Major Indices Bounce From Crucial Supports, Not All of Them ThoughIn today’s Traders Edge Market Briefing, Tomasz found these amazing setups we thought you’d find interesting!
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SP500 is doing what it always does – V shape reversal and a rapid bounce from the major support (in this case, long-term up trendline).
Dow Jones is in a similar situation; surge after contact with an uptrend line sorts out the situation.
Nasdaq on the other hand is having some issues, here the price broke the uptrend line, so the buy signal is no longer here.
DAX with a sweet-looking hammer on the daily chart yesterday. We’re still inside of the wedge, with a bright outlook for tomorrow
Nikkei with a similar situation to Nasdaq – the major uptrend line got broken. What’s more, we broke the lower line of the triangle and the support on the 28300, which is negative
Brent Oil bounces from the lower line of the channel up formation
The USDCAD is on a key long-term horizontal support. A bounce here wouldn’t be a surprise
The AUDCHF breaks the lower line of the symmetric triangle pattern, that’s bearish
The GBPJPY currently creates the right shoulder of the H&S pattern. Here a breakout of the neckline would a mid-term sell signal