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Chart Commentary Disclaimer: Nial’s views on the Charts is not advice or a recommendation to trade or invest, it is educational and general information only. Don’t blindly buy and sell the markets/products discussed in this newsletter, do your own research and be aware of the risks and rewards.
Weekly Trade Setups Ideas & Chart Analysis by Nial Fuller – Jan 21st to 25th, 2019
TECHNICAL PRICE ACTION ANALYSIS:
All charts illustrated are daily chart time-frames unless marked otherwise.
Relevant Key Levels: Resistance 1.1490, 1.1615 and 1.1820. Support 1.1218 to 1.1300.
Price Action: Price false break out above 1.1490. Reconnecting back down into the prior sideways range.
Current Notes: The bias is still mildly bearish beneath 1.1490 to 1.1615 resistance. Price continues lower after rejecting 1.1490 again. We are still looking for sell signals under resistance.
Trade Idea: Look for any bounce as an opportunity to sell short whilst price is contained under 1.1490 to 1.1615 resistance area.
Trend: Neutral / Slightly bullish
Relevant Key Levels: Resistance 1.2920 and 1.3290. Support 1.2480, 1.2660 and 1.2800.
Price Action: A giant bullish pin bar forms right at 1.2660 support, price continues higher, low of pin bar tail still in tact.
Current Notes: The bias moves to slightly bullish after multiple pin bar signals in recent weeks suggest the bulls are taking control here. Consider buying on any weakness whilst prices hold above 1.2660 support.
Trade Idea: Consider buying on any weakness whilst the low of the bullih pin bar signal’s lower tail holds at 1.2660 support area.
S & P 500
Relevant Key Levels: Resistance 2600, 2690 and 2790-2800. Support 2500-2550, 2440 and 2320.
Price Action: Bullish pin bar forms off 2400 which has led to prices recovering after recent collapse. Price has reconnected above 2600 and is headed towards a major event area at 2790-2800 resistance.
Current Notes: The bias is bullish above 2600, and bearish at 2790-2800. We are looking for buy signals from support and sell signals from resistance.
Trade Idea: We will consider selling on a bearish price action signal from around 2790-2800 resistance. Targetting a move back to 2600 to 2690 area.
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