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Wedge

AMZN may form a wedge on the daily chart.NASDAQ:AMZN reclaimed the daily 50 SMA last week and is trading into the August high supply. If it gets rejected in this area, a retest of the lower trendline would correspond to the daily 50 SMA, and other converging demand zones including the .618 retracement level from the all-time high to the August low. If demand is held in this area, it may be a good long entry point ahead of the wedge breakout. Alternatively, if price builds above the August high, it is likely to retest the all-time high.
NASDAQ:AMZNLong
by DMT_Doctor
ACEUSDT Moving up soonACE has been in a downtrend for the past few months and recently it have been printing bullish divergences on the 3 days time frame which can indicate we wills see some bullish price action in the next few weeks. Bullish divergences are form when the price action makes lower lows and the RSI makes higher highs. I have pointed some arrows up showing the lower lows and you wills see the RSI where it make the higher highs. However take into consideration that this is not a guarantee long signal as sometimes it can get invalidated and we can go lower. I would say if it retest 1.50-1.90 and hold this level as support we can have a better entry for long.
Long
by WhaleKingpin
EUR/USD teetering within rising wedge as ECB rate cut bets mountEUR/USD sits in a rising wedge pattern with the price now testing support. With momentum indicators such as MACD and RSI (14) threatening to rollover, traders should be on alert for a potential downside break. If we get one, you could sell with a tight stop above 1.1140 targeting a move down to 1.1075 or 1.1045. While we are nearing quarter-end where price signals can become distorted, from a fundamental perspective, euro area economic data continues to deteriorate which has seen markets move towards pricing two full 25 basis point rate cuts from the ECB by the end of the year. Good luck! DS
Short
by FOREXcom
Euro can make movement up and then continue to declineHello traders, I want share with you my opinion about Euro. Looking at the chart, we can see how the price some time ago entered to wedge, where it rebounded from the support line and rose to the resistance line, which is located in the support zone. After this, the price turned around from the resistance line made a correction to the support line, and then made an impulse up. Euro broke the 1.1010 level, after which it exited from the wedge and started to trades inside range. Inside range, EUR at once rose to the seller zone, but soon turned around and started to decline, making a fake breakout of the resistance level. In a short time later, the price tried to grow, but turned around and made a correction to the support level, after which made an upward impulse to the 1.1175 resistance level. Euro some time traded near this level and not a long time ago started to decline. Therefore I think that the price can make movement up and then continue to decline to the support level, which coincides with the bottom part of the range. For this case, I set my TP at 1.1010 support level. Please share this idea with your friends and click Boost 🚀
Short
by LegionQ8
10
Gold Overbought Daily, Weekly, Monthly: But Does it Matter?Gold Talking Points: Gold bulls have continued to push an impressive trend throughout 2024 and there was another extension of that this morning with another fresh all-time-high. At this point chasing fresh breakouts in gold can be seen as challenging given that it’s now showing overbought conditions on the daily, weekly and monthly charts. But – that doesn’t mean that price has to turn. Instead, the focus can shift to pullbacks of higher-low support, like what had showed around FOMC last week. It’s been an astounding rally in gold so far in 2024 and that’s continued through another week, with the metal getting another push-higher this morning on the back of dovish Fed comments from Neel Kashkari and Austan Goolsbee. The big USD driver for this week is unveiled on Friday with the most recent release of Core PCE, often considered to be ‘the Fed’s preferred inflation gauge.’ Until then, however, there’s numerous iterations of Fed-speak, including a speech from Chair Powell on Thursday morning. Markets have high expectations for more dovish-speak as rate expectations are currently showing a 76.5% probability of at least 75 bps more in cuts by the end of the year, standing against a current 23.5% probability of 50 bps, which is what the Fed’s projections pointed to last Wednesday. In gold, that FOMC rate decision delivered the last pullback as prices softened down to the $2550 zone of support. That didn’t last for long, however, as bulls pounced and continued to drive through last week’s close and this week’s open, setting another fresh all-time-high. Gold Bigger Picture: Overbought Daily, Weekly, Monthly At this point chasing gold-higher on breakouts can be a challenge. There’s been a proclivity for bulls to soften the drive on tests of resistance or at fresh highs, thereby leading to the build of a rising wedge pattern. And there’s also the matter of overbought dynamics to consider as gold is currently showing overbought readings on all of the daily, weekly and monthly chart. That does not mean that gold has to turn, however. The monthly overbought read started way back in April and, of course, gold has continued to drive since then. The weekly overbought reading re-appeared in early-September, just as bulls were gearing up for another breakout. And the daily overbought reading showed last Friday, and this is the first time that’s happened since April. That’s when gold began to stall and range which largely held through the Q2 close and the Q3 open. So, overbought doesn’t mean that this is ready for reversal. It does, however, highlight the challenge of chasing and instead points to pullback potential such as the scenario I was talking about ahead of the FOMC last Wednesday. On the below chart, I’ve highlighted the two prior episodes in 2024 when daily RSI pushed into overbought territory. Gold Shorter-Term Strategy I had shared a zone on twitter this morning that was highlighting short-term resistance around the 2625 level. Bulls breached that on the way to fresh highs and it’s now back in the picture as short-term support, which is confluent with the trendline taken from the higher-low produced after the FOMC pullback last week. This is also what I’m considering as support side of a rising wedge formation, which is often approached with aim of bearish reversals or pullbacks in bullish trends. I’m more interested in pullbacks at this point and that highlights the 2619 swing of prior resistance as a possible spot of support. Below that I have another prior swing of resistance-turned-support at 2614. If that can’t hold, the door is open to a 2600 re-test which is what held the highs just after the FOMC statement release last Wednesday. When bulls drove price above that level, the pullback showing after couldn’t even get down to 2600, holding at 2602 and this sets up a support zone of note for retracement scenarios this week. --- written by James Stanley, Senior Strategist
WHSELFINVEST:GOLDLong
by WHSelfInvest
#PENDLEUSDT #1D (Bybit) Broadening wedge breakout and retestPENDLE regained 50MA daily support then pulled back to it twice, forming a hammer. Looks good for bullish continuation towards 200MA resistance, buckle up! ⚡️⚡️ #PENDLE/USDT ⚡️⚡️ Exchanges: ByBit USDT Signal Type: Regular (Long) Leverage: Isolated (4.0X) Amount: 5.1% Current Price: 3.5533 Entry Targets: 1) 3.2645 Take-Profit Targets: 1) 4.2309 Stop Targets: 1) 2.9419 Published By: @Zblaba SEED_DONKEYDAN_MARKET_CAP:PENDLE BYBIT:PENDLEUSDT.P #DeFi pendle.fi Risk/Reward= 1:3.0 Expected Profit= +118.4% Possible Loss= -39.5% Estimated Gaintime= 1 month
Long
by TradingOn