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Daily Analysis: NASDAQ Hits All-Time High as iPhone X Arrives

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Tuesday Market Recap

Asset Current Value Daily Change
S&P 500 2492 0.27%
DAX 12524 0.45%
WTI Crude Oil 48.26 0.42%
GOLD 1332.00 -0.26%
Bitcoin 4222 0.39%
EUR/USD 1.1950 -0.05%

As the recent volatile period in stocks seems to have ended with the easing of the North Korean situation, and the major US indices approach their record highs again, traders and investors are focusing on Apple today. One of the most iconic products of this century turns officially 10 today, with the unveiling of the supposedly revolutionary iPhone X (or Edition) which should bring the most popular smartphone model to par with the best android phones technically. With Apple still being the most valuable public company, and the dominant player in the segment regarding profits, investors pay a close attention to the event as it could drive a large percentage of Wall Street earnings.

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AAPL, Daily Chart Analysis

The Dollar’s bounce is the other important trend today, and that helped another day of lofty gains in Asia and Europe alike. The Nikkei and the DAX both surged higher, while the Yen and the Euro retreated, and that propelled the global indices to new all-time highs as well. The Great British Pound had a volatile session, as the British inflation numbers came in higher than analysts expected, pushing the currency higher in early trading, while the delay of the next round of the Brexit talks caused a brief dip in the Pound.

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As for the Dollar, the less than expected damage caused by Irma, and the positive surprise in the JOLTS Job Openings release both helped the Greenback today, while safe haven assets experienced another beating, as global sentiment improved. That said, the uptrend in gold remains intact, and as the stock markets long-term prospects are less than stellar, and the US economic growth is unlikely to support the Fed’s tightening plans, the current trends might change very soon.

Gold, 4-Hour Chart Analysis

Cryptocurrencies

The major coins started out the day in an encouraging fashion, but the early rally lacked the conviction of the previous month, and most of the currencies turned lower. While the key support levels are still holding up despite last week’s volatility, the long-term picture still suggests a more pronounced correction in the segment. Bitcoin has been strong during the recent move lower, but Ethereum has been dragging the market lower, and the weakness in the second largest coin seems to be persistent. While not all coins are overbought, with the likes of Ripple, NEO, IOTA, and ETC being neutral or oversold. We expect correlations to remain elevated, as the broad correction unfolds in the sector after the huge rally.

BTC/USD, 4-Hour Chart Analysis

Technical Picture

The German DAX surged past our target for the current move higher at 12,500 as the dip in the Euro helped European equities on the broadly bullish day. The short-term picture is now slightly overbought, and we advise traders to reduce their long positions after the strong rally, although more upside is still possible in the coming days.

DAX, 4-Hour Chart Analysis

Key Economic Releases on Tuesday

Time, CET Country Release Actual Expected Previous
3:30 AUSTRALIA NAB Business Confidence 5 12
10:30 UK CPI 2.9% 2.8% 2.6%
10:30 UK PPI 1.6% 1.2% 0.0%
16:00 US JOLTS Job Openings 6.17 mill 5.96 mill 6.16 mil

Key Economic Releases on Wednesday

Time, CET Country Release Expected Previous
9:15 SWITZERLAND PPI Index 0.2% 0.0%
10:30 UK Average Earnings 2.3% 2.1%
10:30 UK Unemployment Rate 4.4% 4.4%
14:30 US PPI Index 0.3% -0.1%
16:30 US Crude Oil Inventories 4.1 mill 4.6 mill

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Analysis

Long-Term Cryptocurrency Analysis: Bitcoin Flirts with $8000 as Altcoin Bull Persists

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Bitcoin’s swift recovery was the main topic of the week, as the most valuable coin not just regained its steep losses, but hit a marginal new high towards the end of the period. The entire segment is experiencing capital inflows as the total value of the coins climbed above $230 billion for the first time ever after finally leaving the vicinity of the $200 billion mark.

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BTC breached the $8000 level before turning slightly lower on Friday, but despite the severely overbought daily chart, it is still trading near its all-time highs. As the long-term picture still suggests a deeper correction, investors should wait with opening new positions and traders should also control position sizes here. Key support levels are found at $7700, $7000, and $6700, while the recent key break-out level at $5000 still hasn’t been re-tested.

BTC/USD, Daily Chart Analysis

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Dash is still the most bullish altcoin from a technical standpoint, despite this week’s short-term correction, as the coin is trading above its prior all-time high, and this weekend, it looks ready to test the break-out high near $500. Support levels are still found at $400, $360, and $330, and as the long-term picture is approaching overbought territory, investors should only hold on to their positions here.

DASH/USD, Daily Chart Analysis

The other major altcoins are also mostly in bullish setups, with some of them already in the latter stages of this cycle, like Monero and IOTA, but elsewhere in the segment, there are still opportunities for both traders and investors. Let’s see the detailed long-term view.

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Analysis

Technical Analysis: Litecoin and NEO Jump as Bitcoin Trades near $8000

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The cryptocurrency segment continued its bullish run, as the total value of the coins climbed above $230 billion for the first time ever, while Bitcoin also posted marginal new highs. The most valuable currency is still overbought regarding the long-term picture, and we continue to expect a deeper correction in the coming period, despite the recent strong rally. Support levels are still found $7700, $7000, and $6700 while the $8000 level is ahead as a major obstacle.

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BTC/USD, 4-Hour Chart Analysis

Litecoin has been the most active major besides Bitcoin, as it rallied strongly after breaking out above the key $64 resistance and it breached the next target at $75 before heading below $70 again. The coin remains in bullish long- and short-term patterns, and we expect a move above the major resistance zone ahead with the next target found at $82.50.

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Litecoin/USD, 4-Hour Chart Analysis

NEO is showing strength in the second half of the session, while Monero is recovering well from a short-term dip, similarly to IOTA and Ethereum Classic. Ethereum continues to represent stability in the segment, while Ripple failed to build up momentum so far after yesterdays spike higher. With still most of the altcoins being in bullish setups, let’s see the short-term charts.

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Analysis

XRP Looking to Make a Significant Rally

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The XRP/USD pair went into a deep correction after hitting 0.29490 a month ago. It nosedived to the major support level of 0.19052. The pair consolidated for a few weeks which gave the market the legs to test resistance at 0.22924.

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Technical indicators show that the pair was ready to breach its immediate resistance, which it did this morning. Now that resistance has broke at 0.22924, it’s time to buy. This successful breakout will take the pair to 0.23997 first and 0.26563 next before hitting the target of 0.26796 which is coincidentally a major resistance level.

Technical indicators hint that the market would most likely be overbought by the time it hits 0.26796. Should it respect the major resistance level, the likelihood of the market turning extremely bearish increases. Therefore, it is recommended to closely watch your trail stops to preserve your gains.  

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Summary of Strategy

Buy: As close to 0.22924

Support: 0.22224 and 0.20081

Target: 0.26796

Stop: If the market breaches 0.20081 as next reliable support is 0.19052

 

Disclaimer: The writer owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

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