UBS Showing Positive Reaction Above Major Support
UBS has retested the major support zone between 22.54-24.74 for the second time. The last retest in April saw an exaggerated move, with the stock dipping as low as 20.66, but it managed to close within the support zone, confirming its significance. This week, the price action has been positive, with the stock holding steady above support. Keep an eye on the 26.37 level—if the stock closes above this level on Friday, it would be a strong bullish signal. Source: Bloomberg
Chainlink Reacting off Major Support
Chainlink (XLIUSD) is currently rebounding off the major support zone between 8.11-11.06. The last rebound, in April, saw an impressive 78% move! Keep an eye on the 14.17 resistance level for potential further developments. Source: Bloomberg
Crude Oil Double Bottom?
Crude Oil WTI made a massive move today. While the long-term trend remains bearish, we are seeing signs of a short-term trend reversal. The market is back in the long-term range between 62-94. The key level to watch is 72.28 resistance. A close above this level would not only confirm the trend reversal but also validate the Double Bottom pattern. Source: Bloomberg
S&P 500 Index Entering Supply Zone
After a stunning 25% rebound in just 1 month, the S&P 500 is now entering the supply zone between 6047-6147. Will it have enough strength to break through this level and post a new high? Source: Bloomberg
Novo Nordisk First Positive Sign in Bear Market
For the first time since June 2024, Novo Nordisk saw a positive close yesterday! While the long-term bearish trend hasn’t reversed yet, we’re seeing positive developments on the daily chart. The weekly chart remains bearish. The end of April rebound from the support zone between 365-380 is encouraging, but we’ll need more price action to confirm these first steps. Source: Bloomberg
DAX Index Reaching Ultimate Supply Zone
The DAX Index has now rebounded 26% since the lows! Will the market be able to break through the last supply zone between 23,240-23,476? Keep an eye on the price action and support at 23,133. Source: Bloomberg
S&P 500 Index Back on 1st Supply Zone
The S&P 500 Index has rallied 17% since the lows and is now back on the 1st important supply zone between 5571-5695. Will it be able to close above 5695? Keep an eye on the price action over the next few days. Source: Bloomberg
DAX Index Back on 1st Supply Zone
The DAX Index has recovered 22% since the lows in just 17 opening days! It’s now reaching the first supply zone between 22,343-22,573. Will the market be able to close above 22,573? Keep an eye on the price action over the next few days. Source: Bloomberg
