@dayomabinuola, Author at FaithMight

March 27, 2019January 22, 2020

EBAY Share Price In Range, Might Go Bearish

Price of $EBAY has reached the overbought position since January and it is yet to reverse. There was a gap up in January, in which the price is yet to fill up or retrace. $EBAY reached the resistance level at 38.43 on the first trading day of March. Since, $EBAY has been overbought for 2months.

A fall in the price of $EBAY is expected because of the continuous movement of price in the overbought region. As more bears could enter the market, the share of $EBAY might reach 29.79 from 36.72, which could serve as the new support level. The Ichimoku still shows the bulls are aggressively in power but the bears, in the long run, could overpower the efforts of the bulls. RSI undoubtedly is overbought after which a breakdown from the trendlines has occurred. As we await the bearish movement to gain momentum, the bulls might decide to enter the market after finding support at 29.79.

March 26, 2019January 22, 2020

Hewlett Packard Price in Range, Might Go Bullish

The year 2019 started on a good note for the $HPQ bulls when price moved from 20.20 on the first trading day to 24.14 on the 26th of February. Ever since the recent high was reached at 27.70 in 2018, price has ceased to reach that level again. Nevertheless, the price of $HPQ continues to maintain the support level at 19.45. On the 27th day of February, there was a gap down to 18.49 from the resistance level.

RSI shows that before the gap down, price of $HPQ had been overbought. The gap down made the RSI to reach the oversold region and since then, price remains in the lower region of the Bollinger bands. Ichimoku’s future still shows a bearish trend still active.

March 20, 2019January 22, 2020

Facebook Share Price To Fall

On the 25th of January, we released an article stating Facebook bears are getting out of the market. At this point, our expectation for $FB share price to reach 160 has been met, which could pave way for the bears to resume trading. A breakdown from the trendlines A and B occurred in the last two trading days of last week. A double bounce in price touched the resistance level at 174.14 in the last 2 months, technically indicating a possibility for a reversal.

On the 31st of January, there was a jump in the price of $FB from 150.61 to 165.36. Ever since the jump occurred, a range in price resumed. Price of $FB is beginning to touch the middle Bollinger band line, which might likely indicate a weak bullish trend. Though the future of Ichimoku shows no reversal, price of $FB might begin to fall. A fall in price might make the $FB shares to drop to 139.06. Taking a further look at the RSI, price of $FB has been overbought, preparing for a reversal.

March 14, 2019January 22, 2020

Dollar To Lose Bullish Strength To Swiss Franc

Since the beginning of 2019, $USDCHF pair has maintained a bullish trend in price movement. $USDCHF has not been able to break the resistance level 1.01238 for awhile. The Swiss Franc has technically shown a double top which might result into a downtrend. The $USDCHF tried to touch the middle line Bollinger band before a correction occurred as a fall in price of $USDCHF is due.

The Ichimoku’s future still shows the bulls currently dominate. As we expect a reversal due to the breakout from the trendlines, price could touch the support level at 0.97369. RSI has not shown any trace of price being overbought. Last week, the $USDCHF was bullish. But this week, it has been the other way round. The Swiss Franc might gain about 400pips with the RSI indicating more $USDCHF bears entering the market.

March 13, 2019February 24, 2020

Walmart Bulls Might Begin To Relent

Ever since Walmart hit an all time high in January 2018, the bullish strength began to depreciate. Though a correction occurred, price only reached the resistance level 105.99. Since then, the Ichimoku has been having a rough shape which gives a dicey signal for the $WMT market. As price of $WMT is currently at 98.32, price might go lower. It is obvious there is a tussle between the $WMT bears and bulls since the all time high was reached.

Indications with the RSI have shown 2 overbought positions in 2018. Price is yet to retrace fully and still maintains the upper region of the Bollinger bands. At two different instances, price crossed to the lower region of the bands but crossed back to the upper region. A breakdown from the support level 89.76 might make price to continue the downtrend to reach 77.92 in the coming weeks.

March 13, 2019February 24, 2020

S&P 500 Approaching Resistance

In the first week of October 2018, S&P 500 reached an all time high of 2946.97 before a reversal began. Before then, there was an indication of an oversold region in January 2018 on the weekly chart and price of $SPX moved downwards with 500points. Also, before the end of 2018, price was beginning to gain momentum through the active roles of the bulls.

Despite the selloff on the weekly chart, $SPX never showed an oversold position on the RSI before price rallied. A breakout from the trendlines which has occurred might be a strong signal for a bullish continuation move towards the resistance level. The future of Ichimoku has already given us a signal for a complete bullish takeover. In the second trading week of February, price of $SPX moved to the upper region of the Bollinger bands and it is yet to reverse. $SPX bulls might push price to 2946.97, the all time high.

March 8, 2019February 24, 2020

GBPUSD Had A Correction, Might Begin Bearish Trend

Since April 2018, the US dollar has been gaining a lot against the GBP with about 2000pips. Despite several instances of oversold positions, price still continued to go lower until support level was reached in December 2018 at 1.24797. A correction started when price touched the resistance level in February 2019 at level 1.33460. Thereafter, a pullback occurred.

The trendlines have been broken to the downside. RSI shows at two different instances this year that $GBPUSD has been overbought. Before the correction in the price of $GBPUSD, it hit the middle line of the Bollinger bands. Though the candlesticks are still in the higher region of the bands, a reversal could begin, which might make price cross to the lower region of the bands. Price has low tendencies of breaking out of the resistance level 1.33406 upward. About 1000pips could favour the USD against the GBP in the next few weeks. As $GBPUSD might begin a bearish trend, it could reach the support level.

March 8, 2019February 24, 2020

US Dollar Might Lose Against The Canadian Dollar

The highest point $USDCAD reached in 2018 was at the last 4 trading days at 1.36583. After this high, a bearish trend began and since then, price has refused to go back to a level of 1.36583. Price has since then fallen to the lower region of the Bollinger bands. 2019 has been bearish for the $USDCAD.

The trendlines broke down after price touched the upper line of the Bollinger bands. RSI is already showing an overbought position which is also shown with the price action. After a new support level has been reached in 2019 at 1.30883, a range in price has been dominating the price movement. Ichimoku also shows the bears are in the market and this might continue for a while. Price of $USDCAD might fall about 900pips which the $USDCAD bears have gone down with 300pips already. Price might continue the downward movement for a few weeks to come.

March 5, 2019February 24, 2020

The IBM Might Lose Its Uptrend Grip

For over 6 months in 2018, the $IBM price pattern showed little volatility until the first week in October when the price fell from 154.48 to 114.26. After this fall tried to maintain support at that same level, a continued move lower started in December to the next support level at 107.66. The second support level at 107.66 serves as a stronger support because a bounce occurred. Since that time, $IBM share price has maintained an uptrend in 2019, with over 2000points before reaching an overbought position.

Price being undoubtedly overbought in the past few days is a likely signal for a reversal downwards. The trendlines have been broken downward and the bulls seem to be taking a break from the market. Despite the RSI showing an overbought region, the Ichimoku’s future shows strong bullish action still intact. On the 23rd of January, there was a gap upward which is yet to be filled. Though $IBM still maintains the upper region of the Bollinger bands, the bull power might begin to lose its momentum.

February 28, 2019May 24, 2019

Crude Oil Price Ready For A Boom

Globally, the crude oil price fell to 42.52 in December 2018 which occurred last in June 2017. Price of $CL_F holds a strong support at the same level. In 2018, $CL_F price maintained a resistance at level 73.43 since November 2014. All gains in 2018 were lost when a fall in price began in October. The year 2019 started on a good note for oil with the $CL_F price all bullish.

A breakout from the trendlines has occurred giving hopes for the $CL_F bull market. At two different instances in 2018, RSI shows oversold positions. As we watch the $CL_F bulls get into the market in large numbers, price has been bullish for about 3 weeks. The price is not overbought and might not show trace of being overbought soon. There are indications that the price of $CL_F could reach 69 in a few months time or go beyond that. The Ichimoku has shown a bullish future which occurred last in November 2018. Price has crossed to the upper region of the Bollinger band indicating the bull power is dominant.