SELL
8.18.2024 Gold Extended To ATHsGold has extended to all time highs. It has broken through out top zone, so we no longer have a top zone as resistance.
Drew a channel on the chart that it may turn at. We will need to see a change in structure (Lower Highs/Lows) in order to short it, back to out previous zone it had broken.
SNOW Snowflake Options Ahead of EarningsIf you haven`t sold SNOW before the previous earnings:
Now analyzing the options chain and the chart patterns of SNOW Snowflake prior to the earnings report this week,
I would consider purchasing the 110usd strike price Puts with
an expiration date of 2024-9-20,
for a premium of approximately $2.70.
If these options prove to be profitable prior to the earnings release, I would sell at least half of them.
NQ1! BEST PLACE TO SELL FROM|SHORT
Hello, Friends!
NQ1! is trending down which is clear from the red colour of the previous weekly candle. However, the price has locally surged into the overbought territory. Which can be told from its proximity to the BB upper band. Which presents a classical trend following opportunity for a short trade from the resistance line above towards the demand level of 17,296.75.
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EUR/JPY BEARS ARE STRONG HERE|SHORT
Hello, Friends!
EUR/JPY pair is in the downtrend because previous week’s candle is red, while the price is clearly rising on the 12H timeframe. And after the retest of the resistance line above I believe we will see a move down towards the target below at 155.714 because the pair is overbought due to its proximity to the upper BB band and a bearish correction is likely.
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DJI Will Fall! Short!
Take a look at our analysis for DJI.
Time Frame: 1D
Current Trend: Bearish
Sentiment: Overbought (based on 7-period RSI)
Forecast: Bearish
The market is trading around a solid horizontal structure 40,668.09.
The above observations make me that the market will inevitably achieve 40,100.63 level.
P.S
We determine oversold/overbought condition with RSI indicator.
When it drops below 30 - the market is considered to be oversold.
When it bounces above 70 - the market is considered to be overbought.
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GBPUSD Will Go Lower From Resistance! Sell!
Please, check our technical outlook for GBPUSD.
Time Frame: 15m
Current Trend: Bearish
Sentiment: Overbought (based on 7-period RSI)
Forecast: Bearish
The market is testing a major horizontal structure 1.293.
Taking into consideration the structure & trend analysis, I believe that the market will reach 1.292 level soon.
P.S
Overbought describes a period of time where there has been a significant and consistent upward move in price over a period of time without much pullback.
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NZDJPY Breakout And Potential RetraceHey Traders, in the coming week we are monitoring NZDJPY for a selling opportunity around 90.800 zone, NZDJPY was trading in an uptrend and successfully managed to break it out. Currently is in a correction phase in which it is approaching the retrace area at 90.800 support and resistance area.
Trade safe, Joe.
AUDUSD Breakout And Potential RetraceHey Traders, in today's trading session we are monitoring AUDUSD for a selling opportunity around 0.67500 zone, AUDUSD was trading in an uptrend and successfully managed to break it out. Currently is in a correction phase in which it is approaching the retrace area at 0.67400 support and resistance area.
Trade safe, Joe.
SILVER Will Go Lower! Short!
Here is our detailed technical review for SILVER.
Time Frame: 1D
Current Trend: Bearish
Sentiment: Overbought (based on 7-period RSI)
Forecast: Bearish
The market is approaching a key horizontal level 29.041.
Considering the today's price action, probabilities will be high to see a movement to 27.071.
P.S
Please, note that an oversold/overbought condition can last for a long time, and therefore being oversold/overbought doesn't mean a price rally will come soon, or at all.
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GBPCAD Will Move Lower! Sell!
Please, check our technical outlook for GBPCAD.
Time Frame: 3h
Current Trend: Bearish
Sentiment: Overbought (based on 7-period RSI)
Forecast: Bearish
The market is on a crucial zone of supply 1.768.
The above-mentioned technicals clearly indicate the dominance of sellers on the market. I recommend shorting the instrument, aiming at 1.760 level.
P.S
We determine oversold/overbought condition with RSI indicator.
When it drops below 30 - the market is considered to be oversold.
When it bounces above 70 - the market is considered to be overbought.
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NG1! SHORT FROM RESISTANCE
Hello, Friends!
NG1! pair is trading in a local downtrend which know by looking at the previous 1W candle which is red. On the 12H timeframe the pair is going up. The pair is overbought because the price is close to the upper band of the BB indicator. So we are looking to sell the pair with the upper BB line acting as resistance. The next target is 1.857 area.
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EUR/CAD BEARS WILL DOMINATE THE MARKET|SHORT
Hello, Friends!
We are going short on the EUR/CAD with the target of 1.494 level, because the pair is overbought and will soon hit the resistance line above. We deduced the overbought condition from the price being near to the upper BB band. However, we should use low risk here because the 1W TF is green and gives us a counter-signal.
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EURUSD Is Approaching The Weekly TrendHey Traders, in today's trading session we are monitoring EURUSD for a selling opportunity around 1.10900 zone, EURUSD is trading in a downtrend and currently is in a correction phase in which it is approaching the trend at 1.10900 support and resistance area.
Trade safe, Joe.
NZDCAD Breakout And Potential RetraceHey Traders, in today's trading session we are monitoring NZDCAD for a selling opportunity around 0.83 zone, NZDCAD was trading in an uptrend and successfully managed to break it out. Currently is in a correction phase in which it is approaching the retrace area.
Trade safe, Joe.
ETHUSD Is Very Bearish! Short!
Take a look at our analysis for ETHUSD.
Time Frame: 1D
Current Trend: Bearish
Sentiment: Overbought (based on 7-period RSI)
Forecast: Bearish
The market is trading around a solid horizontal structure 2,618.44.
The above observations make me that the market will inevitably achieve 2,129.07 level.
P.S
Please, note that an oversold/overbought condition can last for a long time, and therefore being oversold/overbought doesn't mean a price rally will come soon, or at all.
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EURCHF Is Going Down! Sell!
Please, check our technical outlook for EURCHF.
Time Frame: 1D
Current Trend: Bearish
Sentiment: Overbought (based on 7-period RSI)
Forecast: Bearish
The market is testing a major horizontal structure 0.954.
Taking into consideration the structure & trend analysis, I believe that the market will reach 0.944 level soon.
P.S
The term oversold refers to a condition where an asset has traded lower in price and has the potential for a price bounce.
Overbought refers to market scenarios where the instrument is traded considerably higher than its fair value. Overvaluation is caused by market sentiments when there is positive news.
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USOIL BEARS ARE GAINING STRENGTH|SHORT
Hello, Friends!
It makes sense for us to go short on USOIL right now from the resistance line above with the target of 71.10 because of the confluence of the two strong factors which are the general downtrend on the previous 1W candle and the overbought situation on the lower TF determined by it’s proximity to the upper BB band.
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USD/CHF SELLERS WILL DOMINATE THE MARKET|SHORT
Hello, Friends!
Bearish trend on USD/CHF, defined by the red colour of the last week candle combined with the fact the pair is overbought based on the BB upper band proximity, makes me expect a bearish rebound from the resistance line above and a retest of the local target below at 0.850.
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AUD/USD BEARISH BIAS RIGHT NOW| SHORT
Hello, Friends!
AUD-USD uptrend evident from the last 1W green candle makes short trades more risky, but the current set-up targeting 0.660 area still presents a good opportunity for us to sell the pair because the resistance line is nearby and the BB upper band is close which indicates the overbought state of the AUD/USD pair.
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NZD/USD BEST PLACE TO SELL FROM|SHORT
Hello, Friends!
NZD/USD pair is in the uptrend because previous week’s candle is green, while the price is evidently rising on the 1H timeframe. And after the retest of the resistance line above I believe we will see a move down towards the target below at 0.596 because the pair overbought due to its proximity to the upper BB band and a bearish correction is likely.
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