Yangzijiang Shipbuilding. YZJ has a very prominent triangle which hints bearish. Yet the stock has printed a new 52-week high. How will readers tackle conflicting signals like this? Also case study of Starhub.
If WTI bulls are lucky, WTI ‘rallies’ one more time to test former resistance/support at 51.40. If not, we should be inspecting price action at trend line soon.
NZDUSD is a loss leader following yesterday’s gapping episode. Zoom out the daily time frame picture a little and a high probability setup jumps out visually. I am looking for the next shoe to drop on NZDUSD.
Look at EURUSD, AUDUSD, HSI and DXY. Despite ‘risk-on’ gap up today, big picture setup hasn’t changed one bit. I think Dollar still up, indices still down.
There is a distinct bearish divergence between XLE (Energy Select Sector SPDR ETF) and WTI. XLE has completely reversed it’s post-Trump election gains and is now in the red.
GBPJPY printed a false trend line break signal on 31 March 2017 but immediately unbroke the next session. It’s trend is still falling. In addition, market sentiment changed in April. GBPJPY driver is now JPY, not GBP.
This is an end of Wk14, beginning of Wk 15 appraisal of the market. I am looking at the AUDUSD, EURUSD, XAUUSD, China A50 and a couple of other trades written about in the past 2 weeks.