CC surged more than 1% yesterday, extending a bounce off this week’s April low (only marginally below the March low). The length of the lower shadow of the current weekly candle suggests that the brief break below the psychologically key 2500 whole figure level was a fakeout…
Month: April 2022
USDCAD Weekly MACD Positively Crossing
The USDCAD is trying to complete a 5th straight green weekly candle, and appears to want to test the 2022 high and psychologically key 1.30 whole figure level by early May. A monthly close above 1.30 would signal the completion of a major bottoming effort since June 2021 (seen more easily on a monthly chart at tradingview.com)…
Natural Gas (NG) Bounced Off 38.2% Fib Retrace of Jan-Apr Rally Extension
Natural Gas (NG) has bounced off the 38.2% Fib retrace of the January to April rally, trying to halt last week’s slide from the 2022 high. Nevertheless, with the incredible volatility typically accompanying the highly anticipated weekly storage data (on Thursday), bulls should not rule out NG deepening in its correction to the 50% Fib by early May…
VIX (VX) Retraces Half of Mar-Apr Slide
The VIX (VX) is gearing up for a retest of yesterday’s high to near the psychologically key 30 whole figure. Any daily close above downchannel resistance (on the daily chart) will dramatically increase the odds of testing the 2022 high in May…
Wheat (ZW) Retests 38.2% Fib Retrace of War Surge
Wheat (ZW)’s 6 week plus Bull Flag consolidation (or daily chart triangle) is at risk of deepening as ZW tests a 2 month or so uptrend support (on the weekly chart). Any break below the daily chart triangle support will dramatically increase the odds of ZW testing the 50% Fib retrace of the war surge, and the psychologically key 1000 whole figure level…
Terra (LUNAUSD) Consolidating Just Below Key 100 Level
TOP50’sTOP10 (LUNAUSD, DOTUSD, ETHUSD, BTCUSD, TRXUSD, SOLUSD, ATOMUSD, ADAUSD, FTTUSD, XRPUSD)
Raw Sugar (SB) 6 Month Plus Bull Flag Consolidation Near Complete
SB is showing early signs of trying to halt its near 2 week consolidation with yesterday’s 1% plus rebound. Nevertheless, SB’s upchannel support (on the weekly chart) remains at risk of breaking next week after Wednesday’s slide below the daily chart ascending wedge support…
AUDUSD Retesting Weekly Chart Downchannel Resistance
The AUDUSD appears to have halted the correction from early April, finding support at prior downchannel resistance (on the weekly chart). Yesterday’s break above downchanel resistance (on the 4hr chart) gives a bullish bias to the triangle-like pattern (on the daily chart)…
Gold (GC) Nearing Weekly Chart Upchannel Support
Gold (GC) is tiring near upchannel support (on the weekly chart), putting at risk the rally extension since February. Any break of the daily chart triangle support will likely coincide with a test of the psychologically key 1900 whole figure level and the 50% Fib Retrace of August to March rally extension…
Nasdaq100 (NQ) Weekly Hammer Forming Near Key 14k Level
The Nasdaq100 (NQ) is trying to reclaim the psychologically key 14k whole figure level, with decent odds of pausing the slide of the last 2 weeks these next few days. Nevertheless, NQ remains vulnerable going into May for a retest of the March low…