The sell-off in AAPL shares was well-documented last week. So, it would be remiss not to touch on AAPL this week and where the market is regarding chart structure. Unless you’ve been hiding under a rock, you’ll have heard of the reports that the Chinese government may ban government employees from bringing their iPhones to work with them. While there has not...
Longer-term price action on the monthly timeframe rejected a key area of resistance in July at $1.1233, a base accompanied by the 50-month simple moving average at $1.1165. Subsequent flow observed selling in August, followed by the beginning of September also echoing a bearish vibe, down -1.3% MTD. You will note that the trend on the monthly scale has been lower...
The buck finished another week in positive territory last week, adding +0.8% and notching up an eighth consecutive week in the green. Having noted the rebound from support at 99.67 and the trend facing northbound on the monthly scale in previous writing, as well as the scope for further outperformance in the direction of resistance at 109.33, longer-term chart...
Out of the last ten weeks of trading, WTI oil has only printed losses in two of those weeks. Suffice it to say, considering last week’s +7.5% gain, bulls remain firmly on the offensive for now. However, although further upside is supported by the Relative Strength Index exploring higher levels north of the 50.00 centreline on the weekly timeframe (positive...
Keeping things simple on AAPL this week: As seen from the weekly chart of AAPL, the price staged a notable rebound from key support at $174.03 in the second half of August. This move not only shone a light on the all-time high of $198.23 as a viable upside objective but it was also accompanied by a H4 inverted head and shoulders pattern ( $176.55 $171.96 ...
The S&P 500 finished -1.8% lower in August, trimming a share of the previous five-month bullish phase. As evident from the monthly timeframe, though, while the US equity index did indeed settle lower, it ended considerably off worst levels and closed near the upper end of the prior month’s range. As a result, technically speaking, buyers remain in the driving...
According to the US Dollar Index, the USD finished last week with a modest gain (+0.1%) and recorded its seventh week in positive terrain. MTD, the Dollar index also concluded +1.7% in the green and snapped a two-month losing streak. For those who follow my Weekly Market Insights on a regular basis, you will recall that I highlighted the clear long-term uptrend...
Spot gold in $ terms wrapped up the week underwater, pencilling in a third consecutive week in the red and erasing -1.5%. Despite the recent decline, the precious metal technically remains in an uptrend. Support calls for attention on the weekly timeframe at $1,898, a level merging with a descending resistance-turned-support taken from the high of $2,070. Should...
After chalking up a fifth consecutive month in the green (July +3.1%), aided by the Relative Strength Index (RSI) on the monthly timeframe rebounding from support between 40.00 and 50.00 (common in strong uptrends), the S&P 500 is down -2.7% MTD. To the upside, the all-time high at 4,818 (set at the beginning of 2022) remains a logical target as this market...
MTD, Apple (AAPL) shares are down -9.5%, and are on track to snap a seven-month winning streak. This follows an all-time high of $198.23 formed in July. At the close last week, the stock ended down -2.3%. APPL recently tumbled on the back of soft sales of iPhones and other hardware, eventually landing the stock on the doorstep of support at $177.83 on the weekly...
Ahead of this week’s UK inflation data, you will note that GBP/USD ended last week on the ropes after retesting the underside of a recently breached support on the weekly timeframe at $1.2767 (resistance). Eking out a fourth consecutive week in the red, this directs the technical spotlight towards a weekly support zone between $1.2331 and $1.2433, thus echoing a...
According to the US Dollar Index, the buck rallied for a fourth consecutive week in recent trading, adding +0.8%. This follows a punchy rebound from support at 99.67 on the monthly chart in July (complemented by two neighbouring Fibonacci ratios at 98.72 and 98.95, respectively). August has added +1.0% MTD. Regarding the trend on the monthly and daily...
Higher Timeframe Price Action Signals Lower Prices Based on the monthly timeframe’s price action, Tesla (TSLA) touched gloves with an ‘alternate’ AB=CD bearish formation in July, denoted by a 1.272% Fibonacci projection ratio at $298.55, a level complemented by a 200.00% extension derived from the B-C retracement at $287.39. Technically, harmonic traders tend to...
It was a subdued week for Bitcoin. Against the greenback, we ended Friday down around -0.8% and formed a weekly indecision candle. While these individual candlestick formations can reveal exhaustion, particularly after a moderate down move from weekly resistance at $30,644, the weekly chart indicates room to move lower until trendline support, taken from the low...
Since March of 2022, the price of WTI crude oil has been steadily declining. Whilst not exhibiting a dominant downtrend, there is a discernible downward bias, particularly when assessing the weekly timeframe. However, this week’s attention is on the daily chart, showing that price finished the week testing (marginally breaching) resistance at $82.45, a level...
Spot silver in $ terms was a chart of interest in last week’s edition of The Pattern Pulse . The section for XAG/USD noted the following (italics): XAG/USD stepped below two key levels of support at $23.98 and $24.10 yesterday, both of which are now marked as potential resistances. With the room available for price to target support between $23.09 and $23.31...
After chalking up a fifth consecutive month in the green (July +3.1%), aided by the Relative Strength Index (RSI) on the monthly timeframe rebounding from support between 40.00 and 50.00 (common in strong uptrends), the S&P 500 is fast approaching the all-time high at 4,818 set at the beginning of 2022. Price action on the weekly timeframe recently connected with...
The US dollar remains at a technical crossroads, with last week finishing considerably off best levels (+0.3%). Price action on the monthly chart shook hands with support from 99.67 (complemented by two neighbouring Fibonacci ratios at 98.72 and 98.95, respectively) last month and staged a recovery. Adding to this, the monthly scale reveals that price action...