TradablePatterns

TradablePatterns

AUDUSD is making a tradable bottom on the weekly chart as seen by the RSI, Stochastics rising off overold levels. The weekly MACD blue line is still sloping a bit down, but appears to be in the early stage of flattening. Significantly, you can see AUDUSD having found support close to current levels in early 2014 and early 2010. AUDUSD broke briefly below this...

TradablePatterns

ZS has found major support at around the 900 level, as seen by the weekly RSI, Stochastics and MACD all turning up from oversold levels. The 900 round figure coincides with major bottoms in 2009 and 2010, along with near bottoming activity in late 2008. ZS appears to want to target roughly 1000 in the near-term where downchannel resistance can be expected to...

TradablePatterns

The USDJPY is presenting a short setup as seen in this weekly chart where the RSI and Stochastics are both rolling over from overbought levels. The MACD blue line is also flattening, with the MACD histogram finally falling for the first time this week in its current rally. Equally importantly is how the USDJPY has just been rejected at the ascending wedge...

TradablePatterns

The GBPUSD is looking fairly bullish now on the weekly chart as its RSI and Stochastics are turning up from oversold levels, while the MACD blue line appears to want to flatten. The first upside target is in the 1.63 zone, which is roughly where the 38.2% Fibonacci resistance level kicks in. The current bounce occurred off the 50% Fib support level. The 1.63...

TradablePatterns

The EURUSD is looking very bullish now on the weekly as its RSI and Stochastics are turning up following oversold levels, while the MACD blue line is finally flattening. The first key upside target appears to be near 130, a psychologically important resistance level, which happens to coincide near the 5 month downchannel resistance. Longer term, I`m still...

TradablePatterns

Gold, like silver, is forming a significant bottom as its weekly and daily RSI, Stochastics and MACD have all either turned higher or are completing their bottoming stage. Significantly, gold appears to have bounced off a major support that held May and July 2010, and June and December 2013. A respectable key upside target in the 1340 range can be expected based...

TradablePatterns

Silver, like gold, is forming a significant bottom as its weekly and daily RSI, Stochastics and MACD have all either turned higher or are completing their bottoming stage. Significantly, silver has been trading within a price range that previously saw consolidation activity in the summer months of 2010 before silver skyrocketed to near 50. I`m not suggesting...

TradablePatterns

SB has just completed a double bottom with its 2010 low at .13 (on the spot price chart - go to stockcharts.com, pull up a 5yr weekly chart using symbol $sugar). Also key is the strong bounce off of support at an increasingly narrowing descending wedge. The March15 contract has lagged behind the October14 contract in this week's rally so far, but I am expecting...

TradablePatterns

ZC has been sold off stronger than most commodities, and its weekly Stochastics is at an extreme low reading. Note how it together with weekly MACD are beginning to turn up. The daily chart including today's action illustrates this bottoming action more clearly, but I've profiled this weekly chart to point out how ZC is currently beneath a long term down channel...

TradablePatterns

For the first time since I've added NG to my watchlist two months back, its weekly and daily charts are pointing bullishly. NG has been testing a 2yr plus uptrend support over the last few months, and is flirting just above it currently ahead of tomorrow's inventory figures. Weekly RSI, Stochastics and MACD are all turning up. For those who've never traded NG,...

TradablePatterns

EURCHF has been drifting towards the lower end of a 3yr channel since the beginning of the year. Although it hasn't touched the 1.200 level the SNB has vowed to defend, it's gotten close enough in recent weeks to attract bargain hunters buying in anticipation of SNB intervention. I'm long at 1.208 and like the risk reward here as the weekly RSI, Stochastics and...

TradablePatterns

NQ sits above long term channel resistance, and is likely to fall back into the channel this week given the pressure on NQ's weekly RSI, Stochastics and MACD which are rolling over from recent tops. High momentum names like Netflix (NFLX) and Tesla (TSLA) continue leading the topping process on NQ, anticipating the end of US QE in October. Visit goo.gl for...

TradablePatterns

NFLX continued trying to recover from its Monday plunge yesterday, but my expectation continues to be that NFLX resume its downward trend once this current bottoming attempt tires out. NFLX is currently struggling to stay above the steeper of the two uptrend lines drawn, with increasing downward momentum likely dragging NFLX towards the more prominent longer term...

TradablePatterns

TSLA appears to be topping on the weekly chart. The weekly RSI, Stochastics and MACD are all sloping down following Monday's sharp 8% plus move lower. I'm expecting up to a few more sessions of slight gains as a few ardent buyers continue buying on pullbacks, with a resumption to the downside continuing by early to mid next week. My first key downside target...

TradablePatterns

After yesterday's late session rally, KC sits increasingly well positioned for a resumption of its uptrend. In my daily chart, you can see KC sitting at an uptrend support line (constituting the lower line of an ascending triangle) that began in Jan 2014. My next key target is ascending triangle resistance, in the 207-213 zone. Crucially, the weekly and daily...