BYD Entering Major Support Zone
Since the May high, BYD (1211 HK) has consolidated more than 20%! The stock is now entering a major support zone between 103-123. Additionally, BYD is back at the 61.8% Fibonacci retracement, which places it in the discount zone. Keep an eye on the price action over the next few days for potential developments. Source: Bloomberg
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
Bitcoin technicals by J-C Parets
Satoshi Nakamoto passes Nvidia CEO Jensen Huang to become the 11th richest person in the world.
‼️The S&P 500 is trading at a MASSIVE technical level:
The S&P 500 has recovered some losses and broken above its 50-day moving average for the first time since February. However, it is still trading below its key 200-day moving average, a level smart money is watching. Will progress on US-China tariffs help the market break key resistance levels? Source: Bloomberg, Global Markets Investor
