Gold reached a three-month low on Thursday and was on track for its most significant weekly decline since February. Gold prices declined as Jerome Powell, the Chairman of the US Federal Reserve, maintained a hawkish stance and indicated that the central bank’s tightening cycle is not yet over. Powell reiterated his belief that there would Read More…
A fresh look at the technicals Ascending Triangle: There is an ascending triangle on the daily chart. This tells us that the market is forming a bullish bias. Price is currently testing the diagonal support line at 127’27. Capitulation Candle: There was a capitulation with a high volume spike at the low I pointed to on the Read More…
On Wednesday, oil prices increased by one dollar per barrel due to the rise in US corn and soybean prices, which reached multi-month highs. This surge in agricultural prices led to expectations that global crop shortages would decrease the blending of biofuels and subsequently increase the demand for oil. Traders noted that Chicago Board of Read More…
Recap On June 12th, we analyzed the ascending triangle formation on the daily chart in the Dow Jones futures. You can view that article here. YM gapped up on June 9th and continued to rally while it tested the horizontal resistance level at $34,221. The bulls have failed on this attempt, so there are some short-term Read More…
On Tuesday, US equities declined, closing with negative results as investors took profits after a sustained rally amid indications of weakening global demand. Fed Chairman Jerome Powell’s upcoming congressional testimony on Wednesday could further impact the market. The S&P 500 and the Dow were weighed down by Exxon Mobil Corp, causing all three major US Read More…
Technical Recap The last time we did technicals on NQ was June 9th. Bulls looked steadfast on hitting the 78% Fib level at $15,147, which has officially happened. The Nasdaq rallied 8% since June 9th, and doesn’t look like it’s slowing any time soon. Targets From here, there is very little evidence for a bearish Read More…
