Some patterns are still in progress from a prior trading alerts post.
DJI & RUSSELL 2000 Consolidating
Dow Jones Industrial has been consolidating for the past few weeks, following the sharp bullish wave from late December. On a breakout of the consolidation resistance the wave we may see a retest of the all-time high again near 27,000.
Meanwhile, the RUSSELL2000 which measures the performance of 2000 thousand small-cap companies has been under-performing. usually this is not a positive indication for the U.S. economy. However, the consolidation is taking the shape of a bullish flag. Meanwhile, the index remains below the neckline of a potential head and shoulders bottom formation near 1600 key level.
EURCHF Bearish Continuation Formation
Looks like the pair has broken the support of the descending triangle consolidation around
AUDNZD At Crossroads
AUDNZD is retesting a key juncture area at the main falling trend line and the 50-days simple moving average in addition to a horizontal resistance area. Look for a bullish breakout confirmation for more upside. Or signs of bearish reversal to play it to the downside.
WTI Crude Oil Maintains Uptrend
WTI has maintain the bullish trend following the completion of the head and shoulders bottom formation. The price has been consolidating in a sideways rectangle for the past couple of weeks. We could see an extension of the upside towards 64.00 next main resistance area if we take the resistance of the consolidation.
Trading alerts are meant to alert traders for completed and potential patterns as they develop. In addition to key support and resistance levels being tested. These alerts should be considered a heads-up and only as guidelines, not a buy or sell signal.