We are revisiting the weekly TF of some of the previously analysed instruments. It is always good to know what might be unfolding in the next larger time frame.
BEN is traveling in the established up trending channel and looking overbought in the weekly time frame. The resistance line of the channel clustering with the prior breakdown level now acting as resistance. As long as the up trend channel is in effect we would assume that the trend is up. $12.60-$12.80 is the support zone to watch.
MNY EOW weekly chart. Resistance zone of $1.35 -$1.40 has reinforced its power with MNY. We have had number of tests over the last several weeks and a clear rejection at that zone. It is a ZONE OF RESISTANCE TO OVERCOME for MNY if the BULLS are to take control. Price resistance + previously violated up trend line resistance + resistance from the 50 period SMA + down trend line all clustering in that zone. Short term support did break and we are likely to test the next support level from first week of July $1.10-$1.15. This zone is a important support since it was the prior breakout zone now reversing it’s role to support. It may and is likely that we may see further range bound price action between $1.10 and $1.40 until the pattern resolves itself with either a break out or break down.
BLD overbought again, but a new high, no doubt attracted technical attention. Prior BREAKOUT ZONE now turns support (dashed Green horizontal support line) should we see a pullback. Is there any resistance ?
AJX in an up trending channel on this weekly chart, finding resistance at the prior price resistance zone as well as resistance line of the channel. It may zig zag in the channel higher or a further consolidation may also be on the cards. It far away from it’s 50 period weekly SMA ( Blue rising SMA) which is a LONG TERM SUPPORT that held ever since the major break out of last year.
IVC is approaching to it’s all time high as well as the inverse head and shoulders bullish price objective. Where is the least line of resistance again with IVC ?
Neckline zone of the prior H&S pattern, now turns support ($13.00 zone give and take 2% or so) if we see a pullback.
SIP finding resistance at the prior breakdown zone. Some consolidation at current levels may be on the cards, before the next potential up leg. Zone around 81 cents becomes a short term support, if we see a pullback. I have left all my studies on the chart from the daily TF, therefore it may and does look little messy. Apologies.
SPK as well as VHY are still range bound with no further development.
Thanks and have a good weekend. The EOM overview will follow tomorrow.
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