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November 2, 2024

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The full horror of the flash flooding in Spain began to emerge on Friday, just as new rainfall lashed southern parts of the country.

The storm has killed at least 205 people, with 202 of those in the hardest-hit region of Valencia, emergency services in the region said Friday.

It marks Spain’s deadliest natural disaster in decades.

The death toll is expected to rise as emergency workers fight to rescue those who are trapped and recover bodies. Authorities warned Friday that roads have collapsed in some areas, with emergency services unable to get access.

The Spanish Armed Forces have already rescued 4,607 people, Spain’s Minister of Territorial Policies Ángel Víctor Torres Pérez said on Friday.

SOS Desaparecidos, an association dedicated to sharing information about those missing through social media, said they have received reports of at least 1,300 people who remain unaccounted for.

The country has experienced significant autumn storms in recent years, but nothing comes close to the devastation wrought in the past few days.

More details are emerging of the devastation in the Valencia region, with residents reporting large amounts of damage and horrific encounters with the rapidly rising water. A courthouse was turned into a temporary morgue in the region’s capital, Valencia city.

In the city’s La Torre neighborhood, where the water rose to chest level, volunteers continue to search for more missing people.

Rescue teams discovered the bodies of seven people in an underground parking garage there on Thursday, according to national broadcaster RTVE, citing police.

The father of one of those who died in the parking garage, a local policeman, told Spain’s El Mundo newspaper that residents had rushed to move their cars, but the water rose faster than people were expecting, trapping them. Another woman was dragged into the parking lot by the moving water and died, he said.

The town of Paiporta, Valencia, where at least 62 people died, was described by Spanish public broadcaster RTVE as the “ground zero of the tragedy.”

A witness who was caught in the flash flood there told RTVE that he saw multiple cars floating past him with people begging for help. Many drivers found themselves caught on a highway and were swept away in their cars, as the road appeared to merge with a nearby river. A bridge also collapsed in the area.

At least six people died in a nursing home on the outskirts of the town, Paiporta’s mayor told the Spanish national broadcaster. While staff managed to bring most of the elderly people to the first floor, they were unable to save everyone.

Mud still fills the streets in many areas, with the mayor of Valencia sharing images of community clean-up efforts on Friday. “Vehicles are being removed, the square is being cleaned and food and water are being collected,” Mayor María José Catalá said of La Torre.

The regional government of Valencia said power has been reestablished in 90% of places.

Carlos Mazon, the president of the Valencia’s regional government, defended his administration amid accusations that authorities failed to alert residents on time.

“The forecasts we received initially did not predict this (meteorological) revolution,” he said in a video posted on X.

Mazon said the regional government sent out “close to hundreds” of red alerts during the day of the storm, “including an SMS alert reserved for the worst possible scenario.”

Parts of Spain continue to see intense rainfall on Friday, and authorities issued a red warning overnight for the Huelva coast, in Andalusia, which had 140mm (5.5 inches) of precipitation in just 12 hours. Orange and yellow alerts also remain in place in isolated parts of Valencia.

This post appeared first on cnn.com

The ground shook, windows shattered, and the cries of patients filled the air. An Israeli bomb had just struck Beirut’s southern suburbs in yet another near-nightly attack – this time hitting a building across the street from Lebanon’s biggest public hospital.

“I was treating a patient when the bomb went off. I fell over him from the shock of it,” said Mohammad Fouani, an emergency room nurse at Rafik Hariri University Hospital, recalling the aftermath of the October 21 attack. “The smoke was so thick; I could barely see my fellow colleagues.”

Israel said the strike hit a Hezbollah target, though the area was not covered in Israeli military evacuation orders for locations with alleged links to the Iran-backed group in the south of Beirut. At least four people, including a child, were killed and 24 injured in the residential building some 70 meters away from the hospital, Lebanon’s health ministry said.

Lebanon’s health sector has been in the thick of a ferocious Israeli air assault as Israel and Hezbollah trade fire in an ongoing war, with the country’s south and Beirut’s southern suburbs hardest hit. In the first month of its all-out air offensive in Lebanon, which began on September 23, Israeli strikes damaged 34 hospitals, killed 111 emergency medical technicians (EMTs), and hit 107 ambulances, according to data compiled by the Lebanese health ministry.

Around 20% of all hospitals registered with the health ministry in Lebanon have been damaged in a month of attacks, with most strikes landing in their vicinity, according to data compiled by medical authorities.

“Health institutions are supposed to be sanctuaries,” said Abiad. “It’s clear that this is premeditated, that this is a state policy that Israel is following, whether in Gaza or in Lebanon.”

The UN special coordinator for Lebanon said on October 25 that “first responders heeding the call to help, including healthcare personnel and paramedics, have also been hard hit,” and called the number of attacks impacting healthcare facilities and personnel “alarming.”

The attacks on the first responders, said Abiad, has sent “a very chilling message: if you’re injured, you’re going to die.”

Since September 23, Israeli strikes have killed eight people inside the premises of four hospitals, and eight facilities have been forced to close, according to the health ministry.

Hospitals and other medical establishments are protected civilian objects under international humanitarian law. It is illegal, with few exceptions, to attack hospitals, ambulances or other health facilities, or to otherwise prevent them from providing care. In a report released on Wednesday, Human Rights Watch referred to Israeli attacks on healthcare workers in Lebanon as “apparent war crimes.”

The threat to Lebanon’s healthcare sector was felt most acutely on the night of October 21. As well as the strike that hit the Rafik Hariri University Hospital, Israel also claimed that another major hospital in the south of Beirut, Al Sahel General Hospital, was located above a Hezbollah bunker. Hours later, hospital staff and patients evacuated the facility for fear it would be hit. The next day, journalists toured the premises and said they found no evidence to support the claim.

Israel published a 3D graphic to show what they claimed was a Hezbollah underground facility storing cash and gold beneath the hospital. Officials at Sahel General Hospital vehemently denied the accusation, and Israel has not struck the hospital.

For the Lebanese, the graphic was reminiscent of imagery released by the Israeli military last year alleging the presence of a Hamas “command-and-control” center under Gaza City’s al-Shifa hospital. The hospital was later attacked by Israeli forces.

“For me, what’s really concerning is that the rhetoric from the Israelis is the same, especially when they talk about infrastructure beneath healthcare,” said Dr. Thaer Ahmad, an American physician who volunteered at Gaza’s Al Nasser hospital in Khan Younis earlier this year and is now working in Lebanon.

Ahmad said all healthcare workers he’s interacted with are “pessimistic,” and fear the health system will suffer the same fate as it has in Gaza.

Fragmentation zones

Israel’s air, ground and naval assault on Hezbollah in Lebanon has decimated the Iran-backed group’s military leadership and dealt harsh blows to its rank-and-file, as well as to its arsenal of weaponry. It has also killed hundreds of civilians, according to health authorities, and destroyed large swathes of civilian infrastructure.

Israel has regularly dropped 1,000-pound and 2,000-pound bombs on Lebanon, according to analysis of aftermath imagery by weapons experts, inflicting catastrophic damage to neighborhoods and towns. The Israeli military has argued that it has deployed these bombs as bunker busters to destroy Hezbollah’s underground infrastructure.

The lethal fragmentation radius of these bombs puts nearby people and civilian structures, such as hospitals, at serious risk. When they are dropped, white-hot metal fragments can fly out in all directions, tearing through their surroundings. Known by experts as a “kill zone,” the area of exposure to injury or death around a target can range from 340 meters for small-diameter bombs, to 365 meters for 1,000 and 2,000 bombs, weapons experts say.

All eight hospitals in the southern suburbs of Beirut, known as Dahiyeh, fell within the lethal fragmentation zones of verified airstrikes. According to the health ministry, all of these healthcare facilities were damaged in the first month of Israel’s offensive since late September. Three hospitals on the edges of the area were also damaged, according to the ministry’s data.

Almost all of Hezbollah’s leadership were killed in Israeli strikes in Dahiyeh, the group’s seat of power. Several videos of attacks there have shown signs of secondary explosions – evidence that at least some of the targets were weapons depots.

Beirut’s southern suburbs, previously home to around a million people, were also a major flashpoint of Israeli attacks in the country’s last all-out war with Lebanon in 2006. Airstrikes there transformed large parts of the area into a seemingly endless stretch of rubble and detritus. Yet back then, the bombing campaign left hospitals in the south of Beirut comparatively unscathed.

Under international law, a hospital can lose its special protected status only if it is being used for military purposes. But the wounded and sick inside are still protected by the principle of proportionality, and time must be given for evacuation before an attack.

The analysis found that the weapon was likely a GBU-39.

The hardest-hit health facilities have been in the southernmost part of Lebanon, where the Israeli air assault has been the most intense and ground forces have been met with fierce resistance from Hezbollah fighters. It was in that region that the first of the country’s hospitals shuttered after the start of the all-out offensive.

In the town of Bint Jbeil, Israel struck a mosque which it described as a command center within the compound of the Salah Ghandour hospital on October 4. Ten people inside the hospital were injured, according to the health ministry, forcing it to close.

That day, an Israeli airstrike hit the premises of Marjayoun governmental hospital in a southern Christian town of the same name.

The night that a nearby strike rocked Beirut’s Rafik Hariri University Hospital there was panicked discussion among the staff about whether to evacuate. “Because of Gaza and what happened to the hospitals in the south and the rest of the country, our initial thought was that the hospital itself was hit,” said Rafik Hariri University Hospital director Jihad Saadeh. “But when we saw that it wasn’t a direct hit, we were reassured. We continued our work.”

For Nurse Foany, merely considering the evacuation was a terrifying thought. “Can you imagine what that was like? Imagine evacuating Lebanon’s largest public hospital, not just its staff but its sick and its injured in a single night,” he said. “It was a horrific thought.”

This post appeared first on cnn.com

Moldovans vote in the second round of a crucial presidential election on Sunday, which could determine whether the post-Soviet country stays its course toward Europe or lurches back into the Kremlin’s orbit.

Maia Sandu, the pro-Western president, is seeking reelection after guiding Moldova closer to the European Union than ever before while Russia’s war in Ukraine raged near its eastern border.

Sandu secured 42% of the first-round vote, held on the same day as a referendum on EU membership that passed by the thinnest of margins. Both votes were marred by a vast Kremlin-linked vote-buying scheme, which Sandu said amounted to an “unprecedented assault” on Moldova’s democracy.

She faces Alexandr Stoianoglo, a former prosecutor general running for the pro-Russian Party of Socialists. If other Kremlin-friendly parties swing their support behind him, the second round will be extremely close.

In last Sunday’s presidential debate, Sandu – a Harvard-educated former World Bank official who has cut ties with Moscow – called Stoianoglo a “Trojan Horse” seeking to infiltrate the country’s capital, Chisinau, on the Kremlin’s behalf.

Before last month’s votes, Ilan Shor, a Russian-backed oligarch, offered to pay people for working to elect a Russia-friendly candidate and stop the referendum passing. Sandu said the scheme sought to pay off some 300,000 voters – about 10% of the population.

Despite polling at just over 10% before the election, Stoianoglo won more than 26% of first-round votes. Both the Kremlin and Shor have denied interference, but Moldovan officials have warned the second vote could also be targeted by similar schemes.

Apart from vote-buying, analysts say the first round revealed genuine opposition to Sandu, whose first term has been wracked by successive crises.

Although Sandu has weaned Moldova off Russian gas, it came at a heavy cost to one of Europe’s poorest countries. Inflation briefly rocketed to more than 30%, causing poverty to tick up.

Some have also criticized Sandu’s “cynical” decision to hold the EU referendum on the same day as the presidential election, positioning herself as the only politician capable of bringing Moldova into Europe.

“The plan of the government was that the issue of European integration will drag up the support for Maia Sandu. It turned out the other way round: The discontent with Maia Sandu dragged down the support for European integration,” said Samurokov.

Stoianoglo is attempting to capitalize on discontent with Sandu by keeping one foot in both camps. He has called for a “reset” of relations with Moscow and said he would be willing to meet Russian President Vladimir Putin, while maintaining he is committed to joining the EU.

As a result, his platform is a mix of contradictory policies, said Samurokov: “You either support European integration, or you want to promote cooperation with Moscow. It’s very difficult to reconcile.”

Still, Moldovan officials are braced for a second round of voting marred by pro-Russian meddling. A defeat for Sandu would land a crushing blow for Moldova’s hopes of a European future.

A Russia-friendly government could also spell further trouble in Transnistria, a separatist sliver of territory where some 1,500 Russian troops are stationed. Officials have long questioned whether Transnistria could eventually become a second front in the war in Ukraine.

Moldova’s election will come a week after Georgia’s, another formerly Communist state where Russia is seeking to keep its influence alive.

After the increasingly autocratic Georgian Dream party claimed victory, Ukrainian President Volodymyr Zelensky claimed Russia has “won” in Georgia and is on its way to doing the same in Moldova. Sunday’s vote will determine whether he is right.

This post appeared first on cnn.com

Iran’s Supreme Leader Ayatollah Ali Khamenei has promised a “teeth-breaking” response to Israel and the United States after Israel targeted Iranian military sites in retaliatory strikes late last month.

“The enemies, both the US and the Zionist regime (Israel), should know that they will definitely receive a teeth-breaking response for what they are doing against Iran and the resistance front,” said Khamenei, referring to Iran-allied militant groups including Hamas and Hezbollah.

He was speaking during a meeting with students on Saturday, ahead of the anniversary of the 1979 seizure of the US embassy in Tehran, Iran’s state-run Press TV reported.

“We are certainly doing everything necessary to prepare the Iranian nation to stand against arrogance, whether in terms of military readiness, armaments, or political actions, and thank God, our officials are currently engaged in this,” he added.

Iran and Israel have long been enemies, a rivalry that deepened following Hamas’ attacks of October 7 last year and the subsequent Israeli invasion of Gaza. Israel has been battling Hezbollah in southern Lebanon, and overnight at least 19 people were injured in the central Israeli city of Tira after projectiles were launched over the border.

Khamenei’s remarks come a week after Israel’s latest round of strikes on Iran in response to the Islamic Republic’s October 1 missile attack on the Jewish state, which itself was a response to the Israeli killing of leaders from Hamas and Hezbollah.

For the first time, Israeli officials admitted hitting targets on Iranian soil in a significant escalation of tensions, although Israel stopped short of hitting Iranian energy or nuclear facilities.

Khamenei’s remarks on Saturday signal a departure from Iran’s initial attempts to downplay the severity of the strikes carried out by Israel on October 25.

Following the strikes, Khamenei took a more measured tone, saying the attacks should “neither be exaggerated nor downplayed.”

White House spokesperson Karine Jean-Pierre on Wednesday said Iran should not respond to Israel’s strikes on its territory, adding that “if Iran does choose to respond, however, the US will be standing by to assist Israel in its defense.”

Also this week, Iran said it could increase the range of its missiles, according to a report in state-run media. “If the Islamic Republic of Iran faces an existential threat, we will inevitably change the policy of our military doctrine,” the head of Iran’s Strategic Council on Foreign Relations, Kamal Kharrazi, told Lebanon’s al-Mayadeen TV on Friday, per Press TV.

He also said Iran is capable of producing nuclear weapons but remains curbed by a mandate by Supreme Leader Ayatollah Ali Khamenei against weapons of mass destruction, Press TV reported.

This post appeared first on cnn.com

Overall Analysis

  1. EUR/USD is moving upward, forming an ascending channel. The price may face strong resistance around the 1.08703 level.
  2. EUR/GBP is in a downtrend on the higher time frame, with the price encountering resistance near the 0.83825 level.

EUR/USD Chart Analysis 

EUR/USD 15-Minute Chart (Source: TradingView)

On October 30, 2024, the price moved upward within a channel-like structure, showing high volatility. In the first half, the price rose sharply, briefly dropped below the day’s low, and eventually reached a new day high.

Currently, the price is facing resistance at the 1.08703 level. If it breaks and closes above this level, an entry can be considered, targeting 1.08979 with a stop loss below the recent swing low.

If the price breaks the support level and closes below 1.08448, sellers may take positions targeting 1.08080, with a stop loss above the previous swing high.

Please note that due to high volatility, only high-risk traders are advised to enter the market.

EUR/GBP Chart Analysis 

EUR/GBP 15-Minute Chart (Source: TradingView)

On the trading session of October 30, 2024, the price initially moved upwards and remained stable, but in the second half, it showed a strong dip, correcting more than 50% from the day’s high before reversing from the lows and making a new high.

The price is in a selling trend on the higher time frame, which leads to sharp selling when the market attempts to break this trend.

If planning an entry, note that the price is currently within a channel between 0.83448 and 0.83861. It sharply fell from the day’s high and retested the 0.83526 level. Given the sharp decline from the high, traders can consider a reversal buying trade if the price rejects this level, targeting 0.83861 and setting a stop loss below the previous swing low.

Final Thoughts

In conclusion, both EUR/USD and EUR/GBP present critical points for traders, with EUR/USD facing key resistance at 1.08703 in an ascending channel and EUR/GBP maintaining a downtrend near resistance at 0.83825.

For EUR/USD, a confirmed breakout or breakdown could offer entry signals for high-risk traders. Meanwhile, EUR/GBP’s channel structure provides a potential buying opportunity if it rejects the 0.83526 level. Given the current volatility, careful risk management and adherence to stop-loss levels are essential in both scenarios.

The post EUR/USD & EUR/GBP Analysis: High Volatility with Trends appeared first on FinanceBrokerage.

S&P 500 and Stock futures dropped on October 31, when investors digested not-so-good results of the tech corporations and, on the other hand, looked forward to reports from Apple and Amazon.

S&P 500 futures fell by 0.5%, with the Nasdaq 100 and Dow Jones futures equally falling by 0.6% one day subsequent to the U.S. CPI year changes that rose 8.3% compared to the previous year.

Meta Platforms’ premarket performance contributed to the cautious sentiment. Shares fell 3% as the company missed its user growth goals. Additionally, Meta announced that capital expenses will rise sharply in 2025, which contrasts with its strong third-quarter earnings.

Microsoft’s revenue projections did not attract investors, leading to a 4% fall in its stock price in premarket trading, as Wall Street altered its growth expectations in the light of the company’s muted outlook.

Wall Street Awaits Key Tech Earnings from Apple and Amazon

On the economic side, the latest personal consumption expenditures (PCE) price index was released. This index, a key inflation indicator for the Federal Reserve, showed that inflation increased as expected, nearing the Fed’s 2% target. This data suggests that inflation may be easing. However, investors remain cautious. They are wary of how both sluggish corporate earnings growth and inflation could impact overall market sentiment.

On October 30, the major stock indexes showed slight declines; the S&P 500 slipped by 0.3%, the Dow decreased by 0.2%, and the Nasdaq Composite declined by 0.6%. As far as Wall Street is concerned, investor attention has been shifted to the results of Apple and Amazon, particularly as to the viability of the development of the tech sector amidst a deteriorating economic environment. Most likely, these companies’ announcements will be the turning point of the earnings season.

S&P 500 Index Technical Analysis

S&P500/USD 15-Minute Chart (Source: TradingView)

Today, the S&P 500 index is experiencing slight pressure. The price stands at 5,813.66, the same percentage down as before. Over the past week, the index reached a high of 5,878.46. Since then, it has been gradually declining, forming lower highs and lower lows. Thus, the probable conclusion is that momentum is slowing down, and a cautious sentiment is setting in.

Key Support at 5,762.41 in Focus as Short-Term Bearish Trend Prevails

The Relative Strength Index (RSI) of the S&P 500 stock currently stands at 32.12, which is pretty much near the oversold territory. However, the RSI is trending downward. The 15-minute chart also shows a series of uninterrupted red candles. This indicates that, for now, the short-term bears are in control and are overpowering the bulls.

Monitoring the nearest support level of 5,762.41 is a must. When a state of steadiness emerges among traders and the RSI begins to trend upwards, it may boost buyers’ confidence. This upward movement could indicate a short-term buying opportunity.

In the short term, we are likely to see a cautious style of trading. This is displayed by range-bound situations in the market as investors monitor external factors, such as upcoming economic data and macroeconomic news. A breakthrough above the recent high of 5,840 could signal a revitalisation of buying interest in this stock.

In case you are already holding positions, look at the resistance line at around 5,840 and be extra cautious about it as breaking above it may indicate a comeback to the bullish trend. Be aware of the most recent economic data releases, as they are a major driver of market psychology.

The post S&P 500 Slide 0.48% as Wall Street Weighs Tech Earnings appeared first on FinanceBrokerage.

Overall Analysis

  1. USD/CHF continued its rally towards the downside, but the price quickly reversed from the support area towards the resistance. 
  2. In USD/JPY, sellers keep pressuring the market, but buyers continue breaking their swings and trying to push the market high.

USD/CHF Chart Analysis

USD/CHF 15-Minute Chart (Source: TradingView)

On the 31st Oct 2024 the pair was continuously in the selling zone, creating a choppy market condition. Price followed the channel pattern and retested the support zone, creating a channel pattern. 

Price sharply reversed from the support area, indicating the strength of the zone. On the 1st Nov trading session, we can see the price again shoot up to test the resistance areas and face rejection from the same. The price has tested the resistance area three times, indicating weakness in the trendline.

There are chances of multiple entries which a trader can plan, and both buying and selling positions can trigger. 

Recently, the price shot up, indicating strong buyer interest. However, within just a 15-minute candle, the price surged upward, prompting instant profit-taking. This action may lead to a price correction, providing more opportunities for new buyers to enter.

If planning to enter, then we can use the Fib retracement tool to spot entry.

  1. If the price comes and retests 0.6 and 0.5 levels and takes support from that level, then entry can be planned on the basis of the targets of 0.86900, and if resistance breaks, then one must use the trailing stop loss method, fix stop loss will be below 0.5 level. 
  2. If the price breaks the 0.5 level and closes below it, then entry can be planned based on candle closing with the stop loss above 0.6 and targets of 0.86398 or till the support trendline. 
  3. If the price hovers around the resistance trendline and creates a rectangle channel with 4-6 candles, then one can plan to buy a side entry if the price breaks the channel and closes above it with a stop below the previous swing low and target of 0.87291 on trailing stop loss basis.

EUR/GBP Chart Analysis 

EUR/GBP 15-Minute Chart (Source: TradingView)

In the trading session on October 31, 2024, the pair faces a massive price correction. On a higher time frame market broke the 0.5 Fib retracement level of the previous swing, indicating a trend reversal in the market. 

After correcting the price on October 31st, we observe a sharp correction accompanied by the formation of a cup and handle pattern. If the price comes near the 152.969 level, then a cup and handle pattern will activate. 

Price is continuously crossing the previous swing’s 0.5 level, which indicates buyers are not ready to let go of the market in selling. 

If planning for an entry, then one must enter after the price reaches the 152.969 level and create a zone near the area. One can enter if the price breaks the zone and closes the candle, with the stop loss below the previous swing low and targets of155.536 and 153.841.

The post USD/CHF & USD/JPY Analysis: Key Levels and Opportunities appeared first on FinanceBrokerage.

Overall Analysis

  1. Bitcoin fell sharply on 31st Oct from higher levels, indicating profit booking, and missed a time high of just 300 points. The selling trend might go long. 
  2. Ethereum continued respecting levels from higher time frames and fell sharply in the 31st Oct trading session. The price might break major support levels, triggering massive selling.

Bitcoin Chart Analysis

BTC/USD 15-Minute Chart (Source: TradingView)

On the 31st Oct 2024 trading session, bitcoin fell sharply from a higher level, respecting all the resistance areas. Price missed to create an all-time high just from 300 points.  

After a huge distribution phase, which lasted nearly two days, the price showed profit booking, and buyers were not interested in taking the price higher as the price waited near the resistance zone for days, but after the breakout, it didn’t reach an all-time high, losing the buyers’ trust. 

Currently, looking at the price, we can see it is sharply coming down, simultaneously creating lower lows and lower highs. 

The seller can plan an entry based on the swing golden ratio rejection or break the $69,178 level for the targets of $68,460 and $67,554, with the stop loss around the $70,024 level. 

Please note: adjust stop loss according to your trading plan, as in such a fast market price comes for stop loss hunting. 

Ethereum Chart Analysis

ETH/USD 15-Minute Chart (Source: TradingView)

On the 31st Oct 2024 trading session Ethereum broke the supporting trendline and sharp selling triggered.

Ethereum price moment syncs with Bitcoin, as the price is coming down in lower low and lower high patterns. Both cryptos made similar swings and continued their rally downwards. Ethereum, on a higher time frame, is stuck in a channel, continuing to respect the level for a long time.

Currently, the price has come down rapidly, only allowing a selling position. Taking a buying position in this market will not suit trading psychology and money management.

To create a selling position, plan an entry if the price breaks $2,490, targeting $2,468 and $2,434, with a stop loss near the $2,530 level.

If the price exceeds $2,400, a significant trend will break, leading to substantial selling or a rapid reversal. Short a position with a small stop loss and a trailing stop loss.

The post Bitcoin & Ethereum: Sharp Fall on Oct 31, Potential Selling appeared first on FinanceBrokerage.

Overall Analysis

  1. Oil continues its momentum towards downside with swing creation indicating selling opportunities. 
  2. Natural Gas is trying to break the selling trend, but 0.5 feb retracement gives strong rejection. 

Oil Chart Analysis 

Oil/USD 15-Minute Chart (Source: TradingView)

On the 31st Oct 2024 trading session, oil prices showed a bull run while taking support of the trendline. Price made higher highs and higher lows, indicating a bullish momentum. 

On a daily time frame, the price can be seen taking support from major support levels and is continuously moving up since the last 4 trading sessions. The price on a daily time frame is in a constant selling zone, making lower lows and lower highs. 

Currently, the price is holding at higher levels, showing buyer strength in the lower time frame. Major rejection levels appear at the 72 and 72.5 zones, where the price previously faced rejection three times.

If looking for an entry, then there are three conditions in which one can plan an entry in oil. 

  1. If the price approaches and takes support at the trendline while forming a strong bullish candle, you can plan an entry with a stop loss below the previous swing and set targets up to 72.
  2. If the price rejects the 72 level, traders can enter a sell position with a stop above the previous swing and a target of 70.30.
  3. If the price breaks the 72.30 level and settles above it, then a buying entry can be made with the stop loss below the previous swing and target to 73.50.

Natural Gas Chart Analysis 

Gas/USD 15-Minute Chart (Source: TradingView)

On the 31st Oct 2024 trading session, the price dropped, breaking the support level and continuing the rally. On a higher time frame, Natural Gas is currently creating an “M” pattern. 2.6330 level works as neck-like for the pattern breaking which can trigger massive selling. 

If we observe the price behaviour, we can see price moves in a pattern, the price falls and creates an accumulation zone, then breaks the zone and continues the rally. 

Talking about the entry trigger we have two entry triggers. 

  1. If the price breaks out of the rectangle accumulation zone and settles below the 2.7312 level, it targets 2.6330, with a stop loss set above the previous swing high.
  2. Safe entry can be made if the price goes and rejects from the resistance trendline. Enter with a stop loss set above the previous swing high, aiming for a target of 2.6330.

The post Oil and Gas Analysis: Oil Rises While Gas is in a Downtrend appeared first on FinanceBrokerage.