and the head, which has been broken recently indicating a potential upward breakout. ### Indicators 1. **Volume**: - A spike in volume can be seen around the time of the breakout, which adds credibility to the breakout. 2. **RSI (Relative Strength Index)**: - The RSI divergence indicator below the main chart shows bullish signals at various points where the stock was oversold (RSI near 30) and has moved upwards. - Current RSI is around 54.61, which is in the neutral zone, suggesting there is still room for upward movement before becoming overbought. ### Trendlines - An upward sloping trendline is drawn from the bottom of the head to the recent price action, indicating an ongoing uptrend. ### Price Levels - **Current Price**: 127.25 INR - **Support Levels**: Around the neckline level (~95.00 INR) and previous low points. - **Resistance Levels**: Previous peaks and psychological levels such as 168 INR, 200 INR, etc. ### Analysis Summary - **Bullish Signal**: The inverse head and shoulders pattern, a recent breakout above the neckline, and the confirmation with increased volume are strong bullish signals. - **RSI**: The RSI is in the neutral zone, allowing for potential further upward movement. - **Trendline**: The upward trendline suggests continued bullish momentum. ### Trading Strategy - **Entry Point**: Consider entering around the current price level (127.25 INR) or wait for a slight pullback to the neckline (~95.00 INR) for a safer entry. - **Stop Loss**: Place a stop loss slightly below the neckline (~90-95 INR) to manage risk. - **Target Price**: Look for resistance levels as potential target points, starting with 150 INR and moving upwards. This chart indicates a positive outlook for Autoline Industries, given the technical patterns and indicators. However, it is important to consider overall market conditions and other fundamental factors before making any trading decisions.
NSE:AUTOINDLong
by brijmohan_h
Oversold RSI, $2,293 key support challenge Gold sellersGold price remains pressured at the lowest level in a fortnight while justifying the previous day’s downside break of a three-week-old rising support line, now immediate resistance. It’s worth noting, however, that the cautious mood ahead of this week’s key US data/events joins the oversold RSI conditions and an upward-sloping support trend line from early April to challenge bears around $2,2932 of late. Among the key data/events, the US Durable Goods Orders, a debate between the US Presidential Candidate Joe Biden and Donald Trump, as well as the US Core PCE Price Index, also known as the Fed’s preferred inflation, will gain major attention. It should be observed that the XAUUSD’s sustained trading beneath the 50-bar Exponential Moving Average (EMA) and bearish MACD signals join the aforementioned trend line break to help the sellers break the $2,293 key support. That said, the monthly low of around $2,286, May’s bottom surrounding $2,277 and early April swing lows around $2,267 are additional downside filters to watch during the bullion’s weakness past $2,293. Following that, the 76.8% Fibonacci ratio of the precious metal’s March-May run-up, near $2,210 will act as the final defense of the buyers before directing prices toward March’s monthly low of near $2,146. Meanwhile, the Gold price recovery needs validation from the catalysts weighing on the US Dollar. Also challenging the XAUUSD bulls is a convergence of the 50-EMA and a three-week-old previous support line, close to $2,324 by the press time. In a case where the precious metal remains firmer past $2,324, a descending resistance line from June 07 surrounding $2,364 and the monthly high of near $2,387 will be on the buyer’s radar. Above all, a horizontal area comprising tops marked since April 12, near $2,432-35, appears a tough nut to crack for the bulls. To sum up, Gold price is likely to stay depressed but the further downside needs support from fundamentals to favour the bears.
OANDA:XAUUSD
by MTradingGlobal
Gold price today: Strong decreaseHello everyone, let's find out today's gold price and see what changes! Currently, gold has just undergone a fairly strong price correction at the end of yesterday. Accordingly, the precious metal quickly plummeted from 2320 USD to the psychological level of 2300 USD and is currently trading around the threshold of 2297 USD. Accordingly, gold is receiving support around this support level but it is still controlled by the bears. Technical indicators and trend factors are still in favor of sellers and according to DOW theory, gold's target is to find the fibonacci take-profit level of 1.618. Let's wait for gold's downward move after it breaks out of the current support level!
OANDA:XAUUSDShort
by HamedMarkets
NBCC making Cup and Handle PatternThe chart you've shared is a technical analysis of the NBCC (India) Ltd. stock on a weekly timeframe. Here's an interpretation and analysis based on the chart: 1. **Chart Pattern**: - **Cup and Handle Pattern**: The chart appears to show a "cup and handle" pattern, which is a bullish continuation pattern. The cup is formed from 2020 to 2024, followed by the handle. - **Upward Channel**: The stock has been moving within an upward channel since 2020, indicating a consistent upward trend. 2. **Price Movement**: - **Recent Performance**: The stock recently broke out from the handle portion of the cup and handle pattern. This breakout is generally considered a strong bullish signal. - **Support and Resistance**: The stock price is currently around 158.11 INR. The support level seems to be around the lower bound of the channel, and resistance around the upper bound. 3. **Volume**: - **Volume Analysis**: The breakout is accompanied by significant volume (90.448 million), which adds to the credibility of the breakout. 4. **Projection**: - **Target Price**: The projection based on the chart indicates a potential target price of 500 INR. This target is calculated based on the height of the cup pattern added to the breakout point. 5. **Trend Analysis**: - **Bullish Trend**: The overall trend is bullish, supported by the breakout from the cup and handle pattern and the upward channel. - **Potential Pullback**: There may be potential pullbacks or corrections, but the overall long-term trend remains upward as long as the price stays within the upward channel. In summary, the NBCC stock chart suggests a strong bullish trend with a significant potential upside. The breakout from the cup and handle pattern, combined with high trading volume, indicates a likely continuation of the upward trend. However, as with all technical analysis, it's important to consider other factors and perform further research before making investment decisions.
NSE:NBCCLong
by brijmohan_h
AUDUSD bulls attack six-week-old on strong Australian InflationAUDUSD jumps nearly 50 pips after Australia’s monthly Consumer Price Index (CPI) for May rose the most in six months early Wednesday, up 4.0% MoM versus 3.8% expected and 3.6% prior. However, a downward-sloping resistance line from mid-May, close to 0.6680 by the press time, joins sluggish MACD signals and unimpressive RSI conditions to challenge the Aussie pair buyers. Even if the quote manages to cross the 0.6680, a 5.5-month-long falling resistance line surrounding the 0.6710 and 0.6730 mark will be the final defenses of the bears before giving control to the bulls targeting the 0.6800 threshold and the late 2023 peak of 0.6870. Conversely, the weekly low of near 0.6625 will challenge the AUDUSD sellers during the pair’s fresh fall. Following that, the 100 and 200-day Exponential Moving Averages (EMAs) might act as tough supports near 0.6590 while the monthly low of around 0.6575 acts as an additional downside filter. Should the quote remain bearish past 0.6575, the previous monthly low of 0.6465 and 78.6% Fibonacci ratio of October-December 2023 upside, near 0.6400, could lure the Aussie pair sellers. Overall, the AUDUSD pair’s further upside appears difficult unless providing a daily closing beyond 0.6730.
by MTradingGlobal
USDJPY eases within the bullish channel, sellers await 159 breakUSDJPY defends the previous day’s retreat from a two-month high as traders await Tuesday’s US Confederation Board’s (CB) Consumer Confidence figures for June. In doing so, the Yen pair remains mildly offered between the upper line of a seven-week-old rising trend channel and an upward-sloping previous resistance line stretched from early May. It’s worth noting, however, that the RSI’s pullback from the overbought territory joins a receding bullish power of the MACD signals to suggest further declines of the quote. The same highlights the aforementioned resistance-turned-support line surrounding 159.00 as a break of which will welcome sellers targeting a two-month-old horizontal support zone surrounding 157.90-70. However, the bears should remain cautious unless witnessing a daily closing beneath the 156.30 support confluence comprising the 50-SMA and bottom line of the previously stated bullish trend channel. Following that, the quote’s weakness toward the monthly low of 154.52 can’t be ruled out. On the contrary, USDJPY bulls should wait for a clear rejection of the bullish trend channel by providing a daily closing beyond 160.00. Even so, the yearly high of 160.20 and the 1990 peak surrounding 160.40 will join the overbought RSI conditions to challenge the buyers before directing them to the 161.00 round figure. If the Yen pair remains firmer past 161.00, the late 1986 peak of around 163.95 and 164.00 will be on the buyer’s radar. Overall, USDJPY remains in the bullish trajectory despite the likelihood of a short-term pullback in the prices.
by MTradingGlobal
Impending “Death Cross” lures Crude Oil sellersCrude Oil struggles to defend the previous two-week uptrend early Monday, after reversing from a seven-week high on Friday. Even so, a 13-day-old rising support line restricts the black gold’s immediate downside to around $80.30. Also challenging the energy sellers are the bullish MACD signals and upbeat RSI (14) conditions, not overbought. However, the looming “Death Cross”, a moving average crossover of the 200-SMA to the 50-SMA suggesting a sell-off, joins the firmer US Dollar to lure the WTI crude oil bears. It’s worth noting, however, that the $80.00 threshold and the SMA convergence of around $79.30 will act as the final defenses of the Oil buyers before giving control to the sellers who can aim for the previous monthly low of nearly $76.20 and then the monthly bottom surrounding $72.40. On the flip side, a daily closing beyond the latest peak of $81.75 will aim for the mid-March swing high near $83.10. Following that, late April’s top close to 84.42 and multiple hurdles near $85.00 could test the WTI crude oil buyers before directing them to the yearly high of $87.60. In a case where the energy buyers occupy the driver’s seat past $87.60, the $90.00 psychological magnet and last annual high of $95.00 should gain the attention. To sum up, Crude Oil buyers should wait for a fresh monthly high before adding new positions while the sellers are likely to enter beneath $80.00 and can portray a short-term downside.
TVC:USOIL
by MTradingGlobal
GBPUSD Sell strategy?Hello everyone! What are your thoughts on GBPUSD today? From our chart analysis, it's evident that this currency pair is under bearish pressure. It has recently broken below the ascending trendline and is currently in a downtrend wave. Currently trading at 1.266, I believe GBPUSD might gain some short-term bullish momentum from the support around this level. However, it is likely to resume its downward trend after completing a retracement to the 0.5 - 0.618 Fibonacci levels. My target for this scenario is 1.252. What about you? Do you agree with this analysis, or do you have a different perspective?
Short
by HamedMarkets
Evaluate the strategy and outlook for gold prices today!Current Trend: The 4-hour chart shows gold in a short-term uptrend. The price is above the EMA 34 and EMA 89, showing that the upward momentum is still strong. Critical Support Zone: 2,335 USD - 2,333 USD, coincident with the EMAs, acting as a strong support zone. Key Resistance: $2,387 is the resistance to watch out for. If the price breaks this level, the uptrend could be further strengthened. Trading strategies: Buy: When the price adjusts to the support area around 2,335 USD and shows signs of rebounding. Sell: When the price approaches the resistance level of 2,387 USD and shows signs of strong rejection.
OANDA:XAUUSDLong
by HamedMarkets
Gold price creates new breakthrough!At the start of the trading session on June 21st, gold prices saw an uptick, spurred by market anticipations of an impending rate cut from the U.S. Federal Reserve, following weaker-than-expected retail sales data earlier in the week. While gold may have lost some of its upward momentum, the overall market sentiment remains largely optimistic. Numerous hedge funds have pivoted towards gold, which has helped maintain a solid support level at $2,300 per ounce. A significant pillar bolstering the gold market is its status as a safe-haven asset, providing a hedge against risk amid ongoing global geopolitical instability. Gold Price Forecast The gold market is poised for a resurgence as the Federal Reserve's monetary policy becomes more defined. With an expected shift in policy direction, investment demand from the West is likely to increase, potentially setting the stage for gold to soar.
OANDA:XAUUSDLong
by HamedMarkets
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USDJPY: Outlook is still bullish!USD/JPY is trading near 159.00 early Friday, below its highest level since April. Japan's verbal intervention provides support for the Japanese Yen amid BoJ uncertainty over interest rate hikes and mixed national CPI data. US Dollar recovery slows ahead of key PMI data. From a purely technical standpoint, the trend is bullish across all timeframes and with the saying that “the trend is your friend” it is more likely to continue higher. USD/JPY is currently trading at 158.50 as it continues to rise in the ascending channel.
by HamedMarkets
EURUSD strategy: Should Buy or Sell !On Wednesday, EUR/USD experienced an uptick as the U.S. markets took a mid-week holiday break. As we move into the second half of the trading week, investors are looking ahead to the Friday PMI data for meaningful insights that could steer market sentiment. Despite the recent recovery, uncertainty lingers. The pair is still facing significant resistance and a downward trendline. Keep an eye on these levels – if EUR/USD breaks through the resistance, a buying opportunity could emerge. Conversely, if the resistance holds, selling might be the better strategy. Stay tuned and watch those key levels closely!
by HamedMarkets