SIRI has had a rather stable support line at 3.63 but when it was violated, market tumbled down till 3.30. This has created an over-sold market with a trend in an upward direction. Past support has now become resistance at 3.63. This is a very important line taking into account past structures: market is giving us signals. Therefore, taking into account the...
As we can see eurjpy is clearly in a downtrend displaying continual lower highs and lower lows. Price came down to test and bounce off the 126.1 support level and is currently retracing to our critical "acceleration zone". our confluences for this acceleration zone: 61.8 fib level, major resistance,descending trendline and 200EMA so we are anticipating a pullback...
Nifty Futures: NIFTY while it managed to hold on to to the 7580 levels and staged some sort of a pull back, weak global cues will mean we may now crack that level and open below it. It will be importanat to see if NIFTY futures manages to stay and trade below 7550 in that can the levels of 7580-50 now can be used as a stop for a fresh trade on the downside with...
ITV oversold. Rejection from 50MA with slightly below average volume. If trade is not activated by the end of trading day cancel pending order. Target of 279 - previous high from end of December.
Mylan is in the buy zone of previous congestion/resistance. The stock is oversold in my opinion and we should see a bounce back towards 76.5 from here. We had move down yesterday on low volume which indicates weakness in the move and buyers should step back in soon. Look for long entries on open, stops at 66.
Looking on the daily chart price has formed a strong marubozu candlestick. This shows strong selling pressure throughout the session. I believe we could see $68 where price may bounce and head back towards the 72 level. 68 coincides with the 50 MA. We can see the current range is basically a copy of the previous range which we broke out of last month (range of $4).