The British #FTSE100 is showing even more revival, having added almost 1.5% to the lows at the start of the day on Thursday. Here, buyers got into the game on the approach to 8150, an area of short-term support at the end of April.
Profit-taking in UK equities seems to have ended a little earlier than we expected, as we anticipated a fall to 8125, where the 50-day MA and the 50% retracement area from the rise from the April lows intersect.
If the corrective activity is indeed over, the FTSE100 could return to renewed highs above 8500 in the next few weeks.
However, it cannot be ruled out that the negativity from the US indices will drag Europe down with it and make it unable to resist this negativity. In this case, the first alarm bell would fall below 8125, and more reliable would be the FTSE100 dipping below 8100.
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Profit-taking in UK equities seems to have ended a little earlier than we expected, as we anticipated a fall to 8125, where the 50-day MA and the 50% retracement area from the rise from the April lows intersect.
If the corrective activity is indeed over, the FTSE100 could return to renewed highs above 8500 in the next few weeks.
However, it cannot be ruled out that the negativity from the US indices will drag Europe down with it and make it unable to resist this negativity. In this case, the first alarm bell would fall below 8125, and more reliable would be the FTSE100 dipping below 8100.
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#WaveAnalysis
#Ebay reversed from support level 51.00
Likely to rise to resistance level 54.60
Ebay recently reversed up from the key support level 51.00, which has been reversing the price from the middle of May.
The support level 51.00 was strengthened by the 20-day moving average and by the 61.8% Fibonacci correction of the upward impulse 1 from the start of May.
Given the clear daily uptrend, Ebay can be expected to rise further to the next resistance level 54.60 (which stopped the previous minor impulse wave 1).
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#Ebay reversed from support level 51.00
Likely to rise to resistance level 54.60
Ebay recently reversed up from the key support level 51.00, which has been reversing the price from the middle of May.
The support level 51.00 was strengthened by the 20-day moving average and by the 61.8% Fibonacci correction of the upward impulse 1 from the start of May.
Given the clear daily uptrend, Ebay can be expected to rise further to the next resistance level 54.60 (which stopped the previous minor impulse wave 1).
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A fresh batch of important monthly data on income, outlays, and personal consumption expenditure prices in the US has been published. Personal outlays grew by 0.2% in April after a 0.7% jump a month earlier. Incomes rose 0.3% following a 0.5% increase in the previous month.
The savings-to-income ratio remained at 3.6% for the second month in a row. But this indicator has maintained its downward trend since last August. Persistently lower levels of this indicator were seen in 2005-2007 when the housing market was pulling finances out of US households. Now, the pressure is being provided by a rebound in the tax burden after pandemic-related easing.
By April last year, personal taxes had risen 10%. As a result, a 4.5% rise in personal spending over the period led to only a 3.7% rise in disposable income. Spending, on the other hand, rose by 5.5%.
The savings-to-income ratio remained at 3.6% for the second month in a row. But this indicator has maintained its downward trend since last August. Persistently lower levels of this indicator were seen in 2005-2007 when the housing market was pulling finances out of US households. Now, the pressure is being provided by a rebound in the tax burden after pandemic-related easing.
By April last year, personal taxes had risen 10%. As a result, a 4.5% rise in personal spending over the period led to only a 3.7% rise in disposable income. Spending, on the other hand, rose by 5.5%.
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The Core PCE Price Index matched analysts' expectations, adding 0.2% m/m and 2.8% y/y. The annual rate has remained unchanged for three consecutive months, exceeding the Fed's target. However, the lack of acceleration is good news as there were risks to this given other inflation indicators.
We believe that the main threat to markets in the coming months is a slowdown in spending by US households. These households may shift to a more cautious spending pattern amid low savings rates, repeating the 2005-2007 history.
We believe that the main threat to markets in the coming months is a slowdown in spending by US households. These households may shift to a more cautious spending pattern amid low savings rates, repeating the 2005-2007 history.
#WaveAnalysis #JNJ
Johnson & Johnson reversed from support level 144.00
Likely to rise to resistance level 150.00
Johnson & Johnson recently reversed up with the daily Doji from the pivotal support level 144.00, which has been reversing the price from the middle of April.
The support level 144.00 was strengthened by the intersecting lower daily Bollinger Band.
Given the strength of the support level 144.00 and the oversold daily Stochastic, Johnson & Johnson can be expected to rise further to the next resistance level 150.00 (target for the completion of the active minor wave b).
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Johnson & Johnson reversed from support level 144.00
Likely to rise to resistance level 150.00
Johnson & Johnson recently reversed up with the daily Doji from the pivotal support level 144.00, which has been reversing the price from the middle of April.
The support level 144.00 was strengthened by the intersecting lower daily Bollinger Band.
Given the strength of the support level 144.00 and the oversold daily Stochastic, Johnson & Johnson can be expected to rise further to the next resistance level 150.00 (target for the completion of the active minor wave b).
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#WaveAnalysis #KO
Coca-Cola reversed from support level 61.00
Likely to rise to resistance level 63.00
Coca-Cola recently reversed up from the key support level 61.00, former resistance from February, March and April.
The support level 61.00 was strengthened by the lower daily Bollinger Band and by the 38.2% Fibonacci correction of the upward impulse (1) from April.
Given the clear daily uptrend, Coca-Cola can be expected to rise further to the next resistance level 63.00 (which stopped the previous minor wave B).
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Coca-Cola reversed from support level 61.00
Likely to rise to resistance level 63.00
Coca-Cola recently reversed up from the key support level 61.00, former resistance from February, March and April.
The support level 61.00 was strengthened by the lower daily Bollinger Band and by the 38.2% Fibonacci correction of the upward impulse (1) from April.
Given the clear daily uptrend, Coca-Cola can be expected to rise further to the next resistance level 63.00 (which stopped the previous minor wave B).
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Get ready for NVIDIA Stock Split
Nvidia (NVDA) has announced a 10-for-1 stock split.
📅 The split is set to happen after the US stock market closes on June 7, with trading on a post-split basis starting on June 10.
Key points to note:
-Nvidia last split its stock in 2021, and the stock saw a significant increase in value afterwards.
-This split will reduce Nvidia's $1,000 stock price to $100 per share, making it more accessible for traders like you.
At FxPro, we offer CFD shares, allowing you to trade Nvidia before and after the stock split.
With trade sizes starting from 0.01, you have the flexibility to buy or sell shares according to your trading strategy.
Marketing communication, not trading advice. Past performance is not a reliable indicator of future results.
Nvidia (NVDA) has announced a 10-for-1 stock split.
📅 The split is set to happen after the US stock market closes on June 7, with trading on a post-split basis starting on June 10.
Key points to note:
-Nvidia last split its stock in 2021, and the stock saw a significant increase in value afterwards.
-This split will reduce Nvidia's $1,000 stock price to $100 per share, making it more accessible for traders like you.
At FxPro, we offer CFD shares, allowing you to trade Nvidia before and after the stock split.
With trade sizes starting from 0.01, you have the flexibility to buy or sell shares according to your trading strategy.
Marketing communication, not trading advice. Past performance is not a reliable indicator of future results.
On Monday, #Bitcoin stormed $70K after a long consolidation of strength. This is a solid attempt to break downside corridor resistance, encouraged by the reversal to the upside in US equities late in the day on Friday. At this point, we advise you not to join the rise but to look out for further dynamics, which promise to be very interesting. Touching this round level will probably spur trading volumes.
If Bitcoin's growth continues in the coming days, the downtrend will break. Then, the price could quickly return to historical highs. However, unlike the March test, this will most likely be followed by a crucial FOMO switch, as it was in the second half of 2020.
Alternatively, a full-blown FOMO could be delayed for a few more months. There's not much chance of a scenario with Bitcoin falling back to $60K again, followed by a long recovery. It is likely that cryptocurrency investors are fed up with Bitcoin for now and are not ready to push prices into the stratosphere.
If Bitcoin's growth continues in the coming days, the downtrend will break. Then, the price could quickly return to historical highs. However, unlike the March test, this will most likely be followed by a crucial FOMO switch, as it was in the second half of 2020.
Alternatively, a full-blown FOMO could be delayed for a few more months. There's not much chance of a scenario with Bitcoin falling back to $60K again, followed by a long recovery. It is likely that cryptocurrency investors are fed up with Bitcoin for now and are not ready to push prices into the stratosphere.
#WaveAnalysis
#WTI broke key support level 76.70
Likely to fall to support level 72.00
WTI crude oil recently broke the key support level 76.70 (which has been steadily reversing the price from the middle of February).
The breakout of the support level 76.70 coincided with the breakout of the 61.8% Fibonacci correction of the previous upward from the start of February.
WTI crude oil can be expected to fall further to the next support level 72.00 (which stopped the previous minor correction ii in February).
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#WTI broke key support level 76.70
Likely to fall to support level 72.00
WTI crude oil recently broke the key support level 76.70 (which has been steadily reversing the price from the middle of February).
The breakout of the support level 76.70 coincided with the breakout of the 61.8% Fibonacci correction of the previous upward from the start of February.
WTI crude oil can be expected to fall further to the next support level 72.00 (which stopped the previous minor correction ii in February).
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#WaveAnalysis
#Silver reversed from support level 29.70
Likely to rise to resistance level 32.00
Silver recently reversed up from the key support level 29.70 (former monthly high from April), which stopped the previous intermediate impulse wave (3).
The support level 29.70 was strengthened by the 20-day moving average and by the 38.2% Fibonacci correction of the previous upward impulse wave 1 from the start of May.
Given the clear daily uptrend, Silver can be expected to rise further to the next resistance level 32.00 (which formed the previous daily Evening Star in May).
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#Silver reversed from support level 29.70
Likely to rise to resistance level 32.00
Silver recently reversed up from the key support level 29.70 (former monthly high from April), which stopped the previous intermediate impulse wave (3).
The support level 29.70 was strengthened by the 20-day moving average and by the 38.2% Fibonacci correction of the previous upward impulse wave 1 from the start of May.
Given the clear daily uptrend, Silver can be expected to rise further to the next resistance level 32.00 (which formed the previous daily Evening Star in May).
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The #crypto market loses just over 0.5% in 24h, to $2.56 trillion. The moderate pressure is due to another failed attempt by Bitcoin to consolidate above $70K, which is now retreating 0.2%. Ethereum has pulled back 1.8% in the same time frame, while the top coins performance ranges from Dogecoin's 2.2% decline to Toncoin's 1.4% rise.
#Ethereum may be forming a Bull Pennant (a triangle forming after a rapid rise). As a rule, such a consolidation is followed by a breakout of the upper boundary and subsequent growth. However, this scenario needs confirmation. A sustained advancement above $3900 will indicate a full-fledged realisation of growth in ETHUSD. A bearish scenario cannot be ruled out when a failure under the support at $3700 will trigger a steady decline.
According to CoinShares, crypto funds saw inflows of just $185 million last week after $1.05 billion a week earlier. Bitcoin investments were up $148 million, Ethereum investments were up $34 million, and Solana investments were up $6 million.
#Ethereum may be forming a Bull Pennant (a triangle forming after a rapid rise). As a rule, such a consolidation is followed by a breakout of the upper boundary and subsequent growth. However, this scenario needs confirmation. A sustained advancement above $3900 will indicate a full-fledged realisation of growth in ETHUSD. A bearish scenario cannot be ruled out when a failure under the support at $3700 will trigger a steady decline.
According to CoinShares, crypto funds saw inflows of just $185 million last week after $1.05 billion a week earlier. Bitcoin investments were up $148 million, Ethereum investments were up $34 million, and Solana investments were up $6 million.
Oil has lost 1.7% since the start of the day on Tuesday, in addition to a more than 3% drop the day before, clearly showing the market's reaction to the OPEC+ meeting over the weekend. The technical picture in oil has turned very bearish. OPEC+ agreed to an impressive extension of low production quotas, but markets are paying more attention to the short-term supply-demand balance and viewed the move as underwhelming.
In the middle of last week, WTI crude bounced off resistance in the form of the 200-day moving average and moved closer towards the lower end of the May trading range. Oil is also trading below its 50-day average, which is pointing downwards. All of this is evidence of an intensifying bearish medium and long-term trend.
In the middle of last week, WTI crude bounced off resistance in the form of the 200-day moving average and moved closer towards the lower end of the May trading range. Oil is also trading below its 50-day average, which is pointing downwards. All of this is evidence of an intensifying bearish medium and long-term trend.
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Earlier, Saudi Arabia and Russia preferred to give active signals or cut production when the price got close to the 200-week MA. This curve reflects ultra-long-term trends, averaging the price over almost four years. Oil has been receiving impressive support after touching this line in 2019 and 2023. Since the beginning of this year, there have been new attempts to break below, which have so far resulted in strong upside momentum.
It very much looks like that situation has now changed. Oil is already more than 3% below its 200-week average, having been under sustained pressure since the start of the week. In addition, the intensified daily selling of oil in US trading since last Wednesday has contributed to this.
In 2020, the breakdown of this long-term support culminated in a hike in some oil contracts into negative territory. We saw just as much market drama in 2014 after a similar signal. It was only in 2018 that oil turned to the upside, falling just 18% below its 200-week MA.
It very much looks like that situation has now changed. Oil is already more than 3% below its 200-week average, having been under sustained pressure since the start of the week. In addition, the intensified daily selling of oil in US trading since last Wednesday has contributed to this.
In 2020, the breakdown of this long-term support culminated in a hike in some oil contracts into negative territory. We saw just as much market drama in 2014 after a similar signal. It was only in 2018 that oil turned to the upside, falling just 18% below its 200-week MA.
Thus, we may be seeing the beginning of the formation of one of the significant downtrends in oil, capable of being on par with the 2014-2016 or 2020 sell-offs. In this case, the price may roll back to the $30 area—the price area where most oil production projects lose profitability.
However, the bulls still have a significant support area of around $65-$70 per barrel. This was the resistance area in 2019 and the support area in the last three years.
However, the bulls still have a significant support area of around $65-$70 per barrel. This was the resistance area in 2019 and the support area in the last three years.
#WaveAnalysis
#USDCHF broke round support level 0.9000
Likely to fall to support level 0.8850
USDCHF currency pair recently broke the round support level 0.9000 (which has been reversing the price from the start of April).
The breakout of the support level 0.9000 coincided with the breakout of the 50% Fibonacci correction of the previous upward impulse from March.
Given the strong Swiss franc inflows, USDCHF currency pair be expected to fall further to the next support level 0.8850 (former minor support from the end of March).
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#USDCHF broke round support level 0.9000
Likely to fall to support level 0.8850
USDCHF currency pair recently broke the round support level 0.9000 (which has been reversing the price from the start of April).
The breakout of the support level 0.9000 coincided with the breakout of the 50% Fibonacci correction of the previous upward impulse from March.
Given the strong Swiss franc inflows, USDCHF currency pair be expected to fall further to the next support level 0.8850 (former minor support from the end of March).
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#WaveAnalysis
#NZDCAD broke resistance level 0.8400
Likely to rise to resistance level 0.8500
NZDCAD currency pair recently broke strong resistance level 0.8400 (which previously reversed the pair multiple time sin November and December).
The breakout of the resistance level 0.8400 accelerated the active impulse wave 3, which belongs to the higher order impulse wave (C) from the start of March.
Given the bearish Canadian dollar sentiment seen across the FX markets today, NZDCAD currency pair be expected to rise further to the next resistance level 0.8500 (target price for the completion of the active impulse wave 3).
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#NZDCAD broke resistance level 0.8400
Likely to rise to resistance level 0.8500
NZDCAD currency pair recently broke strong resistance level 0.8400 (which previously reversed the pair multiple time sin November and December).
The breakout of the resistance level 0.8400 accelerated the active impulse wave 3, which belongs to the higher order impulse wave (C) from the start of March.
Given the bearish Canadian dollar sentiment seen across the FX markets today, NZDCAD currency pair be expected to rise further to the next resistance level 0.8500 (target price for the completion of the active impulse wave 3).
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#Crypto market cap rose by 2.9% in 24 hours to $2.63 trillion. Among the top coins, BNB is up an impressive 11%, and Solana is up 5%. Altcoins have steadily been gaining strength over the last few days of downtime.
Active buyers came to #Bitcoin, raising the price by 4.4%. The price of the first cryptocurrency again exceeded $71K, returning to the area of last month's highs and the pivotal area of the last three months. Technically, Bitcoin has already broken the resistance of the descending channel and is testing horizontal resistance. The ability to go above $71K opens the way for a renewal of historical highs, which could happen very quickly.
Interestingly, Bitcoin's positive dynamics did not help #Ethereum to get out of its triangle. The price has already reached its top at $3800, which promises an imminent burst of volatility but does not give a direct indication of the direction.
Active buyers came to #Bitcoin, raising the price by 4.4%. The price of the first cryptocurrency again exceeded $71K, returning to the area of last month's highs and the pivotal area of the last three months. Technically, Bitcoin has already broken the resistance of the descending channel and is testing horizontal resistance. The ability to go above $71K opens the way for a renewal of historical highs, which could happen very quickly.
Interestingly, Bitcoin's positive dynamics did not help #Ethereum to get out of its triangle. The price has already reached its top at $3800, which promises an imminent burst of volatility but does not give a direct indication of the direction.
Gold: moonshot to $2800 or dive below $2000?
Gold volatility has fallen markedly in recent days as gold traders consider their next move, while many commodities are in a corrective decline.
In May, the gold price climbed towards $2450, above the peaks of April, but failed to consolidate near all-time highs. During the last two weeks, the price has changed in the range of $2330-2360, with a slight downward trend, which can be seen on the daily candlestick charts.
Right now, Gold has dropped to support in the form of the 50-day moving average, which is enjoying temporary interest from short-term buyers. The 50-day moving average has been effectively acting as uptrend support since last October.
It is easy to see the result of this support as the prices of other actively traded metals (silver, platinum, copper) have been steadily losing ground for the past week. But there is no guarantee that this will continue.
Gold volatility has fallen markedly in recent days as gold traders consider their next move, while many commodities are in a corrective decline.
In May, the gold price climbed towards $2450, above the peaks of April, but failed to consolidate near all-time highs. During the last two weeks, the price has changed in the range of $2330-2360, with a slight downward trend, which can be seen on the daily candlestick charts.
Right now, Gold has dropped to support in the form of the 50-day moving average, which is enjoying temporary interest from short-term buyers. The 50-day moving average has been effectively acting as uptrend support since last October.
It is easy to see the result of this support as the prices of other actively traded metals (silver, platinum, copper) have been steadily losing ground for the past week. But there is no guarantee that this will continue.
Further declines in prices for raw material assets may cause bulls in Gold to capitulate. This fight for the trend is in full swing.
The first signal that the bullish trend is breaking would be a sustained price drop below $2320. It is also worth closely watching the behaviour of Silver and Platinum. Their further plunge could tip the scales in Gold towards the sellers. A full-fledged correction could bring the gold price back to $2000 or lower before it becomes interesting for long-term buyers again.
However, it cannot be ruled out that Gold will be able to withstand the sell-off in related assets and subsequently pull them back up, as it did in January.
Such a turn of events would trigger a scenario of gold growth with the potential to take the price to the area of $2800. And it could be quite an aggressive fast rally rather than a smooth climb.
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The first signal that the bullish trend is breaking would be a sustained price drop below $2320. It is also worth closely watching the behaviour of Silver and Platinum. Their further plunge could tip the scales in Gold towards the sellers. A full-fledged correction could bring the gold price back to $2000 or lower before it becomes interesting for long-term buyers again.
However, it cannot be ruled out that Gold will be able to withstand the sell-off in related assets and subsequently pull them back up, as it did in January.
Such a turn of events would trigger a scenario of gold growth with the potential to take the price to the area of $2800. And it could be quite an aggressive fast rally rather than a smooth climb.
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