ASX, Stock, S&P/ASX 200, Stock market, Commodity Weekly Technical Analysis Update February 15th 2021 // SP500 ASX200 DAX30 AUD/USD XAU

2021. If you’re new to the channel and find the content valuable, please don’t forget to like and subscribe beginning with, the s p 500 and the index gained 0.76 of a percent on friday to post new, all time highs and a weekly gain of 1.26 on the daily Time frame following a brief pause last week, the index appears to be resuming its february rally, although we note that the highly overbought nature of the slow stochastic raises the possibility of a further pause or pull back in the near term. Still, there are no signs of exhaustion to suggest that there would likely be a change in this large uptrend that we have seen, and the move to new all time highs continues to be positive from a longer term perspective below current levels. Initial support is located around 3838, where we have the 21 day moving average, and that is before this region between 3800 to 3780. On the four hour time frame, you can see that the price has broken sharply higher after a brief sideways period of consolidation. While this has set a higher high confirming that the uptrend remains in place it’s yet to be confirmed by the slow stochastic, so we’ll keep a close eye on that for any signs. Any potential signs of bearish momentum divergence as we mentioned overall. The recent moves to new all time highs is positive from the longer term perspective and we’d. Look for any pullback to form higher lows above 3664 as potential buying opportunities to the australian market and friday was quite bullish for the asx 200 in that price, initially traded.

As low as 6700 before pairing losses, uh to finish little change, while dips towards sport around 6800 have so far been met with buying pressure, the recent formation of some bearish momentum, divergence on the chart gives cause for caution, and, given that we have seen strong buying Demand so far on these dips towards support, and while we can’t rule out the possibility of further gains in the near term. In our view, this momentum divergence more so suggests that there’s the increased probability of a further period of sideways consolidation, rather than any deeper corrections. At this point, on the four hour time frame, we’ve had some minor bullish momentum, divergence, form uh signaling that there’s the increased probability of a sharp bounce higher towards resistance at six thousand nine hundred. Overall, we have seen the price remain within a well defined. Consolidation range over the past few days with this upper boundary at noted, resistance and the lower boundary between 6800 and 6775. Given the uptrend leading into this consolidation, we continue to favor an eventual break higher, although a close back below 6775 would open up deeper declines back towards 6 600. to the aussie u.s dollar, uh and again friday was quite bullish for the currency pair in that price Traded as low as 0.76 sorry, seven six one before powering losses to edge point one: zero percent higher uh on the daily time frame. The price has continued its recent march higher and it’s.

Now approaching this resistance level around point: seven, eight uh, with the slow stochastic having crossed up into overbought territory, uh and now approaching resistance. At that point, seven eight level uh there’s there’s an increased risk that we do see a pause or pull back in the near term. Still, overall, this break upwards from the declining trend channel suggests the likely resumption of the larger uptrend from november into that consolidation, and any dips at this stage are likely to present compelling opportunities to buy to the four hour time frame. Um the four hour time frame. We’Ve also had sorry to the four hour time frame the formation of bearish momentum. Divergence last week continues to give reason for some caution in the near term. It does suggest to us that the strength of the recent uptrend is fading and the heightened risk that we do see a near term pause or pull back, but overall, this break higher has been positive. The uptrend remains intact, following a series of higher highs and higher lows below current levels. Initial support is located around 0.7720, followed by 0.7691, which is where we find a 38.2 fibonacci retracement level of this rally to the dax 30 and price reverse initial declines on friday. To close a 0.37 higher 14 072 on the daily timeframe, you can see that a higher low has formed on wednesday at 13, 937 and we’re. Now, looking for a higher high to form above this february, high at 14 192, which would also coincide with a new all time highs to confirm that uptrend is in place.

While the slow stochastic remains overbought, it is important to note that it can remain overbought for extended periods, particularly during strong trending moves. In the four hour chart. A higher low has formed on friday and we’ve also now seen a higher high form on monday signaling. A change in this recent downtrend to upwards and to us that signals the likelihood of a resumption of this february uptrend and above current levels. We have resistance located around 14100 before last week’s, all time high at 14, 192.. Finally, over to spot gold and the precious metal declined a little over 0.22 on friday to 1821 us dollars an ounce on the daily time frame. The price has continued lower following a test of this major resistance zone between 1845 and 1863.. The large downtrend remains in place following the sharp decline in january, and we look for a price to move to a new lobe below this recent low 1785 to confirm that the downtrend remains in place and with formidable resistance above current levels. In our view, lower levels in the coming days and weeks are more likely than not over to the four hour chart and in the near term a low has formed around 1810 us dollars an ounce and with the slow stochastic crossing upwards from oversold levels. Uh there is the increased risk of a further new term bounce. Overall, we would look for a lower high to form below 1850 to confirm the downtrend remains in place, while a close back above 1855 would invalidate our bearish view overall.

What do you think?

Written by freotech


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