Many commodity price support levels were breached on Friday with volume to the downside.
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We broke some accelerated trend lines and, in weaker sectors, broke intermediate-term support levels.
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The Dow Industrials and Nasdaq 100 are both still holding above their 50% support levels.
The gold market is closing in on longer-term support levels, which are attractive to physical buyers.
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The locals are buying gold even as prices fell through technical support levels last week.
Sell stops were triggered after technical support levels were breached on the downside Thursday.
Therefore, it is important to identify the key support levels and watch them closely.
This corresponds to the chart support, as well as the 38.2 and 50% retracement support levels.
Several key technical support levels were breached on the downside to inflict the chart damage.
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The hourly chart for GLD allows us to zero in on the key support levels to watch.
This should take each these stocks back to more important support levels and create good buying opportunities.
The pattern is worth noting and it will be important to see what support levels we hold.
Here are the critical support levels and potential downside targets to watch for the major stock index ETFs.
All that feeds into the narrative, and then that comes down to the support levels or resistance levels.
Heavy technical selling pressure has emerged as gold prices fell below key near-term technical support levels on Friday.
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Some may have been covering shorts after the technical support levels held up.
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Crude oil also plunged through the key support levels I have been watching.
This leaves plenty of room for potential upgrades, should the shares maintain their footing atop established technical support levels.
Prices hit a fresh six-month low overnight, dropping below key technical support levels to produce fresh near-term technical damage.
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The question now will be what retracement and support levels hold going forward.
The November correction stopped in between the 38.2% and 50% Fibonacci support levels.
The major averages violated some key support levels, as did many individual stocks.
Bulls have faded badly recently and near-term chart damage has been inflicted as key chart support levels were breached Monday.
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There are several stocks in strong sectors that have dropped to good support levels, but their short-term momentum is still negative.
Important support levels were broken by the sharp decline since the April top, and the longer-term trend seems to be down.
The major averages are now already close to their next key support levels that I discussed earlier in the week.
The metals are explosive movers, so be wary that a break of key support levels could lead to much deeper retracements.
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Last week saw the most bearish action of the year so far, but the indices continue to hold above key support levels.
Tully explains the breakdown as a consequence of breached technical support levels.
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Meanwhile, prices have run up so sharply that some of the key support levels are now a long ways below the market.
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