Welcome to ITS' The Charts We’re Watching, where charts speak for themselves, bullish or bearish. With minimal narratives, we strive to present clear and unbiased insights into complex financial markets.
Here we go.
Equities
Two important trend lines converge. Decision time for the S&P 500.
Descending triangle for the Dow.
A potential H&S bottom for FTSE Taiwan, followed by a very tight pennant. Breakout seems imminent.
Impressive rally of the Hang Seng China Enterprise Index, but can the 23.6% Fib level hold the recent decline?
UK’s FTSE 100 Index had a clean & proper breakout from its 12-month rectangle range. One of the best performing indices.
Currencies
DXY rebounded sharply but into a significant resistance.
Pound is still trading within the tight range. More Dollar strength will likely lead to the breakout on the downside.
Loonie has broken down from its symmetric triangle.
Kiwi failed to breakout from a potential H&S bottom. A failed H&S often means the continuation of the prior trend.
South African Rand could be forming a three-year Cup-and-Handle.
Around 7 will be a significant battle zone for the CNH. Breaking this resistance region will clear the path to 7.2 and above.
The traditional “Risk-on/Risk-off” pair AUD/JPY is at the top of a gigantic multi-decade descending triangle. Powerful overhead resistance.
Commodities
After a wild ride, crude oil is still in a tight consolidation. Maybe not for long.
Heating oil is at the bottom of a bull flag.
A rapid, 80% collapse doesn’t only happen in crypto. Historically, nat gas had quite a few moves like now. It is, however, near its long-term support at around 2.
Cotton is still within a very tight channel since last November.
Sugar had a clean breakout from an inverse H&S or Cup-and-Handle, followed by a few retests. Can the neckline hold?
Corn had a decisive breakout to the downside after coiling towards the apex of a symmetric triangle.
What war? Wheat has given up the entire gain since the Russia/Ukraine war broke out, and is even on the verge of breaking a significant support now.
Orange juice had a massive run up and breaking out from this giant ascending channel. Is the latest move a retest, or the bulls are running out of juice?
Palm oil is still in a bottoming process. A few attempts had already been made by the bulls. 4200 - 4500 resistance region is critical.
A nice and decisive Cup-and-Handle breakout by feeder cattle.
Copper may be rolling over from this ascending channel.
Silver still couldn’t get a bid. Back to 21 where the real fight between bulls and bears happens.
Rubber has broken out from a H&S bottom, retested and the rally is still intact. For now.
Fixed Incomes
SOFR Z3Z4Z5 butterfly could be forming an H&S bottom.
Crypto
Significant overhead resistance for ETH.
Okay that’s all for now. Until next time.
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