Let's see if NASDAQ:MARA is bouncing temporarily or if this is the beginning of something bigger. In recent sessions, some stops were triggered, and the price touched the Fibonacci Extension at 61.8%.
The AMEX:GSG chart isn't as clear to me as the S&P-GSCI Commodity Index SP:SPGSCI , but it tells the same story: a bull market, followed by a shallow correction to 38.2%, and now a MACD buy signal.
The commodity bull market that began in 2020 might not be over yet. The last three years, 2022, 2023, and 2024, could merely represent a healthy retracement within a larger bull market. A few months ago, there was a minor panic just below a clear support level, after which the market rebounded, suggesting that such low prices were not sustainable in this market....
I'd like to buy SUGAR at $11.55, expecting an upward move from this level. If we go up, a big cup & handle pattern will become visible to everyone. If that happens, I'll look to sell half of my position soon after the pattern is confirmed.
The oil market hasn't been very trendy in the last two years, which is good for building a base for another up wave. XOP is at support right now, a nice place for joining the bull market during a pretty flat correction.
Considering trading EOG Resources. The stock is in a nice uptrend, followed by a 2.5-year flat correction forming a triangle. Placing a buy order at $123.80 - close to the triangle's lower boundary. This is on a monthly chart, so patience is key. Will cut losses if the price drops below the triangle's lower band.
Analyzing Soybean Oil CBOT:ZL1! on a monthly chart, my focus is on WisdomTree Soybean Oil LSE:SOYO on the LSE. Here's the rundown:
Bullish Surge: Prices skyrocketed by 281% from 2020 to 2022!
Pullback: A retracement to the 61.8% Fibonacci level occurred from 2022-2024.
Pattern Alert: Spotted a classic Head and Shoulders, key for forecasting.
...
Let's look at Fibonacci levels. The attached chart, on a logarithmic scale, spans over 50 years - that's huge! The market just bounced from the 61.8% level, confirming that the bulls are still alive. Let's switch to a lower timeframe in the next post to see if anything interesting is happening there.
Soybean Oil:
- 1970-1974: Prices rose from $8.6 to $48 = ~ 450% increase
- 1974-2000: Sideways movement between $15-$40
- 2000-2008: Bull market, prices surged from $15 to $70 = ~ 350% increase
- 2008-2020: Retracement to $25
- 2020-2022: Another bull market, prices went up from $25 to $87 = ~ 250% increase
- 2022-2024: Retracement to $38
But has...
Key observations on the TEC DAX chart:
- Fibonacci resistance on a major timeframe.
- Bullish flag formation .
How these elements interact:
Since peaking in November 2021, TEC DAX has undergone a correction, with the market closely respecting the 61.8% Fibonacci resistance level. This level acts as a pivotal line, distinguishing between bullish and bearish...
When observing the DAX INDEX XETR:DAX on a weekly timeframe, identifying a clear pattern is challenging. However, check out the TEC DAX XETR:TDXP , which is closely correlated. You'll notice a clear bullish flag pattern forming, and we're nearing its upper band. Once this pattern activates, expect an upward surge for both indices. The bull market is still very...
We've seen a correction retracing over 61.8% of the prior uptrend. Does this signal a bear market? Not necessarily. Early bull markets can see deep corrections, but as long as the 61.8% level holds, the bull market is still going, just not at full strength.
Look closer at the chart. In the past, many were trapped selling below this support, expecting a downturn,...
Check out XETR:DBXJ - draw the same lines you see here. The outlook is clear: once the market breaks out of the rectangle upwards, it's a bullish entry signal. But that's not the whole story! If CME:NKD1! climbs higher, we're looking at all-time highs, surpassing 1989 levels. After that? The sky's the limit!
Notice the bullish formation drawing on the Japanese stock market on the weekly timeframe! An up breakout will confirm it's time to ride this bull. But there's more! Don't forget the big picture. The Nikkei 225 is close to breaking its all-time highs from 1989, which would be a massively bullish signal. Keep an eye on this!
