Tag Archives: support

West Texas Intermediate daily chart – 35 is major support

The near-term uptrend for WTI failed at 39 so this is the current reference point for the resistance level. WTI dropped 1.74% today to close at 36.72. The 36 level is a tentative support level that would trigger sell orders if crude breaks below this point. But, the major support level is 35. A Break below 35 would trigger heavy selling and a test of the February lows would come into play.

West Texas Intermediate 5-Month Daily Chart showing major support at 35

West Texas Intermediate 5-Month Daily Chart

Reference my chart analysis for WTI on March 2, 2016 when 35 was major resistance for the near-term uptrend. Because of the reversal of roles, 35 is now major support.

https://en.wikipedia.org/wiki/West_Texas_Intermediate

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“Technical Analysis is about probabilities.”

Note: Click on HOME for updated postings. This technical analysis is for educational purposes so you can learn to trade online using candlestick charts and other technical indicators including volume, moving averages and oscillators. Please conduct your own chart analysis or consult your financial advisor before making investment decisions. The author of this article may hold long or short positions in the featured stock or index.

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S&P 500 closed today below 1950 and 50-day sma

S&P 500 5-Month Daily Chart showing the close below the 50-day sma

S&P 500 5-Month Daily Chart

Reference the Feb 17, 2016 post: Dead cat bounce? S&P 500 will test resistance at 1950

______________________________

“Technical Analysis is about probabilities.”

Note: Click on HOME for updated postings. This technical analysis is for educational purposes so you can learn to trade online using candlestick charts and other technical indicators including volume, moving averages and oscillators. Please conduct your own chart analysis or consult your financial advisor before making investment decisions. The author of this article may hold long or short positions in the featured stock or index.

© 2016 TradeOnline.ca

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Dow Jones Industrial Average at major support: 15500

We will get a bounce but will it be a dead-cat bounce?

Dow Jones Industrial Average weekly chart_2016-02-11

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Fibonacci Retracement Levels published on January 15, 2016
DJIA 5-year chart showing the fibonacci retracement levles

DJIA 5-Year Chart

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“Technical Analysis is about probabilities.”

Note: Click on HOME for updated postings. This technical analysis is for educational purposes so you can learn to trade online using candlestick charts and other technical indicators including volume, moving averages and oscillators. Please conduct your own chart analysis or consult your financial advisor before making investment decisions. The author of this article may hold long or short positions in the featured stock or index.

© 2016 TradeOnline.ca

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Dow Jones Industrial Average 5-Year Chart

The support zone is 15,500 to 16,000
DJIA 5-Year Weekly Chart showing the support zone.

DJIA 5-Year Weekly Chart

The only positive on the chart is the bounce from the support zone. I will be pleasantly surprised if the support zone holds.

The negatives on the chart:

  • Trading below the 50-day and 200-day moving averages
  • 50-day below 200-day
  • RSI below 50
  • MACD below 0

Reference my post of January 16, 2016 showing the Fibonacci retracement levels for DJIA.

______________________________

“Technical Analysis is about probabilities.”

Note: Click on HOME for updated postings. This technical analysis is for educational purposes so you can learn to trade online using candlestick charts and other technical indicators including volume, moving averages and oscillators. Please conduct your own chart analysis or consult your financial advisor before making investment decisions. The author of this article may hold long or short positions in the featured stock or index.

© 2016 TradeOnline.ca

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Fibonacci retracement levels for DJIA

DJIA 5-year chart showing the fibonacci retracement levles

DJIA 5-Year Chart

Reference my post of June 24, 2015: Last correction for the Dow was in 2011

______________________________

“Technical Analysis is about probabilities.”

Note: Click on HOME for updated postings. This technical analysis is for educational purposes so you can learn to trade online using candlestick charts and other technical indicators including volume, moving averages and oscillators. Please conduct your own chart analysis or consult your financial advisor before making investment decisions. The author of this article may hold long or short positions in the featured stock or index.

© 2016 TradeOnline.ca

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Ominous shaven head and bottom candlestick

Chart for the S&P 500 showing the shaven bottom candlestick and the 2000 support level.

S&P 500 6-Month Daily Chart

Reference the last chart analysis for the S&P 500 Index.

______________________________

“Technical Analysis is about probabilities.”

Note: Click on HOME for updated postings. This technical analysis is for educational purposes so you can learn to trade online using candlestick charts and other technical indicators including volume, moving averages and oscillators. Please conduct your own chart analysis or consult your financial advisor before making investment decisions. The author of this article may hold long or short positions in the featured stock or index.

© 2015 TradeOnline.ca

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West Texas Intermediate down 11.91% for the week

Ominous shaven head and shaven bottom candlestick
Chart for WTI showing the weekly decline of 11.91% which is represented on the chart as a tall dark candlestick.

West Texas Intermediate 4-year Chart

Some observations from the above weekly chart for WTI:

  • Major, intermediate and near-term downtrend for WTI.
  • Support levels of $40 and $38 did not hold.
  • Ominous shaven head and shaven bottom candlestick last week.
  • Can WTI hold above $35?
  • Major support (not shown) is now the 2009 low of $33.55.
  • A break below $33.55 (not shown) indicates that 30, 20 and 10 are in play.

Reference the last chart analysis for WTI showing the break below support of $38.

______________________________

“Technical Analysis is about probabilities.”

Note: Click on HOME for updated postings. This technical analysis is for educational purposes so you can learn to trade online using candlestick charts and other technical indicators including volume, moving averages and oscillators. Please conduct your own chart analysis or consult your financial advisor before making investment decisions. The author of this article may hold long or short positions in the featured stock or index.

© 2015 TradeOnline.ca

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