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Falsebreakout

Dow Jones - false breakout to start the selloff - Sell in May?30 Apr 2020 recap - yesterday Dow had an increase of supply together with bearish price action, with the close above the support level 24270. Yet the futures during the London session now has broken the support level and currently testing 23880 level. A break below swing high at 24270 presents a false breakout scenario. If 23880 was broken, we should see a correction to 22950. The next important support level is at 22500 if 22950 was not defended. Bias - down Key levels - 24270, 23880, 22950, 22500 Potential setup - a rejection from 23880 should present a good opportunity for a short entry, with the take profit targets at 22950.
DJ:DJIShort
by mingjong
S&P 500 plunges with a false breakout - daily market analysisS&P 500 futures ( CME_MINI:ES1! ) continued yesterday's selling and plunged more than 2% below 2850 as of the London session now. The price action today before the US session revealed a false breakout on S&P 500. 30 Apr 2020 recap - Yesterday session had seen an increase of supply in synchronization with the bearish price action dropping 1.3% off the top for S&P 500. The only relieve sign was the close was above support zone between 2880–2900. The first support level at 2850 was broken during the London session. Inability to rally up above 2850 would likely to see S&P 500 to test the swing low at 2715. The next level of support is at 2635 if level 2715 is broken. The key level is at 2850. A recovery above 2850 could hold on the long-waited correction. Bias - down Key levels - Resistance: 2850, 2880-2900, 2960 (swing high); Support: 2760, 2715 (swing low), 2635 (axis line) Potential setup - A rejection off 2850–2860 should present a good chance for a short entry, with the take profit targets at 2760, 2715.
CME_MINI:ES1!Short
by mingjong
2
Price Breaking resistance after days of consolidation,***** ^-^Stock price still in consolidation, Price crossed over the 50emv and should be consolidation in the current support and resistance. For confirm position the price should rally the current resistance, 50emv crossover 200emm all together with the price for a confirmation for the execution. mentioned false breakout due to the consolidation period but it may not end up a false break out, if the stock consolidated for a two weeks periods or so on and the price rallied up or down it will be a strong confirmation Further study to be done. Thank you Localogist
NYSE:PWR
by localogist
GBPUSD: moving sideways, possible trade scenarioCable strengthened last week even though Sajid Javid, the Chancellor of the Exchequer, resigned... ..since the beginning of this year GBPUSD was moving sideways with the highest price around 1.321 and lowest around 1.287. Last week it broke above 1.30 again and it seems like it was a false breakdown below 1.2945. I will wait for a pullback to 1.299-1.2945 price zone for joining bulls with t/p target around 1.312 (R:R at least 2.85). Today is Holiday in USA, so the liquidity might be low. Keep in mind that this idea might be realized in several days and opening long position in GBPUSD results negative swap. // Feel free to share your opinion/position via comment and follow me to stay updated.
Long
by GIgor_021
GBPUSD: possible long scenarioThis idea is based on that the market is already pricing rate cut in GBP, so it is possible that we are going to see a strong pull back in price and then buy out from the level around 1.2957.. it provides decent R:R for joining bulls with stops below 1.29 and take profit around 1.312. (R:R=2.86) If the rate remains unchanged it will be a positive scenario for GBP and it might continue going up without any pull back.. Keep in mind that this idea might be realized in several days and having long position in GBPUSD results negative swap. // Comment your opinion and follow me to stay updated.
Long
by GIgor_021
Facebook: There's Nothing Funny About a False BreakoutFacebook dropped sharply on Thursday after quarterly results raised questions about its longer-term growth story. Sure, the backward looking numbers weren't bad. But looking forward, newer offerings like Instagram don't seem to be catching fire. The "big blue app," with its slow-growing and ageing user base, isn't really thrilling investors. This stands in contrast with other big tech names like Apple , Microsoft , Amazon.com and Tesla . Those are all evolving their businesses toward the "next big thing." The technicals, as usual, show these fundamentals clearly: AAPL, MSFT, AMZN and TSLA have broken out to new highs. FB has not only failed to break out. It has a failed breakout. This week's price action could have a long-term impact on the social-media giant because it represents a double-top spanning 18 months. Patterns like this are often followed by months, if not years, of consolidation and pain. Just look at Alphabet 's trading after its April 30, 2019, bearish gap. That argues against rushing into FB here. Some chart watchers may like the 50-day simple moving average (SMA) and the $205.50 support area from July 2019. But this week's high-volume false breakout and double top could prove more powerful to the downside. It could be too early to buy the dip.
NASDAQ:META
by TradeStation