Home » Posts tagged 'Technical analysis'
Tag Archives: Technical analysis
Wall Street Traders Report July 31st
Sirius XM Radio (SIRI)
Sirius has moved into an early up-trend and has paused at $3.50 which is acting as resistance. Positive earnings reported on Tuesday could look at pushing the share price through this resistance to continue the up-trend.
ASX Traders Report July 23rd
Wednesday July 23rd and the Australian share market had a positive day with the broader All Ordinaries Market Index reaching at a six-year closing high. The index closed up 0.8% at 5567 points after reaching an intraday high of 5587 points, this was on the back of positive movements on Wall Street markets overnight.
The All Ords index has been struck in a trading range over the past few months as previously mentioned in my last blog. Today’s price action has provided a positive bullish signal that further rises may be following, but attention will turn back towards the US markets over the next few weeks which is in the midst of its profit reporting season. If US company reports are positive then this will continue to push the Dow Jones Index up which will then follow through onto the Australian share market.
With today’s resistance breakout technical traders like myself will be hoping that the resistance level of 5540 will now hold as short-term support on any pullback.
Macquarie Group (MQG)
Macquarie Group Limited provides banking, financial, advisory, investment, and fund management services. The share price chart below bears a similar resemblance to the one above with the price stuck between a trading range over the past three months. As did the All Ords index the share price for Macquarie was able to break through the range resistance level of $61.00 today. The price is currently trending upwards in an orderly fashion and today’s breakout indicates that the next leg up is underway.
ASX Traders Report July 21st
The Australian sharemarket has been able to rally over the past fortnight with the All Ordinaries Index rising 0.8% last week and within touching distance of it’s resistance level. The chart below demonstrates the sideways movement of the index over the past three months with prices supported at 5,350 points with overhead resistance in the region of 5,540 points. On Thursday prices attempted to breakout above the resistance level but were pushed lower towards the close with the formation of a long tailed reversal candle.
The overall picture indicates that bulls are trying to push the markets higher but have been met with selling pressure at current levels. In order for the All Ords to push higher prices will need to breakout and close above the resistance level of 5,550 points. Any further declines from current levels are likely to be halted by the support price of 5,350.
Lonestar Resources (LNR)
Lonestar Resources, Ltd. is a leading independent oil and gas company involved in exploration, production, and acquisition of unconventional oil and gas reserves.
The share price has been in a strong up-trend for most of 2014. Friday saw a bullish candlestick rising through resistance on strong volume. There could be further up-side left in this share but volatility is high and traders do need to be careful after such a strong run up that prices could be extended. In situations such as this I make sure I have a tight stop loss in the event that prices turn downwards quickly. I will wait for the opening of the markets on Monday to see if prices can open above the previous high of $0.51. If this occurs then a limit buy order in this area can be covered with a stop loss under Friday’s low of $0.48.
Wall Street Traders Report July 4th
Goldman Sachs (GS)
The Goldman Sachs Group, Inc. is global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals.
The chart below shows it’s share price over the past seven months. The downtrend was broken in mid June with prices consolidating above the 200 day moving average. Over the past fortnight the price has retraced to form a bullish wedge. Yesterday saw a bullish candle breakout from the wedge pattern. This is my signal to enter a long position trade.
On this setup I will look to go long at a price of $168.00 with a stop-loss under the wedge low of $166.00. My initial target will be the resistance high from March of $175.00.
Forex Traders Report AUD/USD
The Australian Dollar (AUD) has shown bullish price action against the US Dollar (USD) for the best part of 2014. Since reaching a low of $0.8660 in late January the AUD has been in a steady up-trend with prices currently hovering around $0.9400 for an increase of just over 9% in this time.
Over the past three months the price has been trading in a range between a support low of $0.9200 and a resistance high of $0.9400. This trading range has been highlighted on the price chart below as the rectangled area. The bull rally from February to April has stalled with bulls and bears currently trying to establish control. If the bulls are to win this battle then the price needs to breakout above the resistance high of $0.9400. A breakout above this level should see further buyers pour into the market and push prices higher towards the next resistance level of $0.9600.
If prices fall back towards the support level of $0.9200 and break below this price then the bears will have established control and this could result in prices falling back towards the next support level of $0.9100.
At this point I am neutral the AUD:USD and will wait to see which side of the congestion pattern prices break through.
Wallstreet Traders Report June 17th
Tesla Motors (TSLA)
Tesla Motors, Inc. designs, develops, manufactures and sells fully electric vehicles and advanced electric vehicle powertrain components. It provides services for the development of electric powertrain components and engages in the sale of electric powertrain components to other automotive manufacturers.
The share price for Tesla increased 8.81% on Monday on the back of positive news from the company that it’s long anticipated electric car Model X SUV will be delivered in early 2015.
The share price managed to breakout from its recent trading range and through recent resistance on higher than normal volume. I expect the bulls to come in and push prices higher with targets close to the March highs of $260-$265.
Wallstreet Traders Report June 11th
Shares in the social media giant Facebook (FB) increased 4.6% at the close of trading on Tuesday. This increase was on the back of the announcement a PayPal head will join the company to head it’s messaging products division.
The share price below shows the recent price action with a strong breakout from recent congestion. The breakout occurred on relative strong volume which adds to the bulls conviction to rise the share price.
Traders can look at entering a long position with a target price close to the March high of $72.00. Stops can be placed under the most recent congestion low of $62.00.