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Energy printing fresh highs within weeksHere's a better chart than the one shared in October, showing that energy has been consolidating above an upward sloping triangle formation, over 900 days in the making . With just under 4% remaining to reach prior highs set in April, fresh highs could be just weeks away. Looking at the height of the triangle to project potential gains, there could be a whopping 30% upside ahead. Lately I've stepped back to ponder the fundamental underpinnings of this move. During the same period, the price of oil has cratered by 40%. Charting XLE/BRENT shows an astonishing double during the bullish XLE triangle formation Could it be something to do with the hot war in Ukraine? Anecdotally we know OPEC+ (Saudio Aramco et al) has continued to hold on output increases, while their western peers (XLE) are pushing more product than ever. One theory is XLE companies have taken market share to account for the decline in prices. Two questions remain: would oil prices in the $40's be enough to tank XLE shares? if XLE can hold historic value during a deeper oil price decline, where could its valuation be headed during the next bull cycle in oil?
AMEX:XLELong
by quickshiftinn
Gold Goes ATH Again, How to Work Pullbacks in Overbought MarketsGold Talking Points The massive move in gold has continued to yet another fresh ATH this morning, even with the US Dollar continue its own bullish jump. Trying to chase an overbought market like gold can feel like trying to jump on a rocket that’s already left the Earth, but that doesn’t mean that traders have the singular choice of fading it or avoiding it. There’s the potential for pullbacks such as I’ve been following in these articles over the past few weeks. Gold continues its massive 2024 outing with yet another fresh all-time-high today. This might sound like Groundhog Day, but the yellow metal just continues to impress even with weekly and monthly charts in overbought territory. As I asked a few weeks ago, does that even matter? Well, by the looks of price it does not, at least not at this point. As for explanations behind the move it’s been the Fed and other global central banks pushing towards rate cuts this year that’s propelled the breakout. And even in light of strong US data that, normally, would cause the FOMC to talk up rate hike potential, a hawkish Fed seems nowhere near, and markets are still leaning heavily on the expectation for the bank to cut through next year. Making matters more interesting is the USD backdrop with which the recent trend has run. The USD was weak in Q3 and gold broke out in mid-August and continued to run. The USD has posed a stark turn-around so far in Q4 and still, gold has run higher. At this point there’s no evidence to suggest that the run is finished. But that still doesn’t mean that chasing and hoping is a smart way to work with the move. There’s essentially two ways of working with the long side of an overbought market. One can use breakout strategies, which can be a challenge in and of itself. This opens the possibility of buying highs or selling lows, which can be painful ordeals. It’s not an impossible way to move forward, but traders need to have rigid risk management protocol to institute these types of strategies. Or – traders can wait and try to be patient, using pullbacks on shorter time frames. This still doesn’t guarantee success but at the least, risk can be managed in a more efficient manner by using prevailing price structure and if-then statements. While the move in gold has continued to hasten, there have been pullback setups. There was a setup leading into CPI last week, and another shorter-term after the release of the data point but before the breakout was able to extend. And then this week, there was a test below 2650, buyers holding the line there with a shorter-term higher-low opened the door for another extension of the move. Yesterday saw bulls push all the way up to the prior ATH at 2685, again, leading to a shallow pullback to the first support listed in the article at 2670. And that has since run into yet another fresh higher-high. Gold Fresh Highs – What’s Next? Human psychology has a funny role in markets as it often seems like the crowd gets most bullish at highs or near resistance and most pessimistic at tests of support. But there’s also the inter-play with psychological levels, as the price of 2600.01 can feel much more expensive than just two cents above 2599.99. We saw that play out at the FOMC rate cut last month. Gold tested above 2600 after news of the cut made its way through markets, but that was brief and short-lived as a fast pullback soon developed. The pullback from that tested below a minor psychological level at 2550, with bulls soon returning to push price back above 2600. At this point, we’ve seen continued reticence inside of 2700 so it seems as though bulls are shying away from a test from that price so far. But, if we do see that trade, that could be an open door for buyers to take profits, which can open the door for the next pullback. In that scenario, the prior ATH at 2685 becomes a point of interest for higher-lows. If that doesn’t hold and profit taking sets in a bit more, 2675 or 2667 become of interest. And technically, we could even see a pullback drive back down to 2650 while keeping the door open for higher-highs and lows on the daily chart. --- written by James Stanley, Senior Strategist
WHSELFINVEST:GOLDLong
by WHSelfInvest
Bitcoin Surges 2% to $68K as Tesla Transfers $760M Bitcoin StashBitcoin’s price experienced a notable 2% surge, reaching $68,000 after news broke of Tesla moving its entire Bitcoin ( CRYPTOCAP:BTC ) holdings worth $760 million. The event marked Tesla's first Bitcoin transaction in over two years, sparking speculation within the crypto space. Is this merely a security measure, or could it have larger market implications? Tesla Moves $760 Million from Public Wallet: What We Know Tesla transferred its entire Bitcoin ( CRYPTOCAP:BTC ) stash from its public wallet in multiple transactions, a move confirmed by Arkham Intelligence. This series of transactions included $75.18 million, $76.08 million, and $77.16 million sent to unknown wallets. The remaining funds were also dispersed to various wallets, suggesting a deliberate spread across cold storage. While the move raised concerns about a potential market sell-off, it's worth noting that Tesla could have transferred the funds for security purposes. Concentrating a large amount of ( CRYPTOCAP:BTC ) in one wallet is a security risk, and Tesla may be mitigating this by using cold wallets to protect its holdings. However, without confirmation from Elon Musk, questions linger about the intention behind the transfers. Impact on Bitcoin and Market Sentiment Despite the speculation, Bitcoin ( CRYPTOCAP:BTC ) surged 2%, reaching $68K, reinforcing its upward momentum as it heads towards its all-time high (ATH) of $73,000. Tesla’s large ( CRYPTOCAP:BTC ) movements could cause selling pressure if the company were to liquidate its holdings, yet there is no concrete evidence suggesting such an action. With the US election looming and Bitcoin’s typical “Uptober” rally underway, some analysts predict a potential new ATH before the election. Matt Hougan, Bitwise's Chief Investment Officer, and analysts from Standard Chartered Bank, both expect Bitcoin ( CRYPTOCAP:BTC ) to break above $73,000 soon. Technical Analysis of Bitcoin’s Recent Surge As of writing, Bitcoin is trading at $67,810, showing a 1.15% increase over the last 24 hours. The relative strength index (RSI) stands at 68, approaching the overbought zone. Historically, Bitcoin ( CRYPTOCAP:BTC ) tends to perform well in October, a trend that appears to continue with this current rally. The daily chart highlights a short-term symmetrical triangle, suggesting that a break above the $69,000 resistance could trigger a more aggressive upward move. Should Bitcoin ( CRYPTOCAP:BTC ) surpass this level, the next target is $80,000, which aligns with its previous all-time high. However, caution is advised as key economic reports are expected tomorrow, which could introduce short-term volatility. Additionally, while Bitcoin ( CRYPTOCAP:BTC ) enjoys its rally, most altcoins have remained underwhelming, either trading sideways or experiencing declines. Bitcoin's dominance in the market continues to grow, and altcoins may struggle to regain momentum unless BTC breaks its current pattern decisively. What’s Next for Bitcoin? While Tesla’s Bitcoin movements created a stir, the market remains bullish on Bitcoin’s long-term trajectory. With Musk silent on the exact reason for the transfers, speculation about a sell-off will likely persist. However, as the US election approaches and economic events unfold, traders should keep an eye on Bitcoin's behavior around key levels, especially $69,000 and $73,000. For now, Bitcoin ( CRYPTOCAP:BTC ) appears poised to maintain its upward momentum, with the potential to reach new highs before year-end, especially if macroeconomic and institutional factors remain favorable. Conclusion Tesla’s $760 million Bitcoin ( CRYPTOCAP:BTC ) transfer, though significant, does not seem to have derailed Bitcoin's upward trajectory. With Bitcoin ( CRYPTOCAP:BTC ) continuing to climb toward $68,000 and beyond, traders are advised to watch for key technical levels as the market enters a period of heightened volatility leading up to the US election. Whether Tesla's moves are simply for security or signal something more, the broader Bitcoin ( CRYPTOCAP:BTC ) market remains bullish, driven by both technical patterns and underlying fundamentals.
Long
by DEXWireNews
$SMMT Stock Surges on Positive Lung Cancer Drug Trial ResultsShares of Summit Therapeutics (NASDAQ: NASDAQ:SMMT ) surged dramatically, soaring to an all-time high after the biotech firm reported promising results from its Phase 3 trial of ivonescimab, an experimental lung cancer treatment. The news sent the stock up by as much as 75.2% during intraday trading before settling at a 57.5% gain, marking a 54.77% increase by the close. These gains are driven by a powerful combination of strong clinical data and bullish market sentiment, positioning Summit as a rising star in the biotech space. Clinical Breakthrough: A Game-Changer for Lung Cancer Patients The Phase 3 trial, known as Harmoni-2, was conducted in China in collaboration with Summit's partner, Akeso. Ivonescimab was tested against Pembrolizumab (Keytruda), a standard-of-care treatment for patients with locally advanced or metastatic non-small cell lung cancer (NSCLC) with PD-L1-positive tumors. PD-L1 is a protein that helps cancer cells evade the immune system, making it a key target in immunotherapy. The results were striking: ivonescimab achieved a median progression-free survival (PFS) time of 11.14 months compared to 5.82 months for Keytruda, nearly doubling the time before the disease progressed or led to death. The drug reduced the risk of disease progression or death by 49% compared to other treatments, demonstrating a statistically significant improvement in the trial’s primary endpoint. This positive data marks a critical validation for Summit's approach, particularly as it outperformed Keytruda across all subgroups, including both low and high PD-L1 expressions and across squamous and non-squamous forms of the disease. This broad efficacy profile could make ivonescimab a highly versatile and sought-after option in the oncology space. haba CEO Robert Duggan on a 'Historic Moment Summit Therapeutics CEO Robert Duggan hailed the trial results as a "historic moment" for ivonescimab, calling it the beginning of a shift in the landscape of lung cancer treatment. Duggan stated, “We believe this is the beginning of a landscape shift for treatment options for patients living with cancer.” Summit plans to initiate a multi-regional study of ivonescimab in early 2025, further expanding its global reach. Ivonescimab’s success in both the Harmoni-2 trial and previous Harmoni-A trials positions it as a potential blockbuster in the making. Earlier trials showed ivonescimab’s efficacy when combined with chemotherapy, even in challenging cases where other monoclonal antibodies had failed. Technical Analysis: Caution Amidst the Euphoria On the technical front, NASDAQ:SMMT 's rapid ascent has pushed the stock into overbought territory, with a Relative Strength Index (RSI) of 81.44. Such a high RSI indicates that the stock is ripe for a potential pullback or consolidation as traders digest the news and early profit-takers emerge. The daily chart also shows a gap-up pattern, a phenomenon often filled in subsequent trading sessions as the market corrects its initial exuberance. While the upward momentum remains strong, traders and investors should be mindful of the possibility of a short-term correction, especially given the sharp run-up. This could offer a more attractive entry point for those looking to capitalize on Summit's long-term potential. The Road Ahead: Blockbuster Potential and Key Risks Summit’s ivonescimab could be on the path to becoming a key player in the cancer treatment market, potentially rivaling established therapies like Keytruda. The planned multi-regional trial in 2025 will be crucial in confirming ivonescimab’s efficacy and safety on a global scale. However, investors should also consider the inherent risks. Early-stage biotechs like Summit face significant hurdles, including regulatory scrutiny, competitive pressures, and the financial burden of advancing clinical trials. Any setbacks in the drug’s development, unexpected adverse events, or delays could impact the company’s stock performance. Conclusion: Summit Therapeutics ( NASDAQ:SMMT ) has captured the market’s attention with its impressive trial results for ivonescimab, setting the stage for what could be a transformative journey in lung cancer treatment. While technical indicators suggest caution in the short term, the long-term outlook for NASDAQ:SMMT remains compelling. With continued clinical success and a strategic approach to expansion, Summit is well-positioned to carve out a significant niche in the oncology market. Investors should keep a close watch on the company’s progress as it navigates the complexities of bringing a potentially groundbreaking cancer therapy to market. As Summit continues to build on this momentum, the stock could offer substantial upside for those willing to weather the inherent volatility of the biotech sector.
NASDAQ:SMMTLong
by DEXWireNews
All eyes on 69000!Once again, all attention is directed towards one area: 69k, the ATH from the last cycle. It's the zone with the trendline, order block, and Fib attention area. If this zone becomes support, there's only one way - up. During this consolidation in the range, liquidity has been taken only from below the consolidation. Next, the liquidity from the upper side, 73-80k, will be targeted. Altcoin season? Very close. However, there's a chance some may make another low in this consolidation, and with liquidity taken from there, a larger climb might begin. The market sentiment has quickly shifted from bearish to bullish with just a small pump. It might be wise to place buy orders a bit lower as a precaution. Overall? I'm very bullish. Institutions, Pension Funds, Investment Funds, the world's most powerful countries (not Germany :))), ETFs (Bitcoin and Ethereum, and maybe soon Solana), Donald Trump (almost a certainty as the future US president): BUY BITCOIN/crypto and promote it. Super cycle is coming! 🌟
Long
by TraderX10101
GREENPLY :ATH / CUP BreakoutGREENPLY is currently trading around its all-time high (ATH) and presents an opportunity for a long trade with a promising risk-reward profile. The strategy involves entering a position at 4% above the ATH and employing a dynamic stop-loss approach to manage risk and maximize potential gains. Entry: Enter a long position at GREENPLY's ATH price + 4% (310.80) Initial Stop-Loss: Set an initial stop-loss at 20% below the entry price (248.65) Targets: First Target: 438.50 (Fibonacci 1.618 level) Second Target: 524.85 (Fibonacci 2 level) Third Target: 750.80 (Fibonacci 3 level) Position Sizing: Limit the trade size to ensure that no more than 5% of your capital is at risk. In case the stop-loss is triggered, the maximum capital loss will be limited to 1% The dynamic stop-loss adjustment after reaching the first target further protects capital and locks in profits. The position sizing ensures that you are not risking more than you can afford to lose. Disclaimer: This trading strategy is for informational purposes only and should not be construed as financial advice. Please conduct your own research and due diligence before making any trading decisions. Additional Notes: Consider using technical indicators and chart patterns to refine your entry and exit points. Monitor market conditions and adjust your strategy accordingly. Practice risk management techniques to protect your capital. Please let me know if you have any other questions.
NSE:GREENPLYLong
by lalitcpanchal
3
||BTCUSD|| SET TO REACH 80K IN THE NEXT MOVE!We are currently sitting in an interesting situation regarding market structure. Two bullish formations have been printed after the price broke out of the current flag formation, only to create one of the shoulders for the H&S formation as depicted in yellow. Two formations intertwined so perfectly is normally a great sign for the direction the formations dictate, as you are strengthening retail confidence, and bringing 2 groups of strategies together with a bullish sentiment. in order to be confident prices are to reach our targets, price must break the 71.6K mark and at least test it once. price does of course have to exceed all time highs of 73.9K which will be the last level of resistance before we move back into price discovery mode. I do not think the ATH will post much resistance based on the strength of current market structure. The MACD is also priming itself for a convergence run once averages break apart as they have been in consolidation for a couple days. Although my targets are set for both 81K and 87K I do expect price to get stuck once it reaches 80K as it does pose a strong psychological level of resistance. Thank you for your read, hope you found some new insights and perceptions on the BTC market structure.
COINBASE:BTCUSDLong
by Crisp_Flow
NQ Power Range Report with FIB Ext - 5/16/2024 SessionCME_MINI:NQM2024 - PR High: 18715.75 - PR Low: 18687.50 - NZ Spread: 63.25 Key economic calendar events 08:30 | Initial Jobless Claims - Philadelphia Fed Manufacturing Index Inching into new ATHs - Prev session momentum with returning participation - Holding above prev session high - Mechanical 18740 supply, inventory off PR high - No major correction since CPI numbers Evening Stats (As of 12:05 AM) - Weekend Gap: N/A - Gap 10/30 +0.47% (open < 14272) - Session Open ATR: 251.45 - Volume: 22K - Open Int: 250K - Trend Grade: Bull - From BA ATH: -0.0% (Rounded) Key Levels (Rounded - Think of these as ranges) - Long: 18675 - Mid: 18106 - Short: 16963 Keep in mind this is not speculation or a prediction. Only a report of the Power Range with Fib extensions for target hunting. Do your DD! You determine your risk tolerance. You are fully capable of making your own decisions. BA: Back Adjusted BuZ/BeZ: Bull Zone / Bear Zone NZ: Neutral Zone
CME_MINI:NQM2024Long
by mv3trader5
The weekly on btcusd.5 weekly sessions have passed since the ATH, if this was a correction we could see an increase in volatility and perhaps even violent bursts, aimed at eliminating as many small fish as possible from the market. This area around 69k usd is a very important resistance, having been a high that lasted 3 years, it will not be easy to break it, something would be needed to move the market, an important news or rumor, usually you never know what it is it was what made the price move, only in hindsight can certain reasoning be made, so don't rely on the news. There was the halving of the block premium (the famous Halving) which was already discounted by the market being a periodic and well-known event, of course now mathematics could come to the aid of the bulls with less BTC put into circulation, we could also witness increases as many hope, but it is better to keep our guard up. If you bought, all you have to do is update your stops/takes, if you want to get in and wait for a drop, I wouldn't want to be in your shoes right now. Of course, if a black swan were to arrive it would be a good thing for those who are short or those who want to buy, but I repeat, we have been following an upward strategy for more than a year, since November 10, 2022 to be exact, so even if it is not easy to predict what will happen, the underlying trend is clear and until we have proof to the contrary, the logical thing is to follow the rise.
BITFINEX:BTCUSD
by Melupira89
3
The Super Bullish Gold Bullion :) :) :)Back on Aug 30, we had indicated that Gold is turning to Bullish mode and 1st target is 2280. Today Gold made a new ATH of 2265 - just kissing distance from 1st Target Have a look at the monthly chart. Look at the Volume Build up over the past 3-4 years. Cup and Handle BO also confirmed on Monthly Next targets are 2280, 2550, 3015 Over the weekend, Gold price shot up over Rs. 100 / gm in India, This is not going to be the end. This is just the beginning. Also remember, Market is making new ATH, Gold is making new ATH. How ??? All these years, Gold and Market had Inverse proportion. When market crashes, Gold rises and vice-versa, but is it still the truth ??? This is the time to let go of Old-school thought process and accept the changing reality. With the introduction of Crypto market the Relationship between Gold and Equity Market was long broken. So, give up your bias and learn to ride the tide irrespective of its side Disclaimer: 3+ Years Teaching Experience in Stock Market - Technical Analysis, Advanced Patterns, Emotional Management, News based Trading... We are NOT SEBI Registered and Our focus is NOT providing Buy/Sell Recommendations/calls. Primary Objective is to provide detailed analysis of how to review a chart, explain multi-timeframe views purely for Educational Purposes. We strongly suggest our followers to "Learn to Ride the Tide irrespective of its Side" *** Important *** Consult your Financial Advisors before taking any positions If you like our detailed analysis, please do rate us with your Likes, Boost and share your comments -Team Stocks-n-Trends
FXOPEN:XAUUSDLong
by Stocks-n-Trends
Solana (SOL) Technical Analysis - March 24, 2024Solana Eyes Resistance Breakout - Will Bulls Charge Towards All-Time Highs? What is Solana (SOL)? Launched in 2020, Solana is a high-performance blockchain platform designed to address scalability issues plaguing some older blockchains like Ethereum. Solana boasts fast transaction speeds and low fees, making it a viable platform for decentralized applications (dApps) and the development of Web3 technologies. SOL is the native cryptocurrency of the Solana blockchain and serves several purposes: Transaction fees: Users pay SOL to interact with the Solana network and execute transactions. Staking: SOL holders can stake their tokens to earn rewards and contribute to the security of the network. Governance: SOL holders have voting rights on proposals that shape the future of the Solana ecosystem. Solana's History and Price Performance: Developed by Anatoly Yakovenko, Solana gained significant traction in 2021 due to its focus on scalability and its position as a potential "Ethereum killer." The price of SOL skyrocketed from around $5 in early 2021 to an all-time high of $259.90 in September 2021. Since then, the market has undergone correction, but SOL remains a prominent player in the cryptocurrency space. Solana (SOL) Analysis Following a strong rally, Solana is currently undergoing a corrective phase. After more than doubling in price in under a month, SOL is consolidating its gains. Key Technical Levels: Resistance: $191.77 (critical breakout level), $208.69 (next resistance) Support: $154.44 (current support), $140.00, $125.55 All-Time High (ATH): $259.90 (reached in September 2021) All-Time Low (ATL): $0.50 (reached in April 2020) Solana's Climb and Potential Breakout: SOL faces a significant resistance barrier at $191.77. A decisive break above this level could trigger a strong upswing towards the all-time high of $259.90. Conversely, failure to breach this resistance might lead to a pullback towards the support zone around $140.00. Similar Coins to Consider: Cardano (ADA): Another smart contracts platform focused on scalability. Polkadot (DOT): A blockchain protocol facilitating communication between different blockchains. Avalanche (AVAX): A high-throughput smart contracts platform like Solana. Conclusion: Solana is at a crossroads. A successful breakout above $191.77 could reignite the bullish momentum and propel SOL towards its record highs. However, a rejection at this level indicates a potential decline. Important Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Always conduct your own research and employ proper risk management strategies before trading any cryptocurrency. Volatility Warning: The cryptocurrency market is inherently volatile. The price of Solana can fluctuate significantly in a short period.
Long
by atamq