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ON THE AIR with ForexAnalytix

I had a great time with Dale Pinkert over at F.A.C.E. a couple weeks ago. It has been awhile since I have shared my thoughts with an audience in that way. Dale and I go way back so we gist a bit but the chat kept us on topic LOL. You can see the highlights on Instagram already if you follow us there.

Jump to the 24:40 mark to hear my thoughts on:

  • $EURGBP in a failing rally that is still playing out this week
  • $GBPJPY buy opportunity
  • How the almighty dollar has been a both a winner AND a loser
  • And, venture capital in Africa. I’m grateful to Dale for honoring my growth into other asset classes and his willingness to learn about them all. This is why investors and traders, alike, love to speak with Dale.

Some of these ideas are in our clients’ portfolios. To understand which ones can work for you or for help to invest for your own wealth, talk to our advisors at FM Capital Group. Would you like more information on Investment Advisory, Portfolio Services, and VC? Schedule a meeting with us here.

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EURCHF Is Set For A Rally

The EURCHF pair has maintained a support level at 1.05148 for over 5 years. Since the beginning of the pandemic in the year 2020, EUR has gained more than the CHF, as the price moved from the support level at 1.05148 in May 2020 to a new resistance level of 1.11540 in March 2021. From March of this year, the Swiss Franc appreciated against the Euro as price reached 1.05291, a few pips away from the support Level from the resistance level of 1.11540. The weekly chart shows a double bottom which might lead to the next rally, as $EURCHF appreciates.

On the other hand, the 1hr chart shows the price of $EURCHF has been ranging between 1.06741 and the support level of 1.05148 since the beginning of November 2021. A breakout of the range might occur if EUR appreciates against the CHF. RSI shows that the price has been overbought but no trace of the price being oversold before the next rally. A breakout of this month’s resistance level might push the price to the next major resistance level at 1.07034.

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USDJPY Broke Support Level After Weeks In Range

In October 2021, the $USDJPY pair closed above 113.830 since November 2018. Price closed at the highest level in the last 3 years at 114.358 on the 19th of October. $USDJPY has maintained its price around 102.862 since 2016. On the weekly chart, there are above 5 times in the last 5 years that price tried to touch and break the support, but it eventually led to a bounce. The most recent bounce occurred between December 2020 and January 2021. It has all been bullish for the $USDJPY in 2021. The trendline has been drawn from 2016 to 2021, which shows there is a breakout to the upside. This breakout of the trendline occurred in June 2021. RSI on the chart still shows that the price has been overbought in two different cases. Will this lead to price reversal?

  • Weekly Chart

The 4hr Chart has shown that price maintained a support level at 113.253 since a breakout to the upside occurred in the first two weeks of October 2021. Price has been raging between 113.253 and 114.655. The support level was broken to the downside this month. The breakout might be a fakeout, as the price is beginning to consolidate as USD has been gaining against JPY in the past few days. The price might appreciate to 113.690 in the coming weeks from its current 112.904

  • 4hr Chart
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Coca Cola Acquired BodyArmour, Kobe Bryant Made A Wise Decision

Before the death of Kobe Bryant, he earned a total of $323.3 million in NBA salary in his 20 years as a professional basketballer. In March 2014 Kobe decided to invest in the sports beverage company BodyArmor. Kobe paid $6 million for a 10% stake in BodyArmor. In August 2018, Coca-Cola bought 15% of BodyArmor for $300 million. At that point, Kobe’s $6 million investment had turned into $200 million on paper. Kobe’s $6 million investment in 2014 is now worth $400 million after Coca-Cola took complete ownership of the brand.

Now looking at the Coca-Cola stock, the month of October was uncertain for $KO investors as prices ranged between $53.76 and $54.87. Towards the end of October, there was a gap-up to $55.44 from the range. Since the announcement of the acquisition of BodyArmour, the price of $KO has continued to appreciate.

On the daily chart, the trendline has not been broken to the downside since the beginning of the year. The price of $KO tried to touch the trendline with a dip in February and October, but the bulls overpowered the bears. RSI has shown that the price has been oversold in October. This is an indication of a possible rally, which might reach this year’s resistance at $57.58. The recent take over of BodyArmour by Coca-Cola might also lead to increase sales of the BodyArmour, which can only help the stock price further.

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Opendoor Is About To Open A Bullish Door For Investors

Opendoor Technologies Inc is an online company for transacting in residential real estate headquartered in San Francisco. Now, many real estate investments have done quite well since the lockdown. $OPEN’s IPO price in June 2020 was at $10. Since the IPO, the price has been able to reach $40, which is 4x, before this year’s price drop to the support level at $13.60. The all-time high price of Opendoor is currently at $39.77, which was reached in February 2021. Hope might be rising for investors as the second half of the year has brought about a significant rally in the price of $OPEN from the support level at $13.60 to the most recent high at $25.45.

The candlesticks have crossed to the higher region of the Bollinger Bands on the weekly, which signals that this could be a continuation of a rally. But in the last 3 trading weeks, the price is yet to breakout of the second half of the resistance level at $25.24. This week looks like a bearish one for $OPEN investors, as almost all gains in the month of October have been lost in the last 4 trading days.

A range in price has been occurring since May 2021, when the share price fell close to the IPO price at $10. The price range is between $13.48 and $18.56. Price of $OPEN closed on Wednesday at $20.86. If more bulls invest in $OPEN, the price might reach a new resistance at $30.56. The 4hr chart shows price has been able to breakout to the downside with this week’s correction. It could be a fake breakout.

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Facebook Changes Name, Share Price Might Rise

Facebook Inc has been in the middle of a crisis for a while, which has negatively affected the share price since the beginning of September. On the 28th of September, Facebook Inc changed its name to “Meta Platform Inc”. There is a new technology named metaverse, which is termed surround-yourself technology, the CEO is committed to developing the technology, which I believe must be one of the reasons for the name change. The social network name is still called Facebook. Also, the leadership of Facebook Inc remains unchanged.

4hour Chart

The metaverse brings the internet to life or is rendered in 3D. Zuckerberg has described it as a “virtual environment” you can go inside of, instead of just looking at it on a screen. People can meet, work and play, using virtual reality headsets, augmented reality glasses, smartphone apps, or other devices. It has been said that Facebook will spend $10billion this year on the new technology. RSI has shown two oversold positions in September and October on the 4hour chart, after the dip in September. An upward breakout of the trendline occurred this October before the dip continued to reach new support at $308.17. The price movement shows the bulls broke the trendline again. With the introduction of the metaverse, Facebook might begin a major bullish movement back to the all-time high at $384.33

Daily Chart

The Daily chart shows it clearly that all profits made in the second half of this year have been lost as a result of the recent dip in September. Yesterday ended a bullish note as the Facebook name was changed to Meta.

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Tesla Share Price Reaches An All-time High

The American electric vehicle and clean energy company, Tesla surged to a $1 trillion valuation yesterday. The last two trading weeks have been bullish for $TSLA as the price broke the previous resistance level at $900 as the price closed at $910 on the week of the 22nd of October, 2021. The market opened this week, the 25th of October with a gap up at $946.71, then the price rallied $1092.07 which makes it an all-time after the last stock split that took place on August 31, 2020. The split was a 5 for 1, meaning for each share of TSLA owned pre-split, the shareholder now owned 5 shares.

Tesla Weekly Chart

Since March 2021, Tesla’s price has maintained a support level at $543.32 after the initial breakout to the upside in November 2020. Price retraced to touch the support level both in March and March 2021, before the most recent bullish movement to the all-time high.  On the weekly chart, there are a few gap-ups in the last few days, which indicates a possibility of a reversal of price below $1,000. Price has maintained the upper region of the Bollinger bands since the beginning of the second half of the year.

Tesla Daily Chart

On the daily chart, the market closed yesterday with a Doji after reaching a new milestone. The price might reverse to close the gap ups, which might reduce the $TSLA share again below $1,000. Price has crossed to the overbought region of the RSI, this indication might lead to a reversal.

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Boeing’s Share Price Consolidates

The share price of Boeing opened at $209.91 at the beginning of this year. Price rallied to $272.98 on the 15th of March, 2021, which makes it the highest level $BA reached since the pandemic began. In 2019, Boeing’s share price reached an all-time high at $445.62. After the all-time high was reached, a head and shoulder was formed, which resulted in a dip to the lowest level at $90.29, which was during the pandemic. The current price of Boeing is at $214.34, which is almost falling to the year’s opening price at $209.91.

RSI showed that the price has been oversold in July 2021 at the support level of $205.50. After the dip in July, a rally occurred temporarily, the price has been consolidating around the support level since the second half of this year. The price of $BA has not really favored investors in this month of October as the price has been falling continuously. Consolidation of price is around $214.34 which could lead to the next rally towards $230. As countries across the world increase the administration of vaccines, there might be a huge rally, which is as a result of an increase in international flights globally, which might break the resistance level at $240.08 to the upside.

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EURJPY Price Failed To Touch The Previous Resistance Level

$EURJPY’s price at the beginning of the year was 126.046 and the price was able to reach the highest level at 134.083 in June 2021. A double bottom has been formed between the months of August and September of this year. This double bottom activated the rally of $EURJPY with the current price at 132.618, 350 pips less of the previous major resistance level at 137.545, which was last seen in February 2018. The highest price of $EURJPY in the last decade was at 149.838. The Euro seems to appreciate more against the yen since the lockdown. Nevertheless, Japan and many countries have vaccinated more than 50% of their population. 

In recent times, there has been an increase in the demand for labour and skill in Europe. This was as a result of the lockdown, as many foreign skilled people are relocating to Europe. Before the dip in August and September of this year, which resulted in a double bottom, RSI showed that the price has been overbought in May 2021. At the moment, the price is already overbought on the daily chart. This could lead to a possible reversal in price as a Doji was formed yesterday and today’s candlestick shows a bearish one. If the price closes with a bearish candlestick and the next few days close on a bearish note, the price might fall to 129.261.

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Gold And Silver Prices Are Increasing

Exactly a month ago, an article was written to show the likely possibilities of an increase in the prices of Gold or Silver. Since August 2020, Gold’s price has been on a downward slope from the all-time high of $2076.74. Despite normalcy is almost returned to the world at large with the mass vaccination introduced, prices of Gold and Silver have had lower highs and lower lows in the last year.

For silver, the price reached a new high this year $30.06 per ounce. The last time one ounce of silver cost $30.06 was in December 2012. The demand for metals has increased in the last few years, as more luxury items, gadgets, and equipment are produced globally. Everyone who must have bought gold or silver on the 14th of August 2021 when we wrote the article, must have gained a reasonable amount in their investments.

Both Gold and silver charts have formed an inverse head and shoulders pattern. This could be a strong indication of a bullish run for both metals. The next bullish run could push the price of Gold to $1837 per ounce and that of Silver to $24.809. In September, both Gold and Silver prices had a bull run but could not break the resistance level at $1837 and $24.809 respectively. 

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