MarcoOlevano

MarcoOlevano

BNB has broken down from a head & shoulders top formation below the neckline at $407. Targets of the pattern should project a move to approximately $373. We are consolidating underneath the neckline in the form of another bearish flag formation which generally see's price action break down further. Nice risk reward ratio here as you can place your stop loss just...

MarcoOlevano

GDX is testing this downtrend line which has held price lower since May 2021... With recent news on the Russian invasion of Ukraine pushing up the price of Gold, gold bulls are licking their lips for a breakout. Further news on this event could be the catalyst for a blast off. Watch closely for a close and break above this significant resistance which could send...

MarcoOlevano

Small caps tend to lead the market. Not a great picture as we saw a strong reversal off previous support yesterday. Technically we have the 50dma trading below both the declining 200day sma and emas. The moving averages are pointing down and we are still under the anchored vwaps from the previous highs. We also seem to be forming a rising wedge formation which are...

MarcoOlevano

Short term we are at the upper end of the the resistance trendline and at the same place where RSI-14 peaked at approximately the 77 reading on the previous two swing highs. From a time cycle perspective of the previous peaks, we have had approximately 70-80 bears between each peak -with the current peak 73 days from the last. No guarantee this plays out again...

MarcoOlevano Updated 

Keep an eye on the copper x etf which tracks miners which are engaged in the mining of Copper. Every time we've seen a heavy spike in volume this year has resulted in a corresponding top or bottom for Copper miners. My guess would be another bottom could be forming here...

MarcoOlevano

Bitcoin has lost its 200day moving average and a critical area of volume support at 45.5k which the bulls tried to support for the entire month of December. There is a bit of a vacuum down to around 40-41k where you might find temporary support. To be honest, i think narrative has changed here technically and is not in favour of the bull camp.

MarcoOlevano

Is it time to switch back into gold against bitcoin? We could have formed a double bottom (which is premature to call unless we get breakout above the neckline). The 200day ma of the relative pair has been resistance in recent times. If Gold vs. Bitcoin can break above this 200dma.. we could potentially see a change in trend and then we could perhaps push the...

MarcoOlevano

Bitcoin had a nice ramp on the FED statement last night... however, it seems to be forming a flat bottom triangle which is normally a bearish continuation pattern in the direction of the preceding trend (down in this case). If we get a 4hr close below 45500 - we could be heading to roughly 41100

MarcoOlevano

All the risk on speculative meme stocks are breaking below significant technical levels and well below their 200 day moving averages. A sign that liquidity is drying perhaps as the fed is likely to start withdrawing liquidity in their meeting tomorrow at an accelerated pace.

MarcoOlevano

Observation: Every time MicroStrategy has dipped under its 200ema this year, a reversal candle print often signals a bottom. Is this time different or more of the same? might be an opportunity to buy here with a stop under the reversal candle low.

MarcoOlevano

Ever since recovering from the pandemic lows last year, we have seen the SP500 retreat and test its 20 week moving average (Middle Bollinger) on various occasions. Every attempt has been supported by the market. While there is very apparent macro risk which lingers, on a technical view it looks very much of the old same. Should we break below this 20 week ma then...

MarcoOlevano

Uptrend + 200day ma bands on EBAY have acted as support in recent times. Perhaps a long trade with a tight stop loss below yesterday's reversal low and short term target to 70-71 range with extension if market holds up

MarcoOlevano Updated 

Massive flat top triangle here on DeRace - should see a 72% move from this one to hit the projected pattern target at $6.75

MarcoOlevano Updated 

Gold is making its way up to test the DTL that has been in place since the highs formed in August last year. Additionally there is massive horizontal resistance at the $1830 level. A convincing break and close above $1830 will set the yellow metal on fire! Keep an eye for the break!

MarcoOlevano Updated 

Alibaba has been basing in the form of a bottoming reverse head & Shoulders formation. if this plays out as per the textbook we have a target in the region of $216. Keep a close eye and watch for a close above the neckline to confirm the pattern.

MarcoOlevano Updated 

Nice flag consolidation in the financial names (XLF ETF). If this flag breaks up I have two potential targets. Shorter term based on the range of the consolidation channel targets $41.50, and if you project using the distance of the flag pole from the breakout, extended targets sits at $43.50

MarcoOlevano Updated 

Nice bounce off the breakout level for small cap stocks in the us. This should bode well for further upside

MarcoOlevano Updated 

50% fib resistance using March 2020 highs and 2021 lows. RSI in OB territory. Watch for higher high in price and divergent lower high in RSI which could give cues to the next move and a possible short term top.