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American Stock Exchange

Solid ECN

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The shares of Alibaba Group Holdings Ltd., one of the largest companies in the world in the field of Internet commerce, are correcting, trading at 92. On the daily chart, a wide downwards channel with dynamic boundaries 70–100 is formed, within which the price is held for a long time near the resistance line, unsuccessfully trying to break it.

On the four-hour chart, the local Triangle pattern is formed, the upper border of which coincides with the resistance line of the global channel around 100.

At the moment, there is no clear signal from the indicators for the subsequent movement yet but, given the factor of the pattern, the growth potential prevails: fast EMA on the Alligator indicator is actively approaching the signaling line, and the histogram of the AO indicator forms upward bars.

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Solid ECN

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The shares of Caterpillar Inc., the world's leading manufacturer of construction and mining equipment, are trading in a corrective trend around 217.

On the daily chart of the asset, a global Expanding formation pattern is forming, within which the price is in the stage of developing another wave of decline, with the target located at the low of the year 179.

On the four-hour chart, a downward wave is formed within a local channel with dynamic boundaries at 193 – 213. Since it is the fourth in a row, according to the classical scenario of the development of a price pattern, the probability of its complete completion is very high, which is also confirmed by the indicators: fast EMAs on the Alligator indicator are below the signal line, and the AO oscillator histogram forms bars in the sell zone.

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Solid ECN

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The shares of Pfizer Inc., one of the world's largest pharmaceutical companies, are correcting slightly above 53.

An uptrend is forming on the daily chart of the asset, and the price is holding above the support line at 49, developing a local increase.

On the four-hour chart, it can be seen that the channel with dynamic boundaries 49–57 is quite stable, and the price is approaching the resistance line, which is the main goal of the current upward movement of quotes. Since the price is in the middle of the channel, a downward scenario with reaching the support line at 49 is not excluded.

Technical indicators keep a stable buy signal, which is a priority: fast EMAs on the alligator indicator are above the signal line, and the AO oscillator histogram is trading in the buy zone, forming upward bars.

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Solid ECN

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The shares of Amazon.com Inc., the world's largest e-commerce platform, show a moderate sideways correction, hovering around 2432. A global downtrend is forming on the daily chart of the asset, and after an unsuccessful attempt to break the year's low of 2027, the price reversed and began a local upward correction. On the 4-hour chart of the asset, after the reversal, the instrument has consolidated above the initial 23.6% Fibonacci retracement around 2347, and the next barrier to growth may be the 38.2% Fibonacci base retracement around 2550.

The readings of technical indicators also confirm the high probability of continuation of the corrective upward dynamics: indicator Alligator's EMA oscillation range began to actively narrow towards growth, and the histogram of the AO oscillator forms ascending bars in the sell zone.

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Solid ECN

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FTSE 100 shows local corrective dynamics, trading at around 7546.5 against the background of another increase in retail prices in the United Kingdom. Inflation was 2.8% this month, up from 2.7% in April, reflecting the strongest growth since 2011, according to data from the British Retail Consortium (BRC).

In turn, in the corporate segment, Tullow Oil Plc., an oil and gas exploration company, announced an imminent merger with another local industrial concern, Capricorn Energy Plc., which will increase the total value of the joint venture to 1.42 billion pounds. Shoe maker Dr. Martens Plc., which reported a 300% increase in pre-tax profit and a 17.5% increase in revenue in fiscal 2022, was the growth leader in the FTSE 100 index.

The index quotes are traded within the framework of the global Triangle pattern, being in the area of the resistance line. Technical indicators are holding a buy signal that remains fairly stable: the range of EMA fluctuations on the Alligator indicator is directed upwards and the AO oscillator histogram is trading in the purchases area, forming multidirectional bars.

Support levels: 7410, 7185 | Resistance levels: 7656, 7800

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Solid ECN

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The shares of eBay Inc., the world's largest online auction, are correcting upwards around the level of 47.

On the daily chart, the price is falling within a narrow downwards channel, approaching the resistance line. The key support remains a full correction of 61.8% Fibonacci 46, after its breakdown, the downward dynamics will intensify. On the four-hour chart, local growth may continue after consolidation above the local high of last week around 48.8. In this case, the movement target will be the 50.0% Fibonacci intermediate correction level at 53.3.

At the moment, fast EMAs on the Alligator indicator are approaching the signal line, and the AO oscillator histogram is forming upward bars in the sell zone.

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Solid ECN

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Global sideways correction in the shares of the American diversified corporation General Electric Co. strengthens, and quotes are traded around 78.

On the daily chart of the asset, a wide downward channel is forming with dynamic boundaries of 70 – 88, inside which the price reached the support line and formed a new low of the year around 71.

On the four-hour chart, the instrument starts forming a reversal formation, which so far looks like a local corridor. The prospect of upward dynamics and reaching the global resistance line at 87 is a priority, which is confirmed by the readings of technical indicators: fast EMAs on the Alligator indicator are actively approaching the signal line, narrowing the range of fluctuations, and the AO oscillator histogram is forming upward bars, almost reaching the transition level.

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Solid ECN

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The shares of ExxonMobil Corp., one of the largest oil companies in the world, grew due to rising energy prices and are now trading near the level of 104.

An uptrend is forming on the daily chart of the asset, within which the rate renews global highs. The price has now broken the 100.0% underlying trend level of Fibonacci extension at 99.

On the 4-hour chart, it is seen that the global growth will continue soon, and the trading instrument will try to reach the full trend of 161.8% of the Fibonacci extension around 114. This scenario is supported by the readings of technical indicators: fast EMAs on the Alligator indicator expand the range of fluctuations, and the AO oscillator histogram forms rising bars high in the buying zone.

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Solid ECN

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The shares of PayPal, correct at the level of 84.​

On the daily chart of the asset, the price left the wide downwards channel with the dynamic boundaries of 50 – 84, having broken the resistance line, and consolidated higher, around the local maximum of May 4 around 92.

On the four-hour chart, the instrument continues its growth attempts and is ready to break this high. While an upside scenario is a priority, a decline to the initial 61.8% trend level of the Fibonacci extension at 60 cannot be ruled out either.

Technical indicators confirm the high probability of the continuation of the current wave of corrective growth: fast EMAs on the Alligator indicator are above the signal line, and the AO oscillator histogram remains in the buying zone, forming rising bars.

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Solid ECN

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A downtrend is forming on the daily chart of the asset, which may continue with renewed vigor if the price breaks the global year’s low of 373.

On a four-hour chart, the trading instrument failed to overcome the resistance line of the global downtrend at 440 and, having reversed, is actively declining. Despite the recent upward correction, the current momentum began with a price gap, one of the key markers reflecting its strength.

Technical indicators reflect a possible reversal: indicator Alligator’s EMA oscillation range began to actively narrow, and the histogram of the AO oscillator formed the first down bar in the buy zone.

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Solid ECN

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On the daily chart of the asset, the price, having left the limits of the global downward channel with the boundaries of 148 – 176, has broken the support line and completed the formation of a reverse test, which may signal a further continuation of the global decline to the basic trend of 100.0% on the Fibonacci expansion around 105.

On the four-hour chart, the trading instrument has broken the current local low at 132, which is the last necessary condition for continuing the downward dynamics of quotations. The nearest support for the price is the initial 61.8% Fibonacci extension trend at 122.

At the moment, indicator Alligator’s EMA oscillation range expands downwards, and the histogram of the AO oscillator forms downward bars in the sell zone.

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forum.forex

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View attachment 2856

On the daily chart of the asset, the price, having left the limits of the global downward channel with the boundaries of 148 – 176, has broken the support line and completed the formation of a reverse test, which may signal a further continuation of the global decline to the basic trend of 100.0% on the Fibonacci expansion around 105.

On the four-hour chart, the trading instrument has broken the current local low at 132, which is the last necessary condition for continuing the downward dynamics of quotations. The nearest support for the price is the initial 61.8% Fibonacci extension trend at 122.

At the moment, indicator Alligator’s EMA oscillation range expands downwards, and the histogram of the AO oscillator forms downward bars in the sell zone.

View attachment 2857


This chart are the same as Elliott wave chart


We appreciate your analysis, but please careful about posting chart image.

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Solid ECN

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Netflix, technical analysis​

On the daily chart of the asset, the formation of a global downward channel with dynamic boundaries at 70 – 205 continues, within which the trading instrument has almost reached the resistance line and is preparing to continue its decline.

On the four-hour chart, it can be seen that the main obstacle for the negative dynamics is the year's low at 163, which the price has already tested twice but has not been able to break, so a slight upward pullback is quite justified: it will allow the market to gain sufficient strength and overcome the obstacle.

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The technical indicators reversed and gave a sell signal: indicator Alligator's EMA oscillation range reversed downwards, and the histogram of the AO oscillator forms downward bars in the sell zone.

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Solid ECN

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Nikkei 225 - technical analysis​

H4
On the four-hour chart above the level of 26581.0, there is the formation of the Three Black Crows candlestick analysis pattern, which signals the continuation of the downtrend. Following the quotes, the successive Gravestone Doji patterns formed, which usually appear at the top and are a signal for a price reversal. In the current situation, it is likely that the asset will decline to the support level of 25796, overcoming which will allow the "bears" to reduce the price to the range of 24575–23596. An alternative scenario is possible in case of an impulsive movement of quotes above the resistance level of 26865.0. Then the "bulls" will be able to reverse the situation on the market and start an uptrend in the area of 28263 – 30008.

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D1
On the daily chart, there is a Bear Flag price pattern, the construction of which started from the resistance at 28263; however, after reaching the support level of 25796, the "bulls" regained part of the lost positions, reaching the area of 26581.0. However, a warning signal for a price reversal is the formation of a Hanging Man candlestick analysis pattern, which indicates that buyers have lost control over the market. In this situation, most likely, the quotes will continue to decline to the level of 25796, the overcoming of which will serve as a signal for a further downtrend to the level of 23596.

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Support levels: 25796, 24575, 23596 | Resistance levels: 26865, 28263, 30008​

 

Solid ECN

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CAC 40 - Murrey analysis
The quotes of the CAC 40 index have been falling since the beginning of this month, but they are currently consolidating around the pivot level 5937.5 ([2/8]), which was already unsuccessfully tested in March. After its breakdown, the decline will continue to the lower border of Murrey's trading range, 5625 ([0/8]), and further to the reversal zone to 5468.8 ([–1/8]). The key "bullish" level is the central mark of Murrey's trading range around 6250 ([4/8]), supported by the middle line of Bollinger bands. If it is broken, the trading instrument will be able to return to 6562.5 ([6/8]) and 6718.8 ([7/8], the upper line of Bollinger bands).

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In general, the downward trend in the market continues, confirming the downward reversal of Bollinger bands and the increase in the MACD histogram in the negative zone. The exit of Stochastic from the oversold zone does not exclude an upward correction, but it is unlikely to reverse the current trend.

Resistance levels: 6250, 6562.5, 6718.8 | Support levels: 5937.5, 5781.2, 5625, 5468.8​

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Solid ECN

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DAX 30, H4​

On the four-hour chart, there is a lateral movement of the asset within the boundaries of 12829–13323, and at the moment a Bearish Rectangle price pattern is being formed, the exit from which, most likely, can be carried out downwards, as well as a "bearish" Pattern Method of Three Falling, which signals about the continuation of the downtrend. Nevertheless, the growth of quotations is estimated as a probable scenario with a short-term correction to the resistance level of 13323, after which the instrument will resume its decline to the level of 12829. Breaking this level will mean that the Bearish Rectangle price pattern is entering its final stage and the downward movement will intensify into the support zone of 12533–11305. An alternative scenario can be implemented if the "bulls" fix their positions above 13323; then it will be possible to restore the price to the range of 14240–1512.

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DAX 30, D1​

On the daily chart, in the area of 13323, a Bearish Engulfing pattern is observed, which indicates that buyers could not hold their positions that day, falling to the level of 12829; however, immediately after it, a Bullish Engulfing pattern formed at the same level, which signals a price reversal at the bottom, although the buyers' attempt was unsuccessful and the model did not receive confirmation of the market's "bullish" mood. The signal for this was the formation of a "bearish" Shooting Star model under the resistance level of 13323. At the moment, the likely scenario is that the asset will fall to the support level of 12533, overcoming which will allow the "bulls" to head lower to the zone of 11947–11305.

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Support levels: 12533, 11947, 11305 | Resistance levels: 13323, 14240, 15120​
 

Solid ECN

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3M Co - technical analysis​

The shares of 3M Co., an American diversified innovative manufacturing company, traded in a downtrend around 129. On the daily chart, the price is holding in a stable downwards channel with dynamic boundaries 108.00–138.00 and, reversed around at the resistance line, is heading towards support, having renewed the next year's low at 126.

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On the four-hour chart, it can be seen that this level coincides with the initial trend of 61.8% for the Fibonacci expansion, the breakdown of which will mean continued global sales with the target at 100.0% for the Fibonacci expansion in the support line of the channel 109. The likely decline is confirmed by the readings of technical indicators that have reversed long ago and keep a stable sell signal: fast EMAs on the Alligator indicator are significantly below the signal line, and the AO oscillator histogram forms bars with a downward trend in the sell zone.

 
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