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Ethereum Buyers Lose Interest

Hope was temporarily restored to the buyers of Ethereum in March 2018 after the heartbreak late last year. Not quite long, the hope dwindled in April 2018 when a downtrend began. Many people have lost hope in cryptocurrencies generally due to the unforseen nature. RSI shows two oversold points on the chart but the momentum for downward continuity is still high. The present price level for $ETHUSD is at 217.50. If price moves downward, the next support level should be around 170.00. Any breakout of price below 170.00 could lead to a major fall of $ETHUSD.

Meanwhile, since there was a breakout downward from the resistance level, price has not been able to find itself back above the resistance level. The trendlines A and B also shows another mini breakout has occurred for a continuous downtrend. The oversold points on the RSI could be deceptive for a buy. Only scalpers can benefit now from the upward movement. The price fall of $ETHUSD might not be debatable in the next few days.

 

 

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AMAZON LOSES GRIP

Only Amazon and Apple have been able to achieve a market cap of $1Trillion. Upon this achievement, there have been several issues around $AMZN based on new tariffs by President Donald Trump. $AMZN shares have been falling bit by bit due to tariff imposition announcement. Investors might be having double mind in investing in the $AMZN shares. I see the trade wars escalating because of the 25% tariff on imported goods on January 1st.

The candlesticks are forming a head and two shoulders which typically means a downward trend is about to begin. RSI shows price has been overbought at two different times. Price has been consolidating for the past 6 weeks at the same resistance level. Trade wars are obviously affecting the share price of $AMZN negatively. The share price of Amazon might fall heavily after the tariff news is released.

Sources: Reuters America Global Markets New US. Tariff Threat On Chinese Goods Hits Stocks, Dollar ( CNBC)

US China Trade War Trump to Propose 25percent tariff on Chinese imports(CNBC)

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General Electric Share Price Drops

General Electric recently had a problem with the electrical power plant in Texas. Similar problems might develop with its other units. Four power turbines in the U.S. were shut down because of oxidation. Though, the turbine powers many homes; hopefully this problem will not persist.

During the next earnings call, $GE should guide against re-occurring of power problem affecting many of its plants. If the problem persists, $GE might pay and sacrifice alot before recovering. There is competition already in the power market, with the likes of Mitsubishi and Siemens. Despite two oversold point on RSI, momentum for a fall in share price increases. As a result of the released news, $GE share price fell and rallies in the lower section of the band. Buyers might not be trading soon.

Source: General Electric Confirms Blade Problem At New Texas Power Plant-(Moneycontrol.com)

GE Says Four Of Its Flagship Power Turbines Are Shut Down In The US. –(NASDAQ)

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Goldman Sachs Might Be Attractive To The Bulls

Towards the end of August 2018, Goldman Sachs has been losing points. The CEO, Lloyd Blankfein, has submitted his letter of resignation which probably brought down the share price of $GS in August. The confidence of shareholders was shaken by the resignation news. Nevertheless, a new CEO was appointed, with the name David Solomon. Now $GS has decided to buy Turkish and Argentinian government debt. That is indeed a milestone. But it is a high bet on the worst-performing emerging markets.

Investment in emerging markets should bring about high yields. The RSI has a directional change to the buy region, showing a trace for the bull gangs to be active. There is an obvious breakout of the two trendlines upward and the RSI is neither oversold nor overbought. The momentum on the breakout might not be much, but at least it might be a good deal for buyers. Price is already at the upper region of the bands. Buyers should be ready only if it is just a trick by the sellers.

Source: Goldman Fund Buys Turkey and Argentina Bonds Says Rout Overdone (BLOOMBERG)

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FB Looks Vulnerable

This is the first time that $FB has ever revisited lows on the monthly chart. Here, on the weekly, this is nothing new. The contrasting price action in these timeframes suggests that if September ends the month, and quarter, at new lows, $FB becomes very vulnerable heading into election season and the last quarter of the year.

Ever since $FB broke above $55 after a brief pullback at the then-highs, there has not been a dip that revisited after the recovery. The fact that price is not only below $200 after making the new all-time high at $218.62 back on July 25th, it is back at the previous lows. Price stands less than twenty dollars shy of those Cambridge Analytica lows of 149.02, as of this writing.

FB WEEKLY CHART

Price is also sitting on the 38.2% Fibonacci retracement. It could hold here. Or break lower. The real question becomes what do you below $149 or above $200? My answer to you: what is your timeframe?

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Unilever Might Lose Major Shareholders

Unilever has decided to relocate its headquarters to the Netherlands. $UL is a company co-owned by Magaine Unie, a Dutch Company, and Lever Brothers, a British Company. One of the reasons for relocating is to simplify its corporate structure. Amid this deliberation, it is required that 75% of the company’s shareholders agree to this. Unilever is presently listed under FTSE 100 in London with a £124billion in market cap. Any relocation to the Netherlands, then $UL will cease to be listed under the FSTE 100. One of the major shareholders said it is not in support of the relocation; which will encourage long term investors to sell off their shares.

Meanwhile, price action has crossed over to the lower region of the bands. The Ichimoku shows the future movement of price trend to be downward. Price movement using the RSI also shows a continuous downtrend. I hope relocating the headquarter to the Netherlands will not lead to bigger problem for $UL as a company. Due to these indicators, sellers from the FTSE 100 might continue to sell off their $UL shares.

Source: Unilever Relocation Plan Rejected (BBC)

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TESLA ON A SWING

Following the Smoking of Cannabis on a live show by Tesla CEO, Elon Musk, the share price of $TSLA dropped significantly. The Vice President of Worldwide Finance and Operation for Tesla , Justin McAnear, submitted a resignation letter recently after 3 years with the company. A bigger role came knocking at his door. Could he be leaving because of the instability of the $TSLA share price or because of the new job or he cannot fortell the actions of Elon Musk? About 30 executives have left the company since June. This is alarming for a publicly traded company like $TSLA. Investors might want to withdraw due to instability in executive leadership. Musk made a promise recently to increase production of the Model 3 sedan which might put the company on a profitable track. It is the most demanded amongst Tesla’s model of cars.

The trendlines A and B had an upward breakout already pushing to a new resistance level. Could $TSLA share be on the rise again? Hopefully an influential executive will not resign anytime soon and Elon Musk will not take another crazy action, which might in the long run decline the price of $TSLA. A doji already formed on the lower band for a change of trend. RSI on the daily chart shows an oversold market. As we look forward to the bulls taking charge of $TSLA, this might be in a range for awhile.

Sources: Elon Musk Cannabis Weed Smoking (INDEPENDENT.CO.UK)

Teslas Global Finance Head Leaving The Company (THE VERGE)

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Apple Might Be Losing Its Bull Power

Apple shares reached a new high last month after its share price dropped heavily in 2014. $AAPL has unarguably maintained a bullish trend over the years. In August, $AAPL reached $1 trillion in market value, the first company in the U.S. to achieve that. President Trump recently started a trade war with China, which doesn’t seem to end soon. The trade wars are caused by his new trade tariffs.

For investors who have enjoyed the sweet ride of $AAPL in the past few years, they might book some profits. There will be lesser patronage when tariffs on Apple products from China is increased. Apple shares was down 1.3% on Monday after the news reports. RSI shows $AAPL has been overbought and might drop its value a bit depending on the conclusion on the trade wars. There is also a breakout downward from the two trendlines A and B. As at the time of this writing, the share price of $AAPL was at 219.43. It might continue the downward movement even below 210. The RSI has shown that the price of $AAPL has been overbought for days but a correction has started due to market sentiment around trade wars. Though the Ichimoku shows an upward trend, price might continue the bearish movement because it broke out of the trendlines.

Source: Apple Shares Fall (CNBC.com)

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Pepsi Partners with NFL, A Challenge for the Bears

After several consolidations, it might be looking like a breakout upward for PEPSICO. For the last trading day last week, it was bullish and price closed above the line B. This could as a result of the program introduced by $PEP. It is called 360-degree program that brings football to their cities and into their homes like never before. $PEP partnership with the NFL kick starts this season( 2018-2019). While I drink more bottles of Pepsi, I hope to benefit from $PEP as the football season starts.

Though a cross from the middle line of bollinger band crossed over price but it could be a fake downtrend continuity. A trend between A and B has shown the price movement in the last few weeks. After the breakout, price might continue the bullish movement which started last week hoping to reach the new resistance level. $PEP might gain over 150pips in the coming days.

Source: Pepsi Unveils Football Program (NASDAQ)

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Crude Oil Price Finds A New Resistance

Innovations coming up daily have brought about decline in demand for crude oil across the world generally. We are now entering the most active months of the hurricane season in the Atlantic Ocean. Even though weather scientists are forecasting that the 2018 hurricane season will not be nearly as active as 2017 and 2016, the Hurricane Gordon is forecasted to be heavy in October.

It has come to my understanding that not all hurricanes enter the Gulf of Mexico, but when they do, many oil companies will take precautions and shut down their offshore production and evacuate personnel before the hurricane hits. A trace of Hurricane Gordon, which came through the Gulf of Mexico on Tuesday and Wednesday, forced producers to shut down 9.23% of oil production in the Gulf and 9.06% of natural gas production from the northern Gulf of Mexico.

Over 45% of the total U.S. refining capacity is located in the Gulf. Hurricanes and other storms can cause flooding, sometimes severe, that has caused refineries to shut down. In 2017, the largest refinery in the United States, Saudi Aramco-owned Motiva, shut down for 2 weeks after Hurricane Harvey causing severe flooding in Port Arthur, Texas. Other refineries only closed for a few days during and after Hurricane Harvey.

Meanwhile, there is already a breakout downward both with the RSI and Ichimoku. It is presently around $69 to a barrel and might find a new support at $65. For the most part of August, 2018, the price of crude oil was on the rise. Sellers might become active due to these indicators.

Sources: Hurricane storm threat (Investing.com)

Crude Oil Price Drops (CNBC.com)

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