Ghost Squawk India

Oil has faced a lot of resistance at highs and plummeted back to teh $58 handle where it is currently hovering. The fundamentals behind the oil rally have not changed and we are still bullish. $58.63 will continue to provide support if we retrace further. From the upside, $60.89 will provide resistance and may be a nice profit target if you are long. We are right at support in the middle of this range so it could go either way https://www.tradingview.com/x/S84pEtf2/

Stocks have retraced significantly in what appears to be a megaphone-like pattern. For the pedantic, a proper megaphone pattern requires higher highs as well, which we don't seem to have, but the spirit of the megaphone pattern is expanding volatility which we do see, especially on the down side. These current levels are a make-or-break for stocks. The level 3867 is crucial here, as it is the intersection of a tend line and a technical and Fibonacci level. If we break thi...s we will have a lot of momentum, and could easily slice through 3846 to find support at 3824 or even 3810. Fundamentally, investors are fearful that a rise in the bond yields will result in a more hawkish Fed, and stocks are loving their low interest rate environment and easy money policies. Watch for hints of the Fed's direction when Jerome Powell speaks tomorrow. If you have faith in the stock market, then any dip should be considered a buying opportunity, as once the news is digested, hawkish or not, stocks will likely rip back to highs. https://www.tradingview.com/x/7AJZd6Cm/ See more

Gold has retraced the entire range, after bottoming out forming what appears to be a new level at 1759. We are currently facing resistance at 1795, just below the 1800 handle. This is a make-or-break for gold. If we can breakout, there is a vacuum zone to 1815. If not, we will remain rangebound in this cluster of levels from 1759 to 1795. This latter scenario seems more likely as the Kovach OBV has barely budged despite the rally in gold to the top of the range. It will take momentum to break out from these levels and we don't appear to have it. https://www.tradingview.com/x/Xm9PuNkA/

Bonds have fallen yet again in another extension of the bear trend from last week. They are finding support at 135'01, which is a technical level as well as an inverse Fibonacci level. We have refer to levels from the previous year to find support after that. We would be in the 134 handle at that point and the next level of support is 134'24. At this point we are definitely due for a technical retracement, even if it is just a proverbial dead cat bounce. If so, based on the move we've made this far, we could retrace all the way to 135'24. The Kovach OBV is extremely bearish. Investors are clearly gaining faith in the economy, and this will be priced in with their expectations of rate increases or hawkish rhetoric. https://www.tradingview.com/x/VISCdti1/

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Ethereum has broken out to new highs yet again. Indeed it seems the entire crypto market is getting a lift from the Tesla news and the Apple rumor. There does not seem to be as much momentum here as in Bitcoin. The Kovach OBV is actually fallen, and it is likely that ETH will retrace from here and feel out the range between $1497 and $1750. The next level is a Fibonacci extension at $1905. https://www.tradingview.com/x/fY7eUMmM/

After the stunning release by Tesla of their intent to buy $1.5B worth of Bitcoin, BTC surged well past highs to solidify new all time highs close to $50K! That's right. We are but a few thousand dollars from $50K! It is difficult to believe that just a few days ago, we were hovering, lackluster in the doldrums around $30K, with hopes of a dip to $28K to accumulate more. Now there are rumors that Apple will invest $5B into Bitcoin. Our first price targets are from Fibonacci extensions. We have predicted the price nearly to the dollar with them so they are quite reliable. Our most recent target $48.2K was met exactly during this most recent surge. The next level is $49.6K. Watch for the price to stabilize between $45.6K and $48.2K. https://www.tradingview.com/x/MLmz2xsq/

Litecoin has dipped, more so than the rest of the cryptos. It has support at $145, which is a Fibonacci level we have long called out. If it breaks down further, $138, $132, and then $124 will provide support. It could dip as low as $111 and still be considered bullish. The Kovach OBV is gradually creeping up which may suggest that LTC may be gearing up for a breakout soon. If so, it has to blast through $154, and $166, before it can consider testing highs at $186. https://www.tradingview.com/x/n14sOD5K/

Do we ever tire of winning? No we do not. We have called out the breakouts and targets in Ethereum and made lots of profit in doing so. We even called out the level at which ETH would have some resistance, by using Fibonacci extension levels anchored at the most recent relative highs and lows of the bull wedge pattern. Ethereum does look like it is coming up for air which is perfectly reasonable after such a move. It is going to find support at $1550, which was our price target for the breakout. Worst case it should have support at $1424, which is the upper bound of the bull wedge pattern from which it broke out. If we are able to breakout again, $1750 is the next target which is another Fibonacci Extension as well as a nice psychological level. https://www.tradingview.com/x/CfB5VYxR/

Bitcoin has rallied substantially, crossing through a few Fibonacci levels from this last report. It looks like we were really making a run for $39K, but retraced to find support between $36.7K and $37.7K. The Kovach OBV is picking up, but we are not seeing the drastic spike we usually see when BTC moons. We will most likely face some resistance here, and range for a bit. We've been pretty clear that Bitcoin is broadly in a ranging phase, a sideways corrective wave. It i...s not likely to break out any time soon. Watch it form a bullish consolidation pattern, testing highs a few times, before breaking out again. We can expect new highs next week or the week after, assuming we still have momentum. If not, lower levels at $35.2K, $33.6K, and $31.6K will provide support. We are still solidly bullish (long term) even if we hit $28.5K. https://www.tradingview.com/x/PjsYzSX3/ See more