novvoll12

novvoll12

USDCHF made a new low at 0.9495 on 6/29/2022, breaking below the prior low at 0.9455 on 5/27/2022. However, the pair quickly bounced back via an impulse move and reached 0.9641 on 7/1/2022 before consolidating. On the 15min chart, if the pair breaks above 0.9617 level, it has the potential to extend the upmove to retest the 0.9688 area. However, if the pair falls...

novvoll12

USDJPY seems to have peaked near term. As the RSI and MACD indicators show negative divergence with the price highs, there is further downside.

novvoll12

EURCHF fell to a new low at 1.0050 last Friday (6/24/2022) before recovering. As the RSI and MACD indicators formed positive divergence with the price lows (6/17 and 6/24 lows), and the pair is oversold, there is high likelihood that the pair will continue to recover into the 1.0215-1.0220 resistance areas.

novvoll12

After peaking at 139.98, a new 25-year high, CHFJPY is consolidating between 138.95 and 139.98. If price breaks above the 140 whole number, buy on the breakout. However, if price breaks below 138.95 support, that would suggest further pullback.

novvoll12

Amzn declined sharply the last few months, retracing over 38% of the 12-year upswing from 2009 low to 2021 peak. The stock is showing a bearish railroad track pattern, suggesting further downside to the 80-85 target area, retracing 100% of the upmove from 3/2020 pandemic low.

novvoll12

The 3-month range between 380 and 400 is going to take QQQ sometime to work through. We need to see if the 369 low (1/10/2022) will be retested and held. If not, the 360-350 area will be the support zone on the downside.

novvoll12

Mrk has been making higher lows over the past three years of consolidation between the 70 and 90 range. After finding support at the 200 day MA, the stock could rally toward the range high at the 88 area for a retest. The major resistance is the 92 (year 2000 peak) and 91.4 (Nov 2021 peak).

novvoll12

So far SPY is down only 3% from the peak at 473. Throughout the year, the September decline was 6%, while all the previous pullbacks were less than 5%. It is expected the current pullback is not going to be more than 5% or 6%. as the market remains in a strong uptrend, it is hard to bet against it. Another possibility is since many investors have made huge...

novvoll12

The ETF peaked at 454 before consolidating. The uptrend from last March was broken. The immediate support level is 422 before the major support cluster in the 400 area. The two gaps, one is at 400 and another is at 398, are also near the key 400 level.

novvoll12

The stock reached the 177 target measured from the double bottom base (130-153). This is also the 50% retracement of the 220 to 130 downswing. The stock could potentially consolidate before resuming the upswing.

novvoll12

Key supports: 132 then 100 Rising wedge and bearish momentum divergence suggests the stock continue to consolidate in the rising wedge and test the 132 support near the lower wedge. A break below the wedge support could confirm the rising wedge top and. The wedge breakdown target is projected in the 100 area. However, a reversal back above the 150 peak would...

novvoll12

WFC has been consolidating over the past five years, tracing a potential H&S pattern on the monthly chart. The 43 area has been the should support, holding up so far. If situation deteriorates with the company’s financials, regulatory remedies, and a recession, potentially the stock could puncture the 43 support area and decline further. The H&S target is in the...

novvoll12

DIA (SPDR Dow Jones Industrial Average Index ETF) peaked at 293.61 on 1/21/2020. Despite the current pullback, the ETF remains overbought. Further downside is expected. The 266 area near the prior H&S breakout becomes near-term support and target. Happy Trading!

novvoll12

DXY reversed sharply last week to break below the 18-month upward sloping trendline. The H&S pattern remains valid. Further downside is expected. However, back above the trendline will negate the bearish pattern. Happy Trading!

novvoll12

TLT resumed the year-long rally, after a four month long consolidation, extending toward 146, Oct'19 high. Above the latter, TLT should retest the 149 peak in Aug'19. reaching the 150 area. However, momentum indicator is in the overbought territory. The ETF could consolidate under the current resistance before attempting higher. Happy Trading!

novvoll12

CHWY broke down from a month and a half top below the 27.6 support area. Momentum and trend indicators remain bearish, indicating further downside towards the 23.5 area. Happy Trading!

novvoll12

EEM consolidated forming a range since the December 2018 low. As DXY - the US dollar index broke below the 18-month rising trendline, EEM has been trending up since the August 2019 low and broke above the range last week, reaching 45.2, an 18-month high. Momentum suggests further upside is likely. However, since the 45 area is a major resistance area over the past...

novvoll12

DXY has broken the one-year long up trendline last week. The head-and-shoulder pattern from 97.11 support level projects the next target at 94.5. Happy Trading!