Silver (SI) is consolidating just above descending wedge resistance (on the weekly chart), making progress in its efforts to form a major bottom. Another weekly close above the psychologically key 20 whole figure level will dramatically increase the likelihood of a test sometime in August of the 38.2% Fib retrace of the March to July slide…
The Nasdaq100 (NQ) is tiring in its Dead Cat Bounce, but appears to still have a few months to go before the downchannel (on the weekly chart) is ready to resume. Key in the next day or so will be whether NQ can bounce off upchannel support (on the 4hr chart) which would coincide with a break above downchannel resistance (on the daily chart) and the psychologically key 12k whole figure level…
Corn (ZC) slid another 1% Friday adding to the steep losses since breaking upchannel support (on the weekly chart) 2 weeks ago. ZC is beginning to appear it may have overshot to the downside with Thursday’s break below downtrend support (on the daily chart)…
The USDCAD is trying to halt the pullback that began at the 2022 high a bit more than a week ago, with the weekly Hammer assuring a higher June low versus the May low. Any break of the downchannel resistance (on the 4hr chart) will dramatically increase the likelihood of reclaiming the psychologically key 1.30 whole figure level and 2022 high in the few days after…
Register/Login to freely access technical analysis on the market described in the headline above. Today’s Top 3 Trades includes technical analysis on: Agris (Soybean | Corn) + Today’s Top Trade (GBPAUD) Join the world’s largest asset manager and 2 of the world’s 5 largest (and 5 of the 10 largest) hedge funds by AUM asRead More
The GBPAUD is in the advanced stages of a major bottom that began in April with the effort underway to form a higher June low versus the May low. Odds are high for the GBPAUD to break above the April / May high before month end, regardless of the near complete ascending wedge (on the 4hr chart)…
The Nasdaq100 (NQ) appears to be in the early stages of forming a multi-month low, with the current green weekly candle trying to rebound off downchannel support (on the weekly chart). Any break above last week’s high will dramatically increase odds for a daily close above the psychologically key 12k whole figure level by the weekend…
Although the Nasdaq100 (NQ) formed a fresh 2022 low yesterday, with the NQ at downchannel support (on the weekly chart), the NQ is only moderately likely to slide further this week to downchannel support (on the daily chart). Any break above downchannel resistance (on the 4hr chart) will dramatically increase odds for a daily close above the psychologically key 12k whole figure level by early next week….
Arabica Coffee (KC) bounced more than 1% yesterday, and suddenly appears to be in the advanced stages of consolidating near upchannel resistance (on the 4hr chart). Any weekly close above the 61.8% Fib retrace of the slide from the February high to the May low will likely coincide with a retest of the June high, and dramatically increase odds of resuming the upchannel (on the weekly chart) in the week after…
The GBPAUD is breaking out of the bottoming formation that began early week, and is suddenly back to near the psychologically key 1.75 whole figure level. A higher June low versus the May low would strongly reinforce the major bottoming effort since early April…
