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Neckline

Chart of the Day: $HYG under pressure$85.50 is the key neckline support for $HYG as it bounces off the top boundary of wedge pattern. The neckline can be seen with multiple previous SSR levels. The downward bias is reinforced by the current SSR level for which price action is firmly pinned under. With an earnings recession in progress and oil demand in question, it is inevitable to see some stress emerging in the junk bond segment which has a fairly high representation of US shale players.
AMEX:HYGShort
by WellTrainedMonkey
YELLOW METAL Might Break The Neckline Of H&S Amid RISK ON MarketMarkets are in the RISK ON mood which usually puts pressure on safe assets and currencies including the yellow metal. Here we see a HEAD AND SHOULDER pattern on the verge of completion! The neckline will likely be broken soon enough as the risk ON markets dominates the appetite of the investors. Once the neckline gets broken we should see the selling pressure building up towards the next ascending trendline support that lies in the region of 1260.00 level. I am already short on this pair with my entry being at 1295.000 level , TP at 1267 & SL at 1321.00 My trade that is short has been active since one month and once the neckline breaks we can expect the TP levels to be reaching soon enough. This is just an outlook behind the current yellow metal state and where its heading, if you want to enter i suggest you do that at your own risk as the price has drifted away from our entry level and the RISK TO REWARD RATIO will NOT be 1:1 in this case. Nonetheless its a very high probability setup both technically and fundamentally. If you like my analysis please drop me a LIKE and FOLLOW me if you would like to receive more future analysis. cheers and thanks
OANDA:XAUUSDShort
by FX618Analysis
YELLOW METAL Looking TO Complete H & S Pattern On DAILY Chart! The above snapshot represents the daily chart of the yellow metal. it can be clearly seen that the head and shoulder formation might just be about to completed soon! The main chart (4hr) shows the channel has been breached with EMA 50 adding further confluence to downward move which could target the potential neckline of the overall H & S formation. Once the overall pattern is complete, its safe to say that this pair can potentially drop towards to 1267.000 level where the long term weekly ascending trendline lies!. Looking at the big picture, i am overall LONG on GOLD, however i would only enter LONG once the price hits the 1270.000 area so the better risk to reward ratio is by my side. At the moment i am short on this metal. If you would to take short this yellow metal based on your own comfort and analysis i suggest the following trade entries: ENTRY LEVEL: CURRENT PRICE 1300.000-1307.000 STOP LOSS: 1330.000 (ABOVE THE RIGHT SHOULDER) TAKE PROFIT: 1267-1270 LEVELS PLEASE FOLLOW THE ATTACHED LINK IF YOU WOULD LIKE TO TAKE THIS TRADE. I WILL BE UPDATING ANY CHANGES IN THE LINK ABOVE. cheers
OANDA:XAUUSDShort
by FX618Analysis
USD/CAD - We need short retracementThis should be a short-term trade. I'm convinced the market has no more power to push the price up. We need to see a correction with a good potential. After bad data from CAD GDP last week we saw nice bounce from the bottom of bullish trend channel and also move out from Falling Wedge (bullish sign). Now the market grow so fast so I guess there could be a little retrace. Why? We can see market tested the previous swing High, the strong S/R area and we can expect retrace. The next is building Rising Wedge (bearish pattern) in lower Time-frame. RSI bearish divergence on lower Time-frame. The good entry should be valid after breakdown of Rising Wedge or after retesting of this pattern. But if you want you can do agressive short with good SL (but without confirmation is high risk). Where could market bounce upwards once again? The strong support area n.1 which is strong and that should be our target. The Bigger one is support n.2, so the neckline (or trendline - blue), which market breakout upwards. We need to test it. SHORT ZONE: Now (not recommend - high risk) -> 1.337-1.336 Safer short -> after breakdown of Rising wedge or it's test TP area: Support zone n.1 (1.331-1.328) Support zone n.2 (1.327-1.3255) SL -> above red S/R area (1.3385) This could be a good trade with nice RRR, but don't forget, you trade on your own risk and this is only my point of view not investing advice.
Short
by SlovakTrading
bitcoin bullflag looking more like a symmetrical pennant now The breakout targets are still roughly pretty close to eachother even though price action on the flag is now looking more like a symmetrical pennant. I anticipate a break upward from the pennant no later than tomorrow but possibly tonight. That will put us above the neckline of the inverted head and shoulder pattern...I'm still not completely confident we will trigger the inverted head and shoulder breakout but plan on having a smart stop loss should a fakeout occur.
BITSTAMP:BTCUSDLong
by DrDovetail
Trend momentum starting to build for the bulls in $BTCThe neckline of an inverted head and shoulders is being examined as resistance, and all eyes will be on internal trend momentum to see if the price can breakout to the upside to continue wave 3 of the new motive wave to the upside. The ADX measures the strength of trend momentum and the indicator is turning to the upside inside a trend strength building zone (above 20) as the green positive directional index inches higher to signal a bull trend... a good sign for the bulls. This should make the psychological $4000 area support and the neckline should continue to be pressured this week with a likely upside break. The RSI is validating this call with the oscillator staying inside the bullish zone, which supports the market. $5200 is the minimum wave 3 call on a breakout ... all stops are placed underneath the 61.8% Fibonacci level around $3600. Happy trading! buy dips! Thoughts?
BITFINEX:BTCUSDLong
by FiboSwanny
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