Here is an update on the Dow Jones since I adjusted some points on the support and resistance lines. If you want to check out my previous blog, kindly click here. Overall, the DJI still appears to be heading upwards despite its 122-point decline during the last trading session as it just bounced off from the support line a few days back. If this pace continues, the index could head up and reach its 11,309 resistance. A break above this could lead the Dow to the 12,000 area. If it tries to but fails, the unfavorable could happen as the right shoulder of a potential head and shoulders formation could be drawn. Upon breaking below the neckline of the possible head and shoulders, the price could land on the next significant support which is at 9,000-9,200. Looking at the brighter perspective, the ascending channel (blue parallel lines) seems to be still intact and as long as it is, the index could just move along with it.
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Last time I talked about Ayala Corporation, it was in the early stages of forming its trading range. Presently, it still in the trading within the said range although it looks like it is aiming to reach the rectangle’s resistance 357.5. However, the 122-point dip in the US market last trading session could likewise place some selling pressure...
Posted: May 30, 2010 at 7:24 am
The Cable’s recent price action is very much similar to the AUDJPY’s (check it out here). As you can see, the GBPUSD broke out to the upside from a bearish pennant pattern or a symmetrical triangle instead of breaking down. At present, the pair is trading between the triangle’s resistance and the 1.4600 marker. If and when it moves past this ...
Posted: May 28, 2010 at 10:27 am
Contrary to my initial assessment on the AUD/JPY during one of my previous posts here, the pair, instead of breaking down, has broken up from a bearish pennant or a symmetrical triangle formation. As you can see, the pair already cleared its 38.2% Fibonacci retracement level and at the 77.00 mark. It, however, could still encounter some resistance ...
Posted: May 28, 2010 at 9:25 am
For the chocolate lovers, the stock price of The Hershey Company looks to be forming a flag (indicated by the yellow lines) but it doesn’t look ripe yet. However, if the stocks suddenly break above the formation’s resistance line, it could head towards the next resistance at $48.75 or even at $50 which is the ... ...
Posted: May 28, 2010 at 8:49 am
Boston Properties, Inc. stocks or BXP as listed in the S&P 500 was able to keep its current ascent intact as it bounced off its support line during the last 4 trading sessions. It could reach its 1-year high at $83.42 if it continues moving north. In case it breaks above the $83.42 price mark, it could aim for $97.5 which is its next resistanc...
Posted: May 28, 2010 at 8:14 am
Let’s zoom closer over the 3-hour time frame of the fiber (EURUSD). Notice that the pair was able to rally after dipping to a low of 1.2154 earlier today. Since then, it has traded strong and has even reached a high of 1.23426. Thanks to the previous support around the 1.2150 area and the oversold condition at that time, the pair was able to avoi...
Posted: May 27, 2010 at 11:55 am
Last month, Amazon stocks (AMZN) hit an all time-high of $151.00. At present, it continues to move along an uptrend though it appears to be forming a bearish reversal pattern as well. Above, we could see a potential double top (indicated by the red arcs). If the price breaks down from the formation and the uptrend ... ...
Posted: May 27, 2010 at 8:17 am
AmerisourceBergen Corp. (ABC) stocks has been going up for a year now as it moves in an upward trading channel (indicated by the blue dotted lines). As part of the biotechnology and and drug industry, a rise in demand in healthcare products urged the stock prices to reach an all-time high of $31.96 (greed dotted line) ... ...
Posted: May 27, 2010 at 6:46 am
Here’s a look on gold’s daily chart. After reaching a new high of $1,249.495 per ounce last May 14, gold’s price suddenly dipped sharply because of the tensions that we saw in the euro zone regarding Greece’s fiscal problem over the past week or so. The price of gold, however, rebounded when it got some support from the previous resistance ...
Posted: May 27, 2010 at 4:18 am
Above is an update of the EURAUD chart analysis that I presented last May 20, 2010. As you can see, the pair punched through its downtrend line and all the way up until it encountered some resistance at the psychological 1.5400 handle. Notice that 1.5400 was previously a support and as soon as it touched the mentioned mark, it then turned around an...
Posted: May 26, 2010 at 1:13 pm
The Geppy (GBPJPY) looks to be forming a symmetrical triangle in the 3-hour chart (indicated by the red lines) as it comes from the downtrend. Currently, the price looks to be consolidating near the resistance line and a break above the resistance could validate the formation. Once it does, we could see the price reaching ... ...
Posted: May 26, 2010 at 11:45 am
Above is a look at the recent movement of the USDJPY pair in its daily time frame. As you can see, the pair has broken its downtrend line which peaked last April 6, 2009. Notice that two or three months prior to breaking above the downtrend resistance, the pair has already been traversing within an ascending channel. At present, it is exchanging be...
Posted: May 26, 2010 at 6:10 am
The Dow Jones Industrial Average (^DJI) opened with a 230 point drop during the last trading session. Still, it was able to recover reducing the damage to a 23-point decline. Chart-wise, the index was able to bounce off from the support line at 9,756 (as mentioned in the earlier post on ^DJI) which prevented a complete breakdown ... ...
Posted: May 26, 2010 at 5:19 am
Here’s an update of the EURUSD chart that I posted last May 21, 2010 (click here for my previous post). As you can see, the pair indeed met some resistance at the psychological 1.2600 marker which apparently was also the 50% Fibonacci retracement level of the most recent down-wave. After failing to rally above 1.2600, the pair has sunk and is now...
Posted: May 25, 2010 at 12:30 pm
Last Thursday, the shares of Microsoft Corporation dropped and broke (red circle) below the neckline (red line) of the double top formation (indicated by the 2 red arcs) that formed after the 10-month ascending channel (blue dotted lines) ended. The price of the MSFT stocks opened at 27.65 but closed weaker at $27.11 per share ... ...
Posted: May 25, 2010 at 11:02 am
The CAD/JPY looks to be breaking below the current support line (red line) in the 3-hour chart. If it does, it could be bound to go even lower. We could expect a bounce at 83.01 (green line) or at 82.14 (blue line) which are the next significant price marks. If these levels don’t hold, we might see the Canadian dollar’s value against th...
Posted: May 25, 2010 at 9:12 am
The AUDJPY has been consolidating within a symmetrical triangle or a bearish pennant formation for the last several days. Notice also that the pair is already moving very close to the triangle’s apex. This gives me an indication that it is bound to break out either to the upside or downside any time soon. Though, since the price action is coming ...
Posted: May 25, 2010 at 4:19 am
Built from galvanized steel and around the platform of Porsche 944, the Heynsdyk 2500 SF Sports can reach 60mph under six seconds with its 250hp 2.5L S-version turbo engine. You can have this at $50,000. Share Sphere: Related Content ...
Posted: May 24, 2010 at 7:07 pm
The euro once again started this week on a very stale note. The EURJPY opened at 113.144 and is now trading lower at the 111.787 area. Similarly, the fiber or the EURUSD commenced today’s exchange at 1.25794. Presently, though, the pair is moving weaker at 1.2378 minutes before the beginning of the US session. With the futures of the S&P 500...
Posted: May 24, 2010 at 1:06 pm
Last Friday’s trading session ended the Dow Jones Industrial Average’s losing streak as it closed at 10,193.4 with a 1.2% gain. One of the stocks that pushed the index further to closing with gains was the Boeing Company (BA) which was up by 2.5%. The BA stocks were able to bounce off its 1-year ascending channel’s support line...
Posted: May 24, 2010 at 8:48 am
Hiyo my avid readers! I got some bad news to deliver to those who are still long on the Australian dollar. It might be a better idea now if you lighten your positions or to sell them during rallies given the bearish signals that I’m seeing in its daily chart. As you can see, the AUDUSD pair has broken down from a double top formation last week. J...
Posted: May 24, 2010 at 2:30 am
Google celebrates the 30th anniversary of the much loved classic Pacman game by making the game itself Google’s logo for 48 hours. While we are all used to Google tinkering around with its own logo to create different word images, the “Pacman- Google” logo sure takes the cake. What makes it even cooler is that ... ...
Posted: May 22, 2010 at 6:27 am
The AUDJPY, on the daily chart, broke below the trading channel’s support line (red circle) last May 18 and the 76-77 support line (green line) last May 20. The next support is at 70 (red line) and if the price goes below it, we might see the currency head towards the 65 area. This can ... ...
Posted: May 21, 2010 at 5:39 pm
The global markets including the Dow Jones (^DJI) have been dropping since May 13, 2010. The ^DJI has dropped more than 900 points to 10,068 after reaching a high of 11,300 all because of the negative sentiments towards the euro zone, particularly in Greece. Over the short term, the index appears to be headed downward towards ... ...
Posted: May 21, 2010 at 12:33 pm
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