Trading options for 26.9.2024Tomorrow there are two reasonable trade options (1 shorts and 1 long) both are dervied from the triangle formed within today and are inline with the derived from support & resistance areas. For details see text boxes in the chart. I prefer option 2
Notes:
green and red boxes dervied from last movement volume areas, Pivot levels and Fib levels.
yellow boxes are derived from higher TF MAs
Triangle
NVDA at $172.00???Disclaimer: Please note that this analysis is for educational purposes and is not a recommendation to buy or sell. I'm sharing a technical perspective based on chart patterns. Before making any investment decisions, it's always good to do your own analysis.
Looking at the daily chart of NASDAQ:NVDA , we can see that the stock is about to break out of a symmetrical triangle . Basically, what's happening here is that the price is "squeezing" between support and resistance until the moment of breakout. And when that happens, we usually see a stronger move in the direction of the breakout.
The target for this breakout is projected by measuring the vertical height of the triangle (the distance between the highest and lowest points of the pattern). We then add this value to the breakout point, which in the case of NVDA , gives us a target around $171.95 . So, if the breakout occurs, that's the range where we can expect the price to go.
However, it's worth noting that symmetrical triangles aren't always the most reliable patterns. Many analysts point out that breakouts don't always result in strong or sustained moves. This is because the triangle can form during both consolidation phases and potential reversals, and it’s not always easy to determine which direction the price will go.
Additionally, authors like Martin Pring in Technical Analysis Explained and Bulkowski highlight an important drawback: when the breakout occurs near the apex of the triangle (the final point of convergence), the resulting move tends to be weaker. This happens because, by that time, the buying or selling pressure may have already dissipated, which weakens the breakout. And this is exactly where NVDA is right now, which could make the breakout less powerful.
What do you think? Do you believe NVDA’s breakout will be strong enough to reach the $171.95 target, or could the proximity to the triangle’s apex weaken the move? Let’s discuss your thoughts in the comments!
EURUSD → Resistance Retest. A rebound or a breakthrough? FX:EURUSD is testing the resistance of the local correction, and instead of the expected rebound, I am waiting for an attempt of a breakout with the aim of further growth to 1.12757 on the background of the expected fall of the dollar....
There is important news ahead that traders have been waiting for months. A rate cut. And the question is no longer “when?”, but “by how much?”. 25 basis points or 50 ... But before that traders will have to endure Retail Sales, CPI, FOMC, which may also have an impact on both the market and the Fed.
Technically, the focus is on the resistance of the range, 1.112. The market is likely to fight for this zone, a correction is possible, but a gradual retracement and retest will increase the chances of a breakout. If the bulls hold 1.112, it will open the way towards ATH!
Resistance levels: 1.112, 1.12
Support levels: 1.1099, 1.1072
Globally the trend is bullish, on D1 the price is coming out of the correction phase and continues the upward movement. The news may have a big impact on the market, which will shape both medium and long term prospects... Targets are indicated on the chart
Rate, share your opinion and questions, let's discuss what's going on with ★ FX:EURUSD ;)
Regards R. Linda!
Gold will soon break out ....COMEX:GC1!
Gold made ABCDE contraction in Spring and started to the upside in June after finishing Wave E ...
Wave 1 and 2 should be finished now after doing an abc and we will come into the strongest part of Wave 5: 3 of 3 has started .........!
We are seeing now a contracting Triangle and we had 3 Hammers in past 5 days - Upside Breaktout is imminent (!) My target for Gold is now $ 3'000
BNBUSDT: Why BNB Remains Bullish and Its Next Potential MoveHi.
BINANCE:BNBUSDT
the BNB is in a ascending triangle now which means the price will increase and also It is expected that the price would at least grow as good as the measured price movement(AB=CD)
Note: we should wait for the breaking of the triangle and than make a move!
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⚠️Things can change...
The markets are always changing and even with all these signals, the market changes tend to be strong and fast!!
Graphite Ready To Flyy!!!Buy GRAPHITE at 524 and all dips...
Target1 - 765
Target2 - 908 (if closing above 908)
Target3 - 1030
Disclaimer :-
I am not SEBI registered. The information provided here is for education purposes only.
I will not be responsible for any of your profit/loss with this channel suggestions.
Consult your financial advisor before taking any decisions
BITCOIN - Price can break resistance level and continue to growHi guys, this is my overview for BTCUSDT, feel free to check it and write your feedback in comments👊
Some time ago price entered to triangle, where at once made downward impulse from resistance line to support line.
Price broke $63700 and $54900 levels, but soon turned around and rose higher than $54900 support level, breaking it again.
Next, BTC continued to grow and later reached resistance line of triangle, after which started to decline.
In a short time, price fell to support area, thereby exiting from triangle and starting to grow in rising channel.
In channel, Bitcoin rose to $63700 resistance level, where at the moment continues to trades very close.
Possibly, price can make a small movement below and then bounce up to $67600, breaking resistance level.
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SILVER (XAGUSD): Pullback From Resistance Confirmed
Silver looks quite bearish on a 4H time frame
after a test of a key daily resistance.
The price violated a support line of a symmetrical triangle formation
and closed below that.
The price may drop lower.
Next support - 30.1
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Descending triangle breakout EURZAREURZAR has successfully broken out of the bottom of a descending triangle pattern that it has been trading in. With today's price action so far, we have been entered in to a short position. We are hoping to reach the target down at the R18.28 level. We will adjust our stop loss accordingly as the price moves down.
CADCJF short bullish push expected technically based
CADCHF we can see SYMMETRICAL EXPANDING TRIANGLE is created, currently price on strong zone 0.62900, here on this zone expecting to see bounce.
Technicals are also strong bullish.
Crucial zone is here on 0.63200, if see break or strong bullish push on this zone, that will be good sign for bullish trend here.
TP: 0.63950 (90)
Expect updates on time.
Symmetrical triangle breakoutGood volume build up in daily timeframe.
Symmetrical triangle breakout with good volume.
Fundamentals are good.
If after consolidation breaks the all time high resistance then expecting good moves.
NOTE: I do my analysis, do yours before trade.
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NVIDEA - Poised for a Breakout: Which Way Will It Go?NVIDIA ( NASDAQ:NVDA ) is currently consolidating between lowering highs and rising lows, forming a symmetrical triangle. There are two possible support lines: one starting from October 2022 and another from February 2024. I’m leaning toward the 2022 support, as it lines up with the 150-day moving average (MA150), making it more reliable.
The stock is trapped between two key horizontal levels:
$140 resistance (all-time high).
$102 support, a major level to watch for any breakdown.
A breakout above $140 or a break below $102 could lead to significant moves.
NVIDIA is leading the AI wave, and demand for their chips is incredibly strong, with big partnerships with companies like Microsoft and Amazon continue to drive the momentum.
This, combined with solid technicals, makes me lean toward a bullish breakout.
What are your thoughts? Do you think NVIDIA will break higher or lower as it nears the triangle’s end?
GOLD → The shakeup after the rate cuts... What's next?FX:XAUUSD updates high to 2600 and then experiences a shakeout. Traders held the 2550 area and are currently trying to recover losses by testing the upper end of the range....
The Fed announced a 0.5% rate cut, bringing the interest rate to a range of 4.75%-5.0%. Why 0.5 and not 0.25? The Fed chief said that 0.25 poses threats to the economy that can no longer be allowed to...
The gold price failed to capitalize on the sharp Fed rate cut, updating the ATH to 2600 the price headed down to the 2560 - 2550 liquidity zones. Traders are waiting for data on jobless claims and existing home sales to assess the state of the economy as a whole, the news may set the course for a correction or strengthen the general background, which will affect further growth
Technically, the price approached the resistance rather quickly, which increases the chances of a bounce or a false breakout. The focus is on 2588- 2585. If the bears hold this area, the price may decline to the area of interest before rising.
Resistance levels: 2585, 2588, 2600
Support levels: 2566, 2559, 2550
The overall bullish market structure is clearly visible on D1. Traders, after the rate cuts, need to take a breath and wait for additional confirming signs.... For today, the focus is on the trading range indicated on the chart...
Rate, share your opinion and questions, let's discuss what's going on with ★ XAUUSD ;)
Regards R. Linda!
Indus – will it still tower?Although the news about SupremeCourt rejecting plea of Vodafone & Indus Towers on AGR hits the market sentiments, which apparently takes the equation of getting back the dues from Vodafone to Indus further far.
Technically looking -- the chart on weekly timeframe shows its a clear retest of Triangle Pattern breakout.
The fundamentals of the Company are still intact.
Airtel will be parent.
New circumstances and New avenues.
Among all these ~20% price correction seems Good Opportunity.
Is it Fresh Entry Point for someone looking the chart NOW!
It has psychological barrier ₹500 to TAKE ON. What things would support it going forward?
Will be interesting to see...