Market analysis from Saxo

Saxo Broker

Ethereum Intraday We look to Sell at 1608 (stop at 1631) Our short term bias remains negative. Selling continued from the 61.8% pullback level of 1607.04. There is scope for mild buying at the open but gains should be limited. We look for a temporary move higher. Preferred trade is to sell into rallies. Bearish divergence is expected to cap gains. Our...

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Tesla Short Term We look to Sell at 282.85 (stop at 294.03) Previous support level of 280.00 broken. Posted a Double Top formation. The bias remains mildly bearish but there is scope for a move in either direction at the open. Further downside is expected although we prefer to sell into rallies close to the 282.00 level. Our profit targets will be 249.72...

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CrowdStrike Short Term We look to Sell at 189.88 (stop at 203.91) Preferred trade is to sell into rallies. Buying continued from the 61.8% pullback level of 199.22. Posted a Double Top formation. There is scope for mild buying at the open but gains should be limited. Our outlook is bearish. Our profit targets will be 130.20 and 120.15 Resistance: 200.00...

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Bitcoin Intraday We look to Buy a break of 20601 (stop at 20141) We are trading at oversold extremes. A break of yesterdays high would confirm bullish momentum. Dips continue to attract buyers. Our profit targets will be 21777 and 22177 Resistance: 20600 / 21000 / 21800 Support: 20000 / 19500 / 19000 Disclaimer – Saxo Bank Group. Please be reminded –...

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Amazon Short Term We look to Buy at 125.43 (stop at 118.42) Preferred trade is to buy on dips. Short term bias is bullish. 50 1day MA is at 125.00. Further upside is expected although we prefer to set longs at our bespoke support levels at 125.00, resulting in improved risk/reward. Our profit targets will be 144.72 and 157.53 Resistance: 146.00 / 170.00...

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Apple Short Term We look to Buy at 153.98 (stop at 149.64) Preferred trade is to buy on dips. Previous support located at 153.00. The 50% Fibonacci retracement is located at 152.51 from 128.86 to 176.15. The 50 day moving average should provide support at 155.40. Our profit targets will be 163.76 and 176.00 Resistance: 165.00 / 176.00 / 180.00 Support:...

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Ethereum Intraday We look to Sell a break of 1519 (stop at 1561) Our short term bias remains negative. A break of the recent low at 1520 should result in a further move lower. 1527 has been pivotal. We look for losses to be extended today. Our profit targets will be 1421 and 1391 Resistance: 1600 / 1650 / 1700 Support: 1520 / 1440 / 1400 Disclaimer –...

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JD.com Short Term We look to Sell at 67.06 (stop at 69.54) Previous support, now becomes resistance at 66.00. The move higher is mixed and volatile, common in corrective sequences. The bias is still for lower levels and we look for any gains to be limited. Further downside is expected although we prefer to sell into rallies close to the 66.00 level. Our...

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Alphabet Short Term We look to Buy at 106.02 (stop at 102.75) Preferred trade is to buy on dips. Trading within the Channel formation. Previous support located at 106.00. There is ample scope for a move higher from this important support. Our profit targets will be 113.59 and 118.25 Resistance: 119.00 / 125.00 / 142.00 Support: 108.00 / 106.00 /...

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Ethereum - Intraday - We look to Sell at 1676.8 (stop at 1723.8) Broken out of the channel formation to the upside. The medium term bias remains bearish. Selling pressure resulted in the market posting net daily losses. Preferred trade is to sell into rallies. Expect trading to remain mixed and volatile. Our profit targets will be 1533.4 and 1500.00 ...

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PayPal - Short Term - We look to Buy at 89.71 (stop at 84.43) Broken out of the channel formation to the upside. We have a Gap open at 89.63 from 02/08/2022 to 03/08/2022. We have a 38.2% Fibonacci pullback level of 89.84 from 103.03 to 68.51. Preferred trade is to buy on dips. Our profit targets will be 116.91 and 152.00 Resistance: 103.03 / 117.20 /...

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Volkswagen - Short Term - We look to Sell at 145.76 (stop at 152.42) The medium term bias remains bearish. Broken out of the channel formation to the downside. We have a Gap open at 145.76 from 19/08/2022 to 22/08/2022. Preferred trade is to sell into rallies. Our profit targets will be 120.52 and 115.00 Resistance: 145.76 / 151.50 / 160.86 Support: ...

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Litecoin Intraday We look to Buy at 56.26 (stop at 55.05) Daily signals are mildly bullish. 56.00 continues to hold back the bears. We look for a temporary move lower. Prices expected to stall near trend line support. Further upside is expected although we prefer to set longs at our bespoke support levels at 56.00, resulting in improved risk/reward. Our...

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Novavax Short Term We look to Buy at 35.94 (stop at 32.00) Posted a Bullish Hammer Bottom on the Daily chart. Although the anticipated move higher is corrective, it does offer ample risk/reward today. We therefore, prefer to fade into the dip with a tight stop in anticipation of a move back higher. Expect trading to remain mixed and volatile. Our profit...

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Ethereum Intraday We look to Buy at 1644 (stop at 1603) The sequence for trading is higher highs and lows. Previous support located at 1650. There is no sign that this bullish momentum is faltering but the pair has stalled close to a previous swing high of 1715. Preferred trade is to buy on dips. Our profit targets will be 1746 and 1789 Resistance: 1700...

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Litecoin Intraday We look to Sell at 57.84 (stop at 59.89) Sentiment remains negative despite the pull-back higher in prices. Resistance is located at 58.00 and should cap gains to this area. Resistance could prove difficult to breakdown. Preferred trade is to sell into rallies. Further downside is expected. Our profit targets will be 53.07 and 52.00...

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Microsoft Short Term We look to Buy at 273.34 (stop at 266.24) Previous resistance at 275.00 now becomes support. Choppy price action seen. We can see no technical reason for a change of trend. We therefore, prefer to fade into the dip with a tight stop in anticipation of a move back higher. Our profit targets will be 292.57 and 303.00 Resistance:...

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Fisker Short Term We look to Buy at 8.06 (stop at 7.61) We look to buy dips. Although the bears are in control, the stalling negative momentum indicates a turnaround is possible. Although the anticipated move higher is corrective, it does offer ample risk/reward today. There is scope for mild selling at the open but losses should be limited. Our profit...