The current wave of selling seems to have been exhausted. The company is trading near 2008 levels with nowhere near the type of turmoil it experienced in 2008. Long @13.60
IBKR rests at long term support on the daily, as do many other financials. Bullish indicators suggest limited downside risk and large upside potential during earnings tomorrow.
On the daily, S has tested support and failed to break multiple times. Given the uncertainty surrounding the merger, there is a potential for large move in either direction. With tight stops, this setup allows for a large upside, small downside setup.
SPX500 broke through short term support and tested support-turned-resistance overnight. With no close support in sight, next stop may be 2575 before it can reestablish support. The long term descending triangle (bearish 66% of the time) does not paint a pretty picture for equities in the days and weeks ahead.
Heading into earnings, poor iPhone X sales seem to be already priced in. Currently resting at strong support with today's rally pushing indicators into bullish territory, AAPL seems prone to some upside.
Trapped in a descending triangle on the Daily, a typically bearish pattern, SPX500 may break out bullishly as pressure on the weekly builds. Indicators broadly show they are nearing bullish levels and the ADX trend line has reached a trough, indicating the current cycle may be finished.
EIA report time people, 10:30am today, probably gonna see some big moves. www.investing.com
On the daily:
Snap Indicator - Short term bearish trend confirmed, long term still bullish
RSI - In bullish trending territory, neither overbought or oversold
ADX DI+/- - Suggests start of trend, still bullish here
Trendlines - CL failed at resistance in the long term...
Bottoming pattern at support, with indicators showing signs of reversal. Tight stops, short term play up to resistance with potential for long term play. US Farmers planning on planting less grains this year, leading to increased demand.
Happy Monday people. Following last week's bullish run, WTI now rests at long term resistance running around $70/bbl.
7 Day Outlook: Indicators on the daily show short term exhaustion (but with some room for upside given the right setup). RSI is at resistance and Snap Indicator short term double line shows bearish cross.
24 Hour Outlook: Price currently...
Recap: Yesterday's EIA reports pushed WTI out of its short term bullish channel and long term sideways channel.
Short term: After breaking through key resistance levels yesterday and testing short term support on numerous occasions, WTI looks poised for further short term upside.
Long term: After breaking through long term resistance, WTI has paved the way...
EIA reports are published at 10:30am EST today, these usually move price significantly. The report along with various sentiment can be viewed here www.investing.com
Short Term: After a failed bearish breakout yesterday, price maintained itself in a bullish channel during asian trading. Today's reports will probably determine which way it breaks out. With...
Short Term: Slower portions of momentum indicators bearish, see RSI below 50, Snap Indicator single line above 0. Also, descending triangle which breakout bearishly approx 66% of the time.
Long Term: Price activity over past month contained in long-term bullish channel. Price currently against resistance, with indicators showing ongoing or incoming reversal...
