Biz Direct MarketKnowing When To Make A Good Decision

The market easily penetrated the 1.3100 support level and moved down to test support level number two at 1.2945 (S2 on last weeks chart), eventually reaching a low of 1.2885 before turning upwards.

Now the level that was support around 1.3100 has become a potential level of resistance to the current up-move. Failure to close above 1.3100, and more importantly, above 1.3170, will send this market sideways or downwards to test the new support level (S1 on the chart), and perhaps much lower.

On the upside, a break above 1.3170 would likely send this currency pair upwards to test the declining 200SMA and down-sloping trend line. A near-term test towards the recent low of 1.2885 is at least a possibility within the next several days.

Read the rest of this entry »

There are many ways to find opportunity in the market. The most common technical methods are:

Search the market using a technical scan.

Use stock selections identified by other sources, including brokerages, magazines, newspapers and other media. These are a starting point and provide a small group of pre-selected stocks which are subjected to further technical analysis.

Do an eyeball search of the market. This means looking at the chart of many stocks and identifying those that show strong trends, breakouts or chart patterns.

Read the rest of this entry »