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Keylevel

QQQ retests trendlineAs seen in both the RSI and price chart, the Nasdaq is retesting the resistance line it just crossed (last week’s support line. If it crosses back above it, the bulls still have control. I think this is possible because it the RSI is bouncing off of its second support line. If QQQ fails to cross the line, however, and instead hits the roof and falls, it will cement the top resistance line (last week’s support line) as a solid trend line. As such, expect it to fall and test the next horizontal support line. If this is the case, it will enter a very broad megaphone pattern, marked with equal lows and higher highs. This will come with high volatility in the QQQ. As of right now I’m neutral, but watch the the key price level of 280. A cross above it is bullish, a failed breakout is semi- bearish. Also worth mentioning, the QQQ is rallying on lower volume today, compared to the last few days, meaning a large rise in selling volume could easily erase the rally.
NASDAQ:QQQ
by Isaiahgr3
2
GOLD Clean ViewGold looks still very weak to break 1912 key level, it has to find the right liquidity needed to break thru that level. Mulitiple wicks on 1912. Trendline has been touched one more time and probablly will hold. On daily TF, not a single body candle has engulfed previous wicks. Personally expecting gold to push up through at least two previous Lower Highs and prolly form a double top before finding the right momentum to break 1912 key level and the significant trendline to look for Higher Lows to be formed on larger Time Frames.
OANDA:XAUUSDLong
by theforexdaddy
2
AUDCAD - Potential Long OpportunityAUDCAD - Potential Long Opportunity After last week's AUD strength we have broken through a significant level that price has been interacting with in the past. This bullish move that occurred will more than likely see a pullback, potentially when price creates the swing high you can also look to draw fibonacci from the impulse, to the peak of the move, as further confluence. You can see the ascending trend line is adding further confluence as it lines up with key market structure. Once price returns to the level the 50EMA should be closer to current market price, potentially acting as a dynamic level of support. If price returns to the zone (key level + trendline), look for rejection in the form of a bullish candlestick pattern, reversal pattern, or if we see many rejection wicks at this zone. If we don't see rejection, or buyers coming into the market, there is no trade. Important to react to price action and not predict.
Long
by Som246
URA atl reversal play Trading on the D/W On the weekly: -major support has been $10-12 since early 2016 -in july 2019 price broke down from this range(covid market crash), and solidified 11.50 as major res -has since broken above 11.50(also the 100w), the retest held, and carried higher On the daily: - jul 15 2019, price breaks above r11.50, and all MAs (50,100,200,400) -MAs are converging on one another for strong support Entry: 11.99 Market open 08/26/2020 Stop loss: 10.88---below all major res/ma on week/day TP1: 14.20---sell 50%---URA tends to have short fakeouts above weekly MAs, 14.20 would be slightly above 200w ---move SL to BE or below relevent key levels TP2:15.40--- sell the rest unless stock still has good techs--- 16 is a key res TP3: moon, will move SL to appropriate levels as stock moves higher
AMEX:URALong
by Martinillo