All articles tagged with #technical charts
The Magnificent 7 stocks, including Nvidia, Tesla, Meta, Microsoft, Apple, Amazon, and Alphabet, may be facing a significant decline based on technical charts. The initial rise in these stocks was driven by a short-volatility dispersion trade, but the trade is now falling apart. The Bloomberg Magnificent 7 index shows a triple-top pattern, indicating that the recent rally may be over, and significant losses could occur.
Gold and silver prices continue to rise due to a weakening US dollar index, rising crude oil prices, and favorable technical charts. The US producer price index report for March is expected to remain unchanged from February. China's exports in March rose 14.8%, year-on-year, while imports dropped by 1.4%. Eurozone industrial production in February beat market expectations. The US dollar index is lower, hitting a 2.5-month low, while Nymex crude oil prices are a bit weaker after hitting a five-month high. The gold and silver futures bulls have the solid overall near-term technical advantage.
Gold and silver prices hit new highs amid the shaky global marketplace due to the US and European banking crisis. However, profit-taking pressure and chart consolidation caused a slight pullback from the overnight highs. The technical charts remain bullish for gold and silver, inviting chart-based speculators to the long sides. The Federal Reserve's FOMC meeting is the focus of the market, with most market watchers leaning towards a 0.25% rate increase. The US dollar index is lower, and Nymex crude oil futures prices hit a 15-month low. May silver futures bulls have the overall near-term technical advantage, while copper bears have the overall near-term technical advantage.