@dayomabinuola, Author at FaithMight

April 21, 2021April 21, 2021

Gold Price Might Plunge Further

Gold price has been on a bullish run since 2018 with the lowest level at 1165 per ounce. Price reached the all time high of 2073.63 in August 2020. The year 2021 has not been a good year for gold Investors as price plunges. Each time price of $XAUUSD tries to rally since August 2020, it dips further. After $XAUUSD price maintained a bearish turn in the first-two weeks of April, price broke a resistance level at 1746 per ounce, the rally was extended to 1789. Despite a bearish turn since the beginning of this year, April is the first month with a reasonable gain in gold price with over 26.8% gain of the year losses.

Could it be that investors are worried despite the ease in the lockdown across the world? The trend since August 2020 shows that there have been lower highs and lower lows as a result of the plunge. Price of $XAUUSD could fall further. A reversal from the rally could make price plunge to the support level at 1740.536. There have been a double top indicating a likelihood of a continuous dip. RSI shows price is currently overbought.

April 20, 2021April 20, 2021

Tesla On A Downtrend

In July 2020, Tesla share price began a bullish movement from $322.61 to reach an all time high at $900 in January 2021. Price of $TSLA was in a range in January 2021 until the bearish movement started in the early trading days in February 2021. The dip from the all-time high at $900 brought price to $537.37 in March. A major support at $537.37 was reached due to the bearish movement. Not long after the price consolidation in March 2021, the $TSLA bulls started to push price higher, thereby creating higher lows and higher highs.

RSI indicates an overbought position on the 4hr time frame. Using the Trendline 1 and Trendline 2 for further analysis, price had to break the resistance level to the upside at $736.58 in Trendline 1, though the breakout could be a fake one. Trendline 2 is the support level after the dip which had support prices both at $539.57 and $600. The support level at $539.57 was the lowest price level $TSLA reached in 2021. Last week, there was an up-rise in the price of $TSLA, which made price of $TSLA to reach $780. There are other indications that could make the price of $TSLA fall to reach a new support level at $661.57. Buying $TSLA on a long term should be a good deal.

June 30, 2019January 22, 2020

Amazon Might Reach A New All Time High

Amazon share price fell badly towards the end of last year from 1965.54 to 1676.34. This fall might be as a result of the release of third-quarter earnings. Despite concerns about its forward guidance, price of $AMZN is beginning to rise which might make price reach the previous all time high of 2050.30. Throughout the month of May, the $AMZN price was in the lower region of the Bollinger bands. A breakout upwards occurred mid June and price has since then resumed to the upper region of the Bollinger bands. The trendlines have been broken after the dip.

As price rallies, Ichimoku has been able to show us a bullish future and a breakout upwards of the cloud has occurred. This indicates a significant bullish takeover. In April, RSI was able to show an overbought region before the dip. Now the oversold region has been shown on the RSI daily chart which signalled a rally. The efforts of the bulls might make price reach a new high in 2019

June 30, 2019January 22, 2020

NZDUSD Gradually Going Bullish

There has been low volatility with the $NZDUSD pair from December 2018 to the end of March 2019. Towards the end of March, the dip in price made $NZDUSD reach 0.64896 from the major resistance of 0.69362. The trendlines have been broken to the upside indicating a change of trend. In the first week of June, price was able to reach the middle line of the Bollinger bands. It tried to break it before a correction occurred.

As it stands, in the last two trading days, price was able to break the middle line to the upside. The bulls might have been able to gather momentum for a complete bullish movement. RSI before the breakout from the trendlines has shown oversold positions. The NZD is presently gaining strength against the USD. Price of $NZDUSD might go back to the resistance level of 0.69362 in the next few weeks. Ichimoku still shows the bears are in charge. Though $NZDUSD price is presently in the cloud with the bulls in charge, a breakout from the cloud upwards might conveniently push price to 0.69362.

June 5, 2019January 22, 2020

Microsoft Share Price Reaches New Resistance Level

Microsoft share price was able to attain an all time high in April 2019. The rise made $MSFT price reach a new resistance level at 130.24. The previous all time high was in October 2018 at a resistance level of 115.63. The price of $MFST has refused to cross over to the lower region of the Bollinger bands for over a decade. With the recent highs reached, price might cross to the lower region of the bands depending on the activities of the sellers.

The trendlines have been broken this week. This might be a likely change of trend where the bulls might reduce activities for the bears to take over. The future of Ichimoku has refused to show a downtrend despite a break down from the trendlines occurring now. $MSFT investors over the years have reaped a bountiful harvest in their investments. At several instances, the RSI has shown price of $MSFT to be overbought. The downward breakout might make price of $MSFT to reach 101.58 as the current market price stands at 124.76.

June 5, 2019January 22, 2020

S&P 500 Might Continue The Dip

Some of the American stocks that had a strong bullish takeover are beginning to reverse in direction. This reversal might affect the $SPX. The $SPX price reached 2945 being our last analysis on $SPX in March shows it will reach 2946(https://faithmightfx.com/2019/03/13/sp-500-approaching-resistance/). That analysis was almost accurate. 2945 being the new resistance level of $SPX became the recent all time high price.

A breakdown has occurred from the trendlines which shows a reversal has started. Price of $SPX is currently at 2765.5. The candlesticks have crossed to the lower region of the Bollinger band indicating the strength of the bears in the market. Ichimoku is yet to show a reversal of the uptrend. This time when price reached an all time high, RSI did not show us overbought positions. Also, the penultimate time $SPX reached an all time high in 2018, RSI never showed us overbought positions before a reversal. Though, this week, $SPX has shown the bulls might be trying to takeover. This might be a deceptive bullish move. Price might reach 2547 depending on the activities of the bears.

May 31, 2019January 22, 2020

Aussie About To Appreciate Against The US Dollar

From mid-April, the USD has been gaining against the AUD. The $AUDUSD bearish turn made price reach 0.68636, the lowest since the early days of trading in 2019. Before the bearish turn, the volatility of the $AUDUSD pair had been low, causing price to be in a range. Price is currently in consolidation after the downtrend, providing trading chances for the bulls.

The downward movement has made RSI reach an oversold position. The Ichimoku cloud still shows a bearish future. $AUDUSD might be gaining momentum for a bullish takeover after price broke out from the trendlines last week. As the $AUDUSD bulls are beginning to get into the market, efforts could make price return to the resistance level of 0.71769 from its current 0.69212. As we expect a major bullish trend, a reversal might occur after price touches the resistance level.

May 31, 2019January 22, 2020

Euro Rallying Against The Swiss Franc

EUR/CHF has been on a downtrend since mid-April. Price of EURCHF moved from 1.14522 to 1.12599. The resistance level has been maintained around 1.14217 since August 2018. Despite the recent downtrend, price has not exceeded 1.1320 for the past one week. From mid April to mid May, price of $EURCHF was in a range before the downturn began.

A breakout has occurred from the trendlines which might make the price of $EURCHF to go north. As we expect price to reach the resistance level at 1.14217, price of $EURCHF has since maintained the lower region of the Bollinger bands around 1.12793. RSI on the daily chart has shown an overbought position but has not been able to show an oversold position despite the downtrend. A likely reversal might have occurred since a breakout occurred today and an additional indication of Ichimoku showing a bullish future. Price could reverse to the resistanece level of 1.14217 from its current 1.12793 as the bulls take charge of the $EURCHF market.

May 23, 2019January 22, 2020

Euro Rallying Against The Swiss Franc

May 9, 2019January 22, 2020

Verizon Now On A Downtrend

Each time price of Verizon attempts to reach the resistance level of 61.10, price of $VZ retraces. This happened twice in the past 8 months, majorly in November and March. When the price of $VZ closed the 2018 trading year, price showed a trace of reversal. The price of $VZ closed at 56.28 on the 31st of December 2018, after a bounce occurred from the support level. As price remains in the cloud of the Ichimoku, a breakout downward from the cloud could lead to a continuous downtrend.

$VZ has already shown an overbought position on the RSI chart. The current support level stands at 53.07. The price of $VZ may fall further after price has already crossed to the lower region of the Bollinger band. Ichimoku already shows a future of a downtrend which might increase in the next few weeks. Price is yet to reach the oversold position on the RSI chart. Since the trendlines have been broken to the downside, price may continue to go downwards to reach 51.08 from its current 56.91.