On Wednesday, oil prices increased by approximately 1%, driven by a larger-than-expected decline in US crude inventories. Other factors that supported the rally include a decline in US crude output, Chinese economic stimulus, geopolitical tensions, and a weakening dollar. China’s central bank plans to reduce the reserve requirements for banks starting from February 5, aiming Read More…
Weekly Chart Analysis for NASDAQ 100 E-mini Futures:The weekly chart shows price in a clear ascending channel pattern, with NQ positioned in the upper half of the channel. The Relative Strength Index (RSI) is sitting in overbought territory, however. The all-time high (ATH) stands as the ultimate resistance level, which price has closed above in Read More…
Weekly Chart Analysis: Price has formed a large rounding bottom pattern and parabolic curve, typically considered a bullish reversal signal. The price was approaching the all-time high (ATH) resistance zone, near $69,435, before swiftly pulling back after greyscale started dumping on the market. We should monitor this level closely; a decisive weekly close above the Read More…
Weekly Chart Analysis: Looking at the weekly chart, we observe that Light Crude Oil Futures have recently bounced off a consolidation zone around the $74.88 level, indicating a potential bullish breakout. Last week’s candlestick closed above this zone, and this week’s candle is turning green already. A sustained hold above $74.00 could see us targeting Read More…
Weekly Chart Analysis: The price of ES has made a significant move by closing above the all-time high (ATH), which suggests a strong bullish bias. We see a clear break above the previous resistance level, which bulls want to see serve as support in any potential retest. If you’re looking for a bullish confirmation of Read More…
Introduction As a trader, having the right indicators in your toolbox can mean the difference between successful trades and costly mistakes. One of the most powerful and versatile tools available is the relative strength index (RSI indicator). Virtually every trader knows about the RSI, but are you using it to its full potential? In this Read More…
