Natural gas had a strong rebound from 2.2 levels. It recorded +10% gain in one day. Price formed a perfect symmetry after finding support at 2.2 levels, a requirement for a head and shoulder pattern. Now we have symmetrical Left and Right shoulders. Confirmation of the inverted head and shoulder pattern will be a decisive break […]
Spain meets Croatia tonight for Euro 2012 tournament. Greece had a great victory against Russia. Both teams are probably qualifying for quarter finals. While the news for Spain and Greece is exciting on the Euro cup side, it is not as rosy on the economics side. Yesterday Greece had elections. Results: positive. Market reaction: short-lived optimism. Markets are […]
Another negative data for the unemployment with an increase in initial jobless claims by 6,000. Prior week is now at 380,000 which is 3,000 higher than the initial estimate. Though still below the 52-week moving average 386,000 is now very close to the important resistance at 390,000. Continuing deterioration in the unemployment figures can reverse the downtrend that […]
First-time claims for jobless benefits fell by 12,000 to 377,000 in the week ended June 2 from a revised 389,000 the prior week. This number continued the declining trend on the jobless claims that has been intact since the second quarter of 2009. The initial jobless claims continues to stay below the 52 week average […]
One of the best long-term opportunity is presenting itself on the GBP/USD chart. This widely followed currency pair is now forming a perfect symmetrical triangle. Since 2009, GBP/USD has been consolidating in a range between 1,35 and 1,70. As it is always the case with symmetrical triangles, consolidation range narrows and is usually followed by a strong breakout. It […]
U.S. unemployment rate jumped to 8.2% in May. U.S. Employers added 69,000 jobs, fewer than forecast. If you remember from the earlier posts I’ve analyzed the unemployment rate with technical indicators and applied moving average crossovers to see the changes in trend on this time series. Study showed improving job market followed by bullish cross-over on the 1 […]
Back in January and February I analyzed Coffee price and posted long and medium term charts. A that time Coffee had tested its long-term trend resistance at 280 levels for the 4th time and it was trading slightly below its 200 day moving average at 240 levels. Coffee had a perfect parallel trend channel and the target for […]
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Lately I’ve been focusing more frequently on the currency markets and especially on crossrates against the U.S. dollar. Several developed and emerging market currencies are forming major reversal patterns (inverted Head & Shoulder) that is bullish for the dollar in the short/medium-term. http://techcharts.wordpress.com/2012/01/22/u-s-dollar-index-eurusd/ (January) http://techcharts.wordpress.com/2012/02/11/u-s-dollar-index-eurusd-2/ (February) Inverted H&S pattern is a widely followed technical chart formation and has a very low failure rate. As […]
While global equity markets and commodities are experiencing sharp corrections, an underperforming commodity in the grains complex, wheat started breaking out of its range. Latest technical action is similar to the earlier breakout that wheat experienced in the summer of 2010. In July-August period it took 4 weeks for wheat prices to rally 60% after the breakout. Wheat is […]
