@dayomabinuola, Author at FaithMight

May 25, 2021May 25, 2021

CRUDE OIL PRICE IN A RANGE

Since the ease of lockdown across different nations, oil price has been on a bull run. Price reached the highest level at $68.05 in March 2021. The last time price reached this level was in October 2018, before the pandemic.

The pandemic caused the price of CL_F to fall to negative prices. There were expectations that the price would rise before the pandemic and we wrote an article on the expected rally in oil price. The article published in 2019, says price could reach $69 per barrel. Using the daily and weekly chart, it was expected, but the pandemic brought about a reversal in price. However, in March 2021, the price reached $68.05.

The opening price of Oil in 2021 was at $47.20. Oil price was able to appreciate by over 44% this year. Since the price reached the highest level of $68.05 in 3years, price has been in a range. This could mean that $CL_F is consolidating. There are key pointers indicating that this is as a result of increase in Covid-19 variants which poses fresh threats.

Further pointers show the current oil price being greatly affected by a new disease named –Black Fungus linked with Covid-19 patients. Since March 2021, the ranging price of Oil has been between $57.28 and $68.05. Though price has been retesting more of the resistance level at $68.05.

RSI at three instances show that price has been overbought since December 2020. A reversal in price might occur, which might bring the price to $57.70 in a few weeks or months. Despite price movement in the lower region of the Bollinger bands at two times in the last 3 months, price is back to the higher region in the daily time frame.

May 21, 2021May 21, 2021

JP MORGAN CHASE MIGHT REACH A NEW ALL TIME HIGH

The lowest price of JPM in the last one decade was at $27.71. In contrast, the current all-time high of JP Morgan chase was reached on the 18th of May 2021 at $165.43. JPM has done about 6X in the last one decade and still looks promising.

Recall, there was a sharp drop in price from $140.48 to $76.52 in 2020. After the correction, a strong support was formed around the price level at $76.52 in March 2020. Since then, monthly candlestick has continued to indicate the full strength of the bulls. In This year alone, $JPM has done over 26.3%.

A gap down occurred in the price of $JPM on the same day of the all-time high. The gap down might be closed with a bullish movement. RSI in the last two months has shown that price has been overbought.

Could this be an indication for a reversal in the price of $JPM? There has been a bullish squeeze since the gap down and a new resistance formed at $164.65. A continuous bullish movement might push price above the resistance level. A breakout of the resistance level might push price to a new all-time high above $165.43.

May 20, 2021May 20, 2021

WILL BITCOIN PRICE EVER REACH $60,000 AGAIN?

This is the big question begging for answers in the heart of many traders and investors.

In the past, there had been many speculations predicting the price of Bitcoin to reach $100,000. Attempting to hit that $100,000, BTC reached the all-time high at $61,000 in March 2021. Since then, price has been retesting around $61,000.

Using the daily Chart, BTC in the past shows that price has been overbought. There are over 4 instances of price being overbought on the RSI with the bulls pushing price from $3,940 in March 2020 to $61,000 in March 2021. BTC has been able to do 15X since March 2020. The weekly time frame revealed the bull dominance since the beginning of the year 2020.

As it stands, the weekly charts show strong bearish dominance which might last for about a year or more. As price could not break the resistance level of $61,000 to the upside, throughout the month of May 2021, price has been ranging between resistance Level 1 and resistance level 2.

Yesterday, price was able to break the support level at $43,680. Many blamed Elon Musk for dumping the use of Bitcoin to purchase Tesla earlier in the week, which might have made $BTC to dip. The current price of $BTC is below $40,000, with the price of $BTC finding a new resistance around $43,680. A continuous dip might push price to $19,000.There is currently no bullish opportunity on the chart. A breakout of price to the upside, above resistance level 2 might push price upwards. However, the breakout might be a fake one.

May 14, 2021May 14, 2021

Dow Jones Might Plunge Further

After a major dip to $18,900 occurred in the price of Dow Jones in March 2020. Price retraced to the resistance level at $29,500 in the same month. $DJI broke the resistance level at $29,500 in November 2020. Since this breakout occurred, $DJI has consistently reached a new all-time high every month. The recent all time high occurred this week at $35,100. $DJI’s price at the beginning of this year was at $30,200. As at today, price of $DJI is at $34,000, which is about 11% gain in 2021.

After the all-time high at $35,100 was reached this week, two bearish candlesticks were formed in the next days. These two candlesticks were as a result of the inflation data that was released on Wednesday. the $DJI plunged 680 points. Investors might have been fearful, hence the reason for the selling. Both S&P 500 and NASDAQ also took a nosedive. Could this be sign of the beginning of a bearish trend?

When a major dip occurred in March 2020, RSI showed price has been overbought. RSI is currently showing that p rice has been overbought. This could lead to a major dip in price. If this dip occurs, it might make price reach the support level at $26,550. If In the next few weeks, price might just be consolidating around $34,000. If the inflation situation worsens, price might plunge further.

April 22, 2021April 26, 2021

Crude Oil Price At The Point Of Reversal

The global lockdown made price of Crude Oil fall to the negative region. The price of Crude Oil began to increase when a gradual ease of the lockdown began last year. The highest level crude oil price reached in 2021 was at 67.83. Before 2021, this level was reached in October 2018, which was a year before the coronavirus was declared a pandemic. Prior to the pandemic, the price of crude oil ranged between $42.73 and $66.76, until a dip occurred as a result of the lockdown. The current price of crude is at 61.00 as price has been ranging from 57.28 and 67.83 in the last few weeks. Few countries like Italy is back to lockdown due to spike in Covid-19 cases. Also, some cities in India are not left out. Hopes are currently being dashed due to increase in Covid-19 cases, despite vaccines are being administered across the world.

There are 4 instances of RSI showing price being overbought in the last two years. This year has been bullish with the $CL price, which opened at 47.15 to reach the highest level at $67.83. Towards the end of last month, price has been able to move to the lower region of the the Bollinger bands, which might be an indication of a reversal. If Covid-19 cases continue to rise across the world, the price of $CL might be lowered towards the support level at $35.85.

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.