The GBPUSD hits the first target - Analysis - 06-06-2022
The GBPUSD pair managed to achieve our first negative target at 1.2490 and settles there, waiting for more decline to visit 1.2425 that represents our next negative target.
Note that there is potential double top pattern under construction now, its completion will press on the price to surpass the last level and suffer additional losses that reach 1.2270.
In general, the bearish trend scenario will remain active unless the price rallied to breach 1.2590 and hold above it.
The expected trading range for today is between 1.2400 support and 1.2550 resistance.
The expected trend for today: Bearish
The EURUSD declines calmly – Analysis - 06-06-2022
The EURUSD pair provided calm negative trades in the previous sessions to move away from 1.0770 level, reinforcing the expectations of continuing the intraday bearish trend, which targets testing 1.0670 level initially, noting that breaking this level will extend the bearish wave to reach 1.0600 followed by 1.0550 levels as next negative stations.
On the other hand, we should note that breaching 1.0770 will stop the expected decline and lead the price to achieve additional bullish correction that its next target reaches 1.0865.
The expected trading range for today is between 1.0640 support and 1.0790 resistance.
The expected trend for today: Bearish
Chewy trims gains - Analysis - 03-06-2022
Chewy's stock (CHWY) rose in a volatile session after the pet food company reported a quarterly profit of $0.04, down from $0.09 a year ago, with analysts expecting a loss of $0.13, on sales of $2.43 billion, up from $2.14 billion a year ago.
Technically, the stock marked a session-high at 29.47 before bouncing off it lower and tested the main downward short-term trend line, while hitting the resistance of the 50-day SMA, forcing the stock to trim gains to 24.22%, or 5.69 points, and settled at 29.18, with trading volumes surpassing 49 million shares, above 10-day averages of 10.3 million shares, with negative signals from the RSI after reaching overbought levels.
Therefore we expect the stock to return lower, targeting the pivotal support of 22.22, provided the resistance of 36.70 holds on.
Expected trend for today: Bearish
GameStop touches SMA resistance - Analysis - 03-06-2022
GameStop's stock (GME) rose in the last session, touching the resistance of the 50-day SMA, amid the dominance of the downward correctional medium-term trend, with negative signals from the RSI after reaching overbought levels, hinting at negative divergence, and doubling negative pressures, marking a profit of 10.38%, or 12.60 points, and settling at 134.00, with trading volumes approaching 7 million shares, above 10-day averages of 5.7 million shares.
The gains came even after the retailer reported a loss of $2.08 per share, up from $0.45 last year, with the company refusing to provide an outlook once more.
Therefore we expect the stock to return lower, targeting the support of 77.58, provided it settles below the resistance of 148.20.
Expected trend for today: Bearish