XAU/USD: Correction to Support?Upside Momentum Slowing on the Monthly Chart
Despite the yellow metal working with a clear uptrend and shaking hands with fresh record highs, momentum to the upside has noticeably decelerated. This can be observed through price action and the Relative Strength Index (RSI) on the monthly scale, which tests overbought conditions and exhibits the possibility of negative divergence.
Breakout in Play
On the daily timeframe, gold recently ventured north of a consolidation between US$2,363 and US$2,470 late last week and also broke through the upper boundary of an ascending channel extended from the high of US$2,450. Consequently, before buyers attempt to take things higher, a textbook correction and retest of the breached boundary (black circle) could be seen to potentially deliver support. Dip buying?
H1 Technicals Converging with Daily Structure
Following the recent all-time high, H1 flow has pencilled in the beginning of an early short-term downtrend (lower low, lower high and subsequent lower low). What jumps out on the H1 chart, however, is support coming in at US$2,477, which happens to converge with H1 trendline support, taken from the low of US$2,381, and the breached resistances on the daily chart.
This H1 area of support is also located just south of the higher low at US$2,485 formed on 19 August (black circle). Since traders often position protective stop-loss orders beneath swing lows like US$2,485, whipsawing beneath this boundary could attract larger buyers looking to hit the offer from the noted H1 support on the back of the fresh liquidity.
Price Direction?
While upside momentum is slowing on the longer-term monthly chart, a correction on the daily chart to the recently breached resistance could be seen. This move may prompt dip buying, particularly from H1 support around US$2,477, which shares chart space with daily structure.
Dipbuying
GE is GEAerospace a buy 5% below its ATH? - LONGGE is now priced at 5% below its recent ATH. The daily chart shows it to be on a VWAP breakout
over two standard deviations above the mean anchored VWAP originating in 2 and a half years
ago. Price has dipped and pulled back to the midline of the Bollinger Bands and buying volatility
is fading as can be seen on the indicators. I see this as a safe point to add to my GE long
positions of shares and call options. Having trimmed some of those positions 4 weeks ago, I
will add the same amount back in along with 20% extra. When earnings are upcoming in
August I will again look for a pivot high from which to trim again.
BTCUSD falls and starts recovery after geopolitical spike LONGBitcoin on a 30 minute chart fell with reports of the Israeli active retaliatory strikes in the
heart of Iran's military and industrial infrastructure in a unilateral action. Iraq has not launched
a responsive action as yet. On the chart, price had been stable and sideways in the 64000
range but fell to about 6000 and then recovered to nearly 62,000. I see this as an opportunity
to buy BTCUSD at a 3-4% discount going into the halfing period. I will add to a long position.
It end up being averaging down or in the alternative getting a solid base for the run up that
pundits say will soon come. My initial target to take profit on 10% of the position and raise the
stop loss, based on a Fibonacci level is 66800.
RTX falls on good earnings and defense budget issuesRTX is part of the boom defense sector thriving because of back orders created by
the Russian war against Ukraine. No matter good earnings it fell this week because
of the defense budget debate in Congress. No matter good intents to rein in the
defend spending escalation and spend in other areas such as social and infrastructure,
Russia has made the world more dangerous and national security of the US and its allies
trumps most spending except perhaps insterest on the national debt and paying the
holders of Treasuries. RTX dropped more than 10% from its tight consolidation range,
I see this dip as an excellent buying opportunity into a leader in the defense sector.
SVXY a volatility ETF play LONGSVXY is the ETF shorting the VIXX ( and UVXY) which pumped hard this past trading
session. It goes up when volatility goes down and vice-vera. VIXX is expected to
drop after the trama in the market starting at 1PM when the Treasuries auctions
were duds with little transactions occurring and the financial data reported in
the late morning. SVXY dropped to its near term lows as the VIXX too off.
SVXY bounced above the long term anchored mean black VWAP line which provides
a logical stop loss at 85.65. The relative trend indicator shows the dip and early
recovery while the RS indicator shows low and high time frame lines bottoming
and reversing with the low blue line above the higher black time frame line.
I see this as a long trade setup targeting the pivot highs in the near left of the
price trend or about 90.5, A similar trade would be to short UVXY in a trend down.
SOFI channeling but rising LONGShown on a 15-minute chart, SOFI is seen slowly rising in a parallel channel
bounded by a pair of anchored VWAP bands - the first and second deviations
above the mean VWAP from anchors back in mid-June. Fundamentally, SOFI
has been challenged by another round of student loan forgiveness by our
President as well as the instability in the prime rates ongoing.
On the chart, price is near to the bottom support of the mean VWAP lines coming
back to them since rising above them about July 10th. The trend index indicator
is neutral having resolved a minor trend down. Price dropped today with the
bond auction fiasco and general market downturn. the RS indicator shows both
low and high time frame lines bounced from the lows and the lower time frame
green line now crossing over 50.
I see SOFI as ripe and ready for a long trade to exploit this dip and the overall
long trend in a slowly rising channel I will set a stop loss under VWAP at 8.97
and the target of 9.45 , the first standard deviation blue lines and the POC line of
the volume profile, and the secondary target of 9.95 below the second
deviation red lines . I see that as a buy the low dip and sell upon the reversion to
the mean.
Is the DFEN dip buyable?I think that the dip is very buyable. Fundamentally, Russia has made the world more
dangerous. Shipments of weapons to Ukraine have depleted US and European stockpiles.
NATO is in a growth mode as proposed by former president Trump some years ago.
While many would like less defense spending and shift it into social spending or
infrastructure or clean technology government funding. the pragmatics are that
national security is generally higher on the priority list. DFEN just dropped below
the high volume area of the volume profile on the 15 minute chart in a VWAP breakdown.
The relative strength lines did a bottom bounce on the indicator. I will exploit this
as a long buying opportunity looking to a modest 5% upside target at minimal risk.
Is COIN okay now?COIN is in a bit of a controversy with the SEC and potential regulatory charges. On the 4H
chart it had a big plunge from the high market valuation it received over the month since
favorable earnings. It has reversed after a few days of Doji candles showing market indecision.
The MACD indicator shows upwards K/D lines having crossed under the histogram on the day
before this idea. The mass index indicator has given a reversal signal since the value first
crossed above 27 and then triggering by crossing under 26.5. Having reversed, can COIN
maintain the current trend ? I will find out by taking a long trade with potential 15% upside
essentially betting that the dust will settle and it will be business as usual with demonstrated
increasing revenues on the recent earnings report.
SPY Weekly 01/13/2023 Testing TrendOn this Weeklty SPY ETF chart (SP500 Proxy), we see the upper trendline on the bear trend (yes i made it green sorry) is being tested and spiking it again. This has repeatedly resulted in a rejection. CPI came in sorta inline which gave a little boost this week, but bank earnings disappointed when you look in the line items of the reports. This is an inflection point for markets. PE dont support these levels, so I am in the bear camp and do expect to see low 3200-3300 SPX by middle to end of 2023.
I have to add that I do find the fact this last rally started before retracing to lower trend, and now looking like a cup (maybe building a C&H?), we need to watch that as well.
BBBY $ Bottom this Year we broke our support around the 4.26$ , now is our resistant , if we still trading below it, and below our desnding line, we will seee the shorth drive the price untill around the next support above the 3.50$+, and the only level for squeeze is above 5.81$+, we need to break it for us to go over the 10$.
HL:Dip buying!Hecla Mining Company
Short Term - We look to Buy at 3.87 (stop at 3.42)
Although the bears are in control, the stalling negative momentum indicates a turnaround is possible. Previous resistance at 3.90 now becomes support. Dip buying offers good risk/reward. Further upside is expected.
Our profit targets will be 4.85 and 5.00
Resistance: 4.90 / 7.50 / 9.50
Support: 3.80 / 2.90 / 2.00
Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Signal Centre’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by Signal Centre.
EURNZD: Looking to buy dipsEURNZD
Intraday - We look to Buy at 1.6832 (stop at 1.6798)
Price action has broken from the previous formation. There is no clear indication that the upward move is coming to an end. We look to buy dips. 20 4hour EMA is at 1.6830. We are trading at overbought extremes.
Our profit targets will be 1.6926 and 1.6946
Resistance: 1.6920 / 1.6950 / 1.7000
Support: 1.6870 / 1.6830 / 1.6800
Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Signal Centre’) . Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by Signal Centre.
Sonos:Bear market rally!?Sonos Inc
Short Term - We look to Buy at 15.55 (stop at 14.55)
Although the bears are in control, the stalling negative momentum indicates a turnaround is possible. There is scope for mild selling at the open but losses should be limited. Support is located at 15.50 and should stem dips to this area. Dip buying offers good risk/reward. Although the anticipated move higher is corrective, it does offer ample risk/reward today.
Our profit targets will be 17.96 and 19.00
Resistance: 18.00 / 20.00 / 32.00
Support: 15.00 / 13.00 / 8.00
Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Signal Centre’) . Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by Signal Centre.
ABT: Turnaround?Abbott Labratories
Short Term - We look to Buy at 105.03 (stop at 102.52)
Buying pressure has confirmed an initial rejection from the approach towards the key psychological level of 101.21. This is positive for sentiment and the uptrend has potential to return. There is scope for mild selling at the open but losses should be limited. Further upside is expected although we prefer to buy into dips close to the 105.00 level.
Our profit targets will be 112.00 and 114.00
Resistance: 112.00 / 118.00 / 140.00
Support: 105.00 / 95.00 / 61.30
Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Signal Centre’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by Signal Centre.
EURSEK:Euro back?EUR/SEK
Intraday - We look to Buy at 10.5061 (stop at 10.4794)
Preferred trade is to buy on dips. Prices have continued the bullish move higher and resulted in 5 consecutive positive days. There is scope for mild selling at the open but losses should be limited. We therefore, prefer to fade into the dip with a tight stop in anticipation of a move back higher.
Our profit targets will be 10.5900 and 10.6100
Resistance: 10.5900 / 10.6074 / 10.7000
Support: 10.5000 / 10.4500 / 10.4000
Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Signal Centre’) . Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by Signal Centre.
TGT: Bullish outlook!Target
Short Term - We look to Buy at 171.59 (stop at 159.63)
This stock has recently been in the news headlines. Price action has broken from the previous formation. A weaker opening is expected to challenge bullish resolve. Neckline support is 170.00. Further upside is expected although we prefer to set longs at our bespoke support levels at 170.00, resulting in improved risk/reward.
Our profit targets will be 199.21 and 210.00
Resistance: 200.00 / 210.00 / 250.00
Support: 170.00 / 140.00 / 90.00
Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Signal Centre’) . Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by Signal Centre.
GBPJPY:Buying dips worthwhile!GBPJPY
Intraday - We look to Buy at 160.40 (stop at 159.50)
We are trading at oversold extremes. A higher correction is expected. Although the anticipated move higher is corrective, it does offer ample risk/reward today. We look to buy dips.
Our profit targets will be 162.20 and 165.65
Resistance: 162.20 / 165.65 / 168.70
Support: 158.70 / 155.60 / 152.00
Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Signal Centre’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by Signal Centre.
USDJPY: Bulls never left!!USDJPY
Intraday - We look to Buy at 136.03 (stop at 135.42)
Although we remain bullish overall, a correction is possible with plenty of room to move lower without impacting the trend higher. There is scope for mild selling at the open but losses should be limited. Prices expected to stall near trend line support. Dip buying offers good risk/reward. Further upside is expected although we prefer to buy into dips close to the 136.00 level.
Our profit targets will be 137.48 and 138.00
Resistance: 137.50 / 139.40 / 145.00
Support: 136.00 / 132.00 / 126.70
Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Signal Centre’) . Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by Signal Centre.
USDJPY: Correction over?USDJPY
Intraday - We look to Buy at 135.52 (stop at 134.72)
Bespoke support is located at 135.50. Price action continues to gravitate towards crucial support levels with aggressive selling interest. Support could prove difficult to breakdown. We expect a reversal in this move. We therefore, prefer to fade into the dip with a tight stop in anticipation of a move back higher.
Our profit targets will be 137.29 and 138.00
Resistance: 137.30 / 139.00 / 145.00
Support: 135.50 / 132.00 / 126.70
Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Signal Centre’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by Signal Centre.