ABX Set To Explode Higher With Gold
Alexandros Yfantis | Apr 03, 2017 06:05AM ET
Good day to all, I would like to share with you some of my trading ideas and very interesting actionable setups I see in some popular shares for the immediate future. Lets start with my favorite Deutsche Bank (DE:DBKGn).
Topping formation and a break below 15€ could push price below 13€. Key resistance at 17.50€ and multiple Head and shoulders pattern in the daily chart. Even as we speak with DAX near new all time highs, there is clearly a divergence between MI:DBK and DAX.
Interested in gold? Barrick Gold Corporation (NYSE:ABX) is about to explode higher with gold. An inverted head and shoulders pattern that bulls need to break above $21 (neckline resistance).
VIX is so much pressured lower that eventually it will bounce strongly upwards like a spring. That is why XIV is already providing a nice reversal signal and a possible strong bounce in VIX to come. $68.50 is key support. My wave count is as follows.
Amazon.com Inc (NASDAQ:AMZN) may very well have already completed 5 waves up and expecting a correction towards 800$.
A break below 861$ will confirm my view that at least a short-term pull back is in place that could reach between $835-810 if we have more up waves. Otherwise a break below the daily cloud support at $800 could signal a bigger correction.
Baidu Inc (NASDAQ:BIDU) continues to trade inside a long-term triangle respecting its boundaries. Traders should better wait and act after the breakout.
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Here are just of a few of my setups and stocks I closely monitor. Thank you for taking the time to catch up on my thinking.
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