Ichimoku Watch: Walt Disney Displaying Signs of Bullish Intention
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- May 3, 2024
Upcoming Earnings Release: Walt Disney Company (ticker DIS) is scheduled to report earnings on 7 May before the market opens. The consensus EPS estimate for the fiscal quarter ending March 2024 is $1.09. The reported EPS for the same quarter a year prior was $0.93. Buyers Preparing to Show? What price action is currently showing
READ MOREThe update from May’s FOMC rate announcement proved more dovish than expected, which naturally weighed on the US dollar (sending the DXY to lows of 105.44) and US yields, as well as, initially at least, underpinning major US equity indices. The FOMC left the Fed funds target rate unchanged for a sixth consecutive session at
READ MORENvidia’s (ticker: NVDA) share price finished Wednesday’s session nearly -4.0% lower, following Tuesday’s drop of -1.5%. In addition to this, the stock has been in the early stages of a downtrend since forming a double-top pattern (red arrows) off all-time highs at $974.00. Inverted Head and Shoulders Pattern? However, with the stock now beginning to
READ MOREThe share price of Tesla (ticker: TSLA) soared higher earlier this week following the company securing a deal with China’s search and mapping group Baidu. Despite the stock opening with a strong upside gap (window) on Monday on the back of the news, price action failed to breach the Leading Span B (the outer boundary
READ MOREFollowing yesterday’s edition of ‘Confluence Watch’ on the EUR/USD, today’s attention shifts to the Digital Currency Space: Ethereum versus the US dollar (ETH/USD). According to the weekly timeframe, the major altcoin is down nearly -10.0% WTD and fast approaching an area of confluence (support) between $2,283 and $2,627. The support zone boasts several technical components:
READ MOREFrom a technical standpoint, the EUR/USD exchange rate has spent the last few days meandering around resistance on the daily timeframe. With the trend leaning in favour of sellers, resistance is seen between $1.0753 and $1.0726, made up of the following technical tools: Horizontal resistance at $1.0739. Quasimodo-support-turned-resistance at $1.0726. Ascending support-turned-resistance line, taken from
READ MOREIt is pretty much a sealed deal that the Federal Open Market Committee (FOMC) will hold the line tomorrow at 6:00 pm GMT, keeping its overnight benchmark rate unchanged at 5.25%-5.50% for a sixth consecutive meeting. While there is no update for economic projections at this meeting, you will recall from the last policy-setting meeting
READ MOREYou may recall the Research Team highlighted AB=CD bullish completion at $26.79 on the H4 timeframe for spot silver (XAG/USD) last week. Subsequent to this, price action recently came within reaching distance of the 38.2% Fibonacci retracement ratio at $27.84 before rotating southbound and pencilling in a potential higher low at $26.94 earlier today. AB=CD
READ MOREBoJ More Dovish than Expected Friday witnessed a surge in dollar demand versus the beleaguered Japanese yen (JPY). The USD/JPY pairing not only recorded its largest one-day gain this year (+1.7%), but the exchange rate also refreshed multi-decade highs and is swiftly closing in on the ¥160 region, a 1990 peak. Earlier on Friday, Asia
READ MOREBulls in Control According to the US Dollar Index, year to date, the US dollar (USD) is nearly +5.0% higher against a basket of six major currencies. With the possibility of buyers strengthening their grip towards the 107.35 October 2023 peak on the monthly scale, things remain optimistic for the USD. This is reinforced by
READ MOREEurope’s shared currency wrapped up the week off best levels, eking out a marginal gain of +0.3% versus the US dollar. Higher Timeframes Suggest Further Underperformance Things are not looking too cheerful for the euro, both from a technical and fundamental perspective. Scope to continue pressing southbound on the monthly scale until support at $1.0516
READ MORESpot gold (XAU/USD) is +0.7% higher in US trading despite an earlier spike lower that was fuelled by the latest US GDP report (the first estimate). Trend + AB=CD Support Suggest a Buyers’ Market Technically, the price of gold could be poised to attack higher terrain. The trend, according to the higher timeframes, is unquestionably
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